Proposes constitutional amendment requiring voter approval of State bond refundings that increase principal amount of total State bonded indebtedness.

ACR 90 proposes a constitutional amendment requiring voter approval for New Jersey state bond refunding that increases the total principal debt beyond the costs of refinancing. It would apply to refinancing plans where the new bond principal exceeds the sum of the existing bonds being refinanced plus necessary refinancing costs. Currently, such refinancing doesn't require voter approval if it provides debt service savings, but this amendment would mandate voter approval for any refinancing that increases the overall principal amount. The change would affect how the state legislature issues refunding bonds for existing debt, requiring public approval for refinancing that expands the debt burden.