NJ.com reports that state lawmakers approved the plan after Gov. Phil Murphy vetoed legislation that called for a larger, $1 billion bond request.
Murphy says he cut the bond amount in half because the state carries huge debt burdens already.
"While I certainly endorse the priorities established in this bill, I also believe that their long-term fiscal implications must be carefully considered," he wrote in his veto message.
If voters approve the bond request on Nov. 6, the money would go toward improving security at K-12 schools, upgrading water infrastructure to protect students from lead, and expanding vocational and county college programs.