GENERAL OBLIGATION BONDS

Assembly Constitutional Amendment No. 40. Authorizes Legislature to establish General Obligation Bond Proceeds Fund and to place proceeds of all general obligation bond issues in said fund. Requires separate account for proceeds of each issue and permits payment only in accordance with law authorizing the issuance. Authorizes Legislature to abolish any general bond fund in the State Treasury if transferred into General Obligation Bond Proceeds Fund and it may later re-establish such fund