Thirty-seven New Jersey municipalities have announced plans to issue $637 million of bonds later this year to cover operating expenses for the first six months of 1991, with some governments preparing to more than triple their outstanding debt levels as a result.

The Florio administration has required many local governments to switch their calendar year budgets to coincide with the state's July 1 start date, and the bond proceeds will be used to cover operating expenses for the Jan. 1 to June 30 transition period.

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