NJ A5859

Eliminates the requirement for local governments to provide a 5% down payment when issuing bonds for hazard mitigation and resilience projects funded through the New Jersey Infrastructure Bank

Exempts local governments from applying to the Local Finance Board for approval of bond maturity schedules and annual installment amounts for hazard mitigation and resilience project financing

Aligns hazard mitigation and resilience projects with existing exemptions already available for environmental infrastructure projects, transportation projects, Green Acres, and Transportation Trust Fund programs

Amends N.J.S.40A:2-11 and N.J.S.40A:2-26 of the local bond law to reduce financial barriers for municipalities undertaking climate resilience and disaster preparedness improvements