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Bill > S2344
NJ S2344
NJ S2344Eliminates five percent down payment requirement for bond ordinances approved by counties and municipalities.
summary
Introduced
03/21/2022
03/21/2022
In Committee
12/21/2023
12/21/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Eliminates five percent down payment requirement for bond ordinances approved by counties and municipalities.
AI Summary
This bill eliminates the requirement for a 5% down payment on bond ordinances approved by counties and municipalities in New Jersey. Previously, local governments were required to set aside at least 5% of the bond amount as a down payment, which could come from various sources such as a previous budget or emergency appropriation. This bill removes that 5% down payment requirement, allowing counties and municipalities more flexibility in funding bond-financed projects.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (1)
Last Action
Reported from Senate Committee, 2nd Reading (on 12/21/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S2344 |
| Fiscal Note - Fiscal Estimate 12/26/23; as introduced | https://pub.njleg.gov/Bills/2022/S2500/2344_E1.PDF |
| Analysis - Statement SBS 12/21/23 | https://pub.njleg.gov/Bills/2022/S2500/2344_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S2500/2344_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S2500/2344_I1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S2500/2344_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S2500/2344_I1.PDF |
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