Vote “No” On Question One
Americans for Prosperity Urges a NO vote on Ballot Question One
Ballot Question One is misleading and dangerous for property taxpayers. Many of us hoped this referendum would put an end to the runaway borrowing that has plagued the state. While this question appears, on its surface, to stop unconstitutional borrowing, the legislation gives additional power to the legislature to place even more responsibility on every property taxpayer. It is a fraud. Here’s why:
The devil is in the fine print of Senate Concurrent Resolution #39 which will replace our current constitution if State Ballot Question #1 is approved.
First, voter approval will NOT be needed if a proposed project has “an independent non-State source of revenue” or “a source of revenue otherwise required to be appropriated pursuant to another provision of this Constitution”.
Any Enron accountant or Abbott lawyer can drive a truck through those loopholes.
But here is the real kicker: “No voter approval shall be required . . . authorizing the creation of . . . debts . . . for the refinancing of all or a portion of any outstanding debts or liabilities of . . . an autonomous public corporate entity.”
Our Supreme Court ruled that New Jersey voters don’t have to pay a dime on any of the $29 billion previously borrowed by shell entities like the EDA-unless they vote to do it. But with a “Yes” vote on Ballot Question #1, Governor Corzine and the State Legislature could pass a simple law to refinance every dollar of the $37 billion borrowed by state authorities WITHOUT voter approval! Then, every “unenforceable” contract to pay $3 billion a year will become enforceable for the first time-WITHOUT voter approval-for the next 30 years.
Once the full faith and credit of New Jersey is pledged, all state sales tax money is earmarked to pay that debt before it is spent on anything else. And if that money is not enough, the State is legally obligated to adopt a new statewide property tax to pay the difference.
Don’t be fooled. Vote No on State Ballot Question #1.
Americans For Prosperity