Bill
Bill > S2577
NJ S2577
NJ S2577Authorizes fire districts to issue certain bond anticipation notes for up to 10 years following initial note issuance.
summary
Introduced
02/08/2024
02/08/2024
In Committee
06/17/2024
06/17/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill authorizes fire districts to issue a series of one-year bond anticipation notes for up to 10 years to finance capital projects. Currently, fire districts are authorized to issue a series of one-year notes for up to three years to finance capital projects. When a fire district's capital project exceeds a period of three years, the fire district is often forced to issue long term bonds or enter into a lease purchase agreement with a bank for the remainder of the capital project. This bill would allow a fire district to finance capital projects with bond anticipation notes for the entirety of most projects.
AI Summary
This bill authorizes fire districts to issue a series of one-year bond anticipation notes for up to 10 years to finance capital projects. Currently, fire districts can only issue these notes for up to 3 years, which often forces them to issue long-term bonds or enter into lease-purchase agreements for the remainder of a capital project. This bill allows fire districts to finance most capital projects entirely through bond anticipation notes, providing more flexibility in their financing.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Reported from Senate Committee, 2nd Reading (on 06/17/2024)
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/2024/S2577 |
| Analysis - Statement SCU 6/17/24 | https://pub.njleg.gov/Bills/2024/S3000/2577_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S3000/2577_I1.HTM |
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