INCREASE IN BONDING AUTHORITY FOR STATE'S OPEN SPACE, FARMLAND, AND HISTORIC PRESERVATION PROGRAMS
Shall the amendment to Article VIII, Section II, paragraph 7 of the Constitution of the State of New Jersey, agreed to by the Legislature, increasing, from an amount not to exceed $1,000,000,000 to an amount not to exceed $1,150,000,000, to aggregate principal amount of bonds, notes, or other obligations which may be issued by the Garden State Preservation Trust for open space, farmland, and historic preservation purposes and which are payable from the constitutional dedication through State fiscal year 2029 of up to $ 98 million annually in State revenue from the State tax imposed under the "Sales and Use Tax Act," be approved?

Interpretive Statement
Approval of this constitutional amendment would increase the cap on the total amount of bonds that may be issued by the Garden State Preservation Trust to raise revenue for open space, farmland, and historic preservation efforts in the State. The cap currently is $1 billion, and this measure, if approved, would increase it by $150 million, so that the new cap would be $1.15 billion. The Constitution dedicates for State fiscal years 2000 through 2009 the sum of $98 million annually, and for State fiscal years 2010 through 2029 the sum of up to $98 million annually, in State sales and use tax revenue to finance open space, farmland, and historic preservation, including the payment of any debt that may be incurred f

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INCREASE IN BONDING AUTHORITY FOR STATE'S OPEN SPACE, FARMLAND, AND HISTORIC PRESERVATION PROGRAMS
Shall the amendment to Article VIII, Section II, paragraph 7 of the Constitution of the State of New Jersey, agreed to by the Legislature, increasing, from an amount not to exceed $1,000,000,000 to an amount not to exceed $1,150,000,000, to aggregate principal amount of bonds, notes, or other obligations which may be issued by the Garden State Preservation Trust for open space, farmland, and historic preservation purposes and which are payable from the constitutional dedication through State fiscal year 2029 of up to $ 98 million annually in State revenue from the State tax imposed under the "Sales and Use Tax Act," be approved?

Interpretive Statement
Approval of this constitutional amendment would increase the cap on the total amount of bonds that may be issued by the Garden State Preservation Trust to raise revenue for open space, farmland, and historic preservation efforts in the State. The cap currently is $1 billion, and this measure, if approved, would increase it by $150 million, so that the new cap would be $1.15 billion. The Constitution dedicates for State fiscal years 2000 through 2009 the sum of $98 million annually, and for State fiscal years 2010 through 2029 the sum of up to $98 million annually, in State sales and use tax revenue to finance open space, farmland, and historic preservation, including the payment of any debt that may be incurred from the issuance of bonds for those purposes. This measure would make available $150 million more in bond funding for open space, farmland, and historic preservation but would not increase the amount of the constitutional dedication of up to $98 million annually in State sales and use tax revenue to be used for such purposes.

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