In New Jersey, a 61% majority for GOs to build housing for the disabled.

New Jersey voters yesterday overwhelmingly approved $160 million of general obligation bonds to provide housing for the disabled.

Gov. Christine Todd Whitman publicly supported the bond authorization, which won 61% of the vote. The bonding proposal was the only statewide question on the New Jersey ballot.

The proposal drew widespread support, with a coalition of 32 business and community groups campaigning for the bonds. New Jersey has a waiting list of thousands of disabled people seeking to live in state-funded housing.

But the measure did have its opponents. The New Jersey League of Women Voters opposed the referendum because "increasing the state's indebtedness at the same time that the state is reducing state tax revenue is fiscally inconsistent and irresponsible."

New Jersey recently began implementing Whitman's plan to cut income taxes by 30% during the next three to four years. Wall Street bond rulers are dubious about the tax cuts, as are market observers about the possibility of revenues shrinking while the state sells bonds for the housing program.

However, state officials Say the referendum provides a much-needed infusion of capital funds. "We're elated," said Robert Friant, a spokesman for the New Jersey Department of Community Affairs. "It gives us some of the resources that are needed."

No sale date has been set for the issue, though state officials with knowledge of the referendum say New Jersey will probably issue the bonds in several installments.

The state treasurer's office will work with the state Human Resources Department on planning the bond issue. A spokeswoman for the treasurer's office did not return a telephone call for comment.

Officials with the governor's office say they will probably sell the bonds by competitive bidding. In October, Whitman signed an executive order that eases former Gov. Jim Florio's ban on most negotiated deals, giving more latitude to the state and its authorities in using negotiated sales.

Sen. C. Louis Bassano, chairman of the New Jersey state Senate's human services committee, sponsored the legislation that put the measure on yesterday's ballot.

Bassano held public hearings on the need for adequate public housing for disabled state residents. Bassano refused to provide a key vote on Whitman's fiscal 1995 budget until the state Senate's appropriations panel voted to place the referendum on the ballot.

Under the plan, the Human Services Department will spend $130 million to create or expand private housing for the disabled and $30 million to expand and upgrade state facilities.

Standard & Poor's Corp. rates New Jersey's $3.59 billion of outstanding GOs AA-plus, and Moody's Investors Service rates the debt Aa1. New Jersey is currently under review by both rating agencies in preparation for the state's sale of $59 million of general obligation bonds scheduled for Nov. 16.

Steven Hochman, an assistant director of state ratings at Moody's Investors Service, said the additional bonds sold under the referendum provide no immediate credit concerns.

Hochman added that the agency's "more immediate question is how the state is going to begin accommodating in fiscal 1996 the tax cuts that have already been enacted."

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