SENATE, No. 1934

 

STATE OF NEW JERSEY

 

INTRODUCED MARCH 20, 1997

 

 

By Senators MacINNES, Adler, Girgenti, Baer, Lipman, Bryant, Zane, Casey, Lynch, Sacco, Lesniak, Kenny,

Codey, McGreevey and Rice

 

 

An Act providing for the submission of the Pension Bond Financing Act of 1997 to the voters for their approval or rejection before it shall become operative within this State, amending P.L. , c. (now pending before the Legislature as Assembly, No. 2793), and making an appropriation.

 

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

      1. Section 10 of P.L. , c. (now pending before the Legislature as Assembly, No. 2793) is amended to read as follows:

    10. This act shall take effect [immediately] upon approval by the voters of the public question provided in P.L. , c. (now pending before the Legislature as ).

 

    2. (New section) The public question as set forth in section 3 of this act shall be submitted to the people for their approval or rejection at the general election next occurring at least 70 days following the final action of the Governor or the Legislature, as appropriate, necessary to submit the question, in the manner provided by this act and by Title 19 of the Revised Statutes for the submission to the people of public questions to be voted upon by the voters of the entire State, and it shall be the duty of the Secretary of State to arrange for the submission of such public question in accordance with the provisions of this act and of Title 19 of the Revised Statutes, of which submission the same notice shall be given, if possible, as is required by law of that election, and the people of the State may at that election vote for or against the question in the following manner.

 

    3. (New section) To inform the people of the contents of this act, it shall be the duty of the Secretary of State, and at least 60 days prior to the election, to cause this act to be published at least once in one or more newspapers of each county, if any newspapers be published therein and to notify the clerk of each county of this State of the passage of this act; and the clerks, respectively, in accordance with the Secretary of State, shall have printed on each of the ballots the following public question, together with the summary statement appended to or enclosed with the sample ballot, in a manner which will give prominence to the question and statement:

    If you approve of the question below, make a cross (X), plus (+) or check (•) in the square opposite the word 'Yes."

    If you disapprove of the question printed below, make a (X), plus (+) or check (•) in the square opposite the word "No."

    If voting machines are used, a vote of "Yes" or No" shall be the equivalent to the markings, respectively.



 

 

PENSION BOND FINANCING ACT OF 1997




 

YES

Shall the Pension Bond Financing Act of 1997, P.L. , c. (C. ) (now pending before the Legislature as Assembly, No. 2793), be approved and become operative?

 

 

INTERPRETIVE STATEMENT
























 

NO

The "Pension Bond Financing Act of 1997" authorizes the New Jersey Economic Development Authority (EDA) to issue bonds and refunding bonds to provide funds for paying, in full or in part, the unfunded accrued pension liability of the State in each State pension fund, as certified by the State Treasurer, and any issuance costs. These bonds would be special and limited obligations of the EDA. The bonds or refunding bonds would not be a debt or liability of the State or any political subdivision of the State, and they must contain a statement on their face to that effect.

The pension funds affected are: the Teachers' Pension and Annuity Fund, the Judicial Retirement System, the Prison Officers' Pension Fund, the Public Employees' Retirement System, the Consolidated Police and Firemen's Pension Fund, the Police and Firemen's Retirement System, and the State Police Retirement System.

If the voters approve this public question, the act takes effect and is operative.

 

    4. (New section) The votes cast "Yes" and "No," by ballot or voting machine, shall be counted and the result thereof returned by the election officer, and a canvass of the election has in the same manner now as is provided for by law in the case of the election of a Governor, and the approval or disapproval of this question so determined shall be declared in the same manner as the result of an election for Governor.

 

    5. (New section) There is appropriated the sum of $5,000 to the Department of State for expenses in connection with the publication of notice pursuant to section 3 of this act.


    6. This act shall take effect immediately.

 

 

STATEMENT

 

    This bill provides that the Pension Bond Financing Act of 1997 shall not take effect unless approved by the voters at the next general election occurring at least 70 days after enactment.

 

 

                             

 

Requires voter approval for Pension Bond Financing Act of 1997 to take effect.