Bill
Bill > A3517
NJ A3517
NJ A3517Eliminates five percent down payment requirement for bond ordinances approved by counties and municipalities.
summary
Introduced
02/25/2020
02/25/2020
In Committee
02/25/2020
02/25/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill makes permissive the down payment requirement for counties and municipalities to issue bonds. Under current law, most bond ordinances require an appropriation of at least five percent of the amount of the authorized obligation for final adoption of the bond ordinance. Although this appropriation is excluded from the property tax levy cap, relief from the requirement to make the down payment is intended to free-up scarce resources for other purposes of the county or municipality.
AI Summary
This bill makes the down payment requirement for counties and municipalities to issue bonds permissive rather than mandatory. Under current law, most bond ordinances require an appropriation of at least 5% of the authorized obligation for final adoption of the bond ordinance. This bill eliminates that requirement, allowing counties and municipalities to issue bonds without the need for a 5% down payment. The intention is to free up scarce resources for other purposes of the county or municipality.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly State and Local Government Committee (on 02/25/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/A4000/3517_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A4000/3517_I1.PDF |
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