Selling bonds for operating purposes must be avoided — not only because it has been deemed unconstitutional by the New Jersey Supreme Court — but much more importantly, because it is very bad public policy.
By definition, the amount is a one-time revenue source. What does the state do the following year? This would create a double negative impact, since any federal aid will likely be one-time.
Opinion by Richard Keevey, APP.com/USA Today network, June 27, 2020
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