NJ S3382

Authorizes the New Jersey Economic Development Authority (EDA) to issue an additional $7 billion in bonds for school facilities projects in SDA (Schools Development Authority) districts, which are districts identified as having special educational needs requiring supplemental programs and facilities improvements.

Authorizes an additional $3.5 billion in EDA bonds for school facilities projects in all school districts other than SDA districts, which fund one-time grants covering at least 40 percent of eligible project costs.

Requires voter approval at a statewide referendum held at least 70 days after enactment before the new bonding authority takes effect.

Increases total authorized bonding from the current caps of $8.9 billion for SDA districts and $3.6 billion for non-SDA districts, as all previously authorized funds have been spent or reserved.

Takes effect 60 days following voter approval at the designated general election.