By: NJBIZ STAFF
August 12, 2020 12:13 pm

The state Supreme Court unanimously upheld Gov. Phil Murphy’s plan to borrow nearly $10 billion to cover a huge budget shortfall caused by the COVID-19 economic downturn.

But in a 57-page opinion written by Chief Justice Stuart Rabner, the Court imposed some limitations on the borrowing authority.

GOP lawmakers and the state Republican Party had challenged the constitutionality of the scheme and on Aug. 5 the justices heard more than two hours of oral arguments in the case.

More details soon.