Contract bond proceeds used to fund general expenses in the State budget do not constitute "revenue" for purposes of the Appropriations Clause of the New Jersey Constitution and cannot be used to balance the annual budget; because this Court has not previously clearly set forth this rule of law, and for other reasons expressed herein, this holding is applied prospectively and will apply only to the 2005-2006 fiscal year budget and thereafter, and the State may proceed with the bond sales as authorized.
August 02, 2004 at 12:00 AM
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