Restricts authorization of new debt by State Treasurer.

This bill creates the "New Jersey Debt Defeasance and Prevention Fund" within the General Fund, requiring the State Treasurer to use unexpended balances in this fund before authorizing new appropriations-backed bonds. It prohibits new debt issuance unless either (1) the fund has no available money, or (2) the new debt's interest costs per $1,000 are lower than what could be saved by retiring existing high-interest debt using the fund. The Treasurer must notify the Budget Oversight Committee whenever new bonds are considered and certify compliance with these rules. This directly affects the State Treasurer's authority over bond issuances and ensures existing debt is paid off with available funds before taking on new debt.