(1) The general assembly hereby finds and declares that:
The population of the state has grown rapidly in recent years, and that growth hasincreased the burdens placed upon state and local governments.
The state and local governments have found it difficult to maintain existing infrastructure and to fully fund critical needs due to a decline in state revenues that resulted from an economic downturn and constitutional restrictions on state revenues and expenditures that impaired the ability of the state to fully recover from that decline in state revenues when economic conditions improved.
In enacting this article, it is the intent of the general assembly to provide an administrative framework for the state to use to incur voter-approved multiple-fiscal year financial obligations to be used to finance critical state needs as efficiently and effectively as possible.
Source: L. 2005: Entire article added, p. 745 , § 1, effective June 1.