Chief Justice Stuart Rabner. (Photo: Carmen Natale/ALM) Murphy's Borrowing Plan Held Constitutional by Unanimous Supreme Court
"Subject to the limits imposed here by the court, the Bond Act does not violate the Constitution," Chief Justice Stuart Rabner wrote.
August 12, 2020 at 01:24 PM
13 minute read
The state Supreme Court ruled in a unanimous decision that the New Jersey COVID-19 Emergency Bond Act—the blueprint by Gov. Phil Murphy to borrow upward of $9.9 billion in general obligation bonds from the federal government to plug a massive fiscal shortfall caused by the pandemic—doesn't violate the New Jersey Constitution.
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