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Bill > S4472
NJ S4472
NJ S4472Eliminates five percent down payment requirement for local bond ordinances involving hazard mitigation and resilience projects.
summary
Introduced
05/19/2025
05/19/2025
In Committee
06/09/2025
06/09/2025
Crossed Over
06/30/2025
06/30/2025
Passed
12/19/2025
12/19/2025
Dead
Signed/Enacted/Adopted
12/19/2025
12/19/2025
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill amends the local bond law to exempt a local government from appropriating an amount equal to five percent of the amount of obligations for local bond ordinances involving hazard mitigation and resilience projects. The bill also exempts a local government from applying to the local finance board concerning the maturity and amount of annual installment payments related to the financing of local bond ordinances involving hazard mitigation and resilience projects. The bill also makes technical corrections to existing law. Eliminates five percent down payment requirement for local bond ordinances involving hazard mitigation and resilience projects.
AI Summary
This bill eliminates the requirement for local governments to provide a five percent down payment when issuing bonds for hazard mitigation and resilience projects, which are initiatives aimed at protecting communities from natural disasters and improving their ability to withstand them. Additionally, local governments will no longer need to seek approval from the Local Finance Board, a state agency that oversees municipal finance, regarding the repayment schedule (maturity and annual installment payments) for these specific types of projects. The bill also makes minor technical corrections to existing laws.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (6)
Alaa Abdelaziz (D)*,
Alixon Collazos-Gill (D)*,
Joe Lagana (D)*,
Chris Tully (D)*,
Benjie Wimberly (D)*,
Shama Haider (D),
Last Action
Approved P.L.2025, c.164. (on 12/19/2025)
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/S4472 |
| BillText | https://pub.njleg.gov/Bills/2024/AL25/164_.HTM |
| Analysis - Statement SBA 6/9/25 | https://pub.njleg.gov/Bills/2024/S4500/4472_S2.PDF |
| Fiscal Note - Fiscal Estimate 6/10/25; as introduced | https://pub.njleg.gov/Bills/2024/S4500/4472_E1.PDF |
| Analysis - Statement SCU 6/5/25 | https://pub.njleg.gov/Bills/2024/S4500/4472_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S4500/4472_I1.HTM |
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