DE HB58

Increases the borrowing limit for municipal improvements (sewers, paving, and other improvements directly assessed to property owners) from $500,000 to $1,000,000.

Exempts short and long-term debt from government revolving loan funds from referendum requirements under Section 407.2 of the Newark City Charter.

Allows the City Council to approve borrowing from government revolving loan funds directly without holding a referendum, reducing time and costs.

Maintains that debt for unfunded court judgments and appeal bonds continues to be counted toward the city's bonded debt limitations.

Requires an affirmative vote of at least five (5) members of council to adopt an ordinance authorizing any debt under this provision.