Requires public referendum prior to issuance of general obligation bonds by local units.

This bill would require New Jersey counties and municipalities to hold a voter referendum before issuing general obligation bonds. The referendum must be held at the general election occurring at least 70 days after the governing body adopts the bond ordinance, with approval requiring a majority vote. The bond ordinance must include specific details about how the bonds will be paid (the "ways and means") without relying on loans. This requirement would not apply to emergency bonds, refunding bonds, bonds for distressed municipalities, or bonds for county colleges. Currently, local voters don't have a say in these bond issuances, though they ultimately repay them through property taxes.