Bill > S3731

This bill allows fire districts to issue bond anticipation notes, which are short-term loans taken out in anticipation of future bond sales, for up to ten years following the initial note issuance, extending the current limit of three years. This change aims to provide fire districts with more flexibility in financing capital projects, such as building or upgrading fire stations, by allowing them to use these notes for a longer period instead of being forced to issue long-term bonds or enter into lease agreements sooner than necessary. The bill modifies existing law to permit these notes, including renewals, to mature up to the first day of the fifth month following the close of the tenth fiscal year after the original note was issued, with specific requirements for retiring a portion of the notes on each anniversary if they are renewed beyond the first year.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2026/S3731