In July 1996, the Legislature passed Laws of 1996 (ch 412), which authorized the State to incur indebtedness not exceeding $1.75 billion for the purpose of preserving the environment. That law, known as the "Clean Water/Clean Air Bond Act of 1996" (L 1996, ch 412, § 1; hereinafter the Bond Act), was signed by respondent Governor and approved by the voters at the November 1996 general election...
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