Bill > A5859

This bill amends New Jersey local bond law to exempt local governments from two key requirements when issuing bonds for hazard mitigation and resilience projects. Specifically, the bill removes the standard requirement that local governments must appropriate a down payment of at least five percent of the total bond amount and eliminates the need to seek approval from the Local Finance Board regarding the maturity and annual installment payments for these specific types of projects. The bill adds "hazard mitigation and resilience projects" to existing exceptions in the law that already provide similar exemptions for certain types of infrastructure and environmental projects. By removing these financial and administrative barriers, the legislation aims to make it easier and potentially less expensive for local governments to fund projects designed to reduce risks and improve community resilience in the face of natural disasters or climate-related challenges. The changes are technical in nature and are intended to streamline the bonding process for these critical infrastructure investments. The bill will take effect immediately upon enactment.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/A5859