NJ S1300

Authorizes New Jersey to issue up to $2 billion in state bonds for flood control, mitigation, and prevention construction projects, with bonds to be issued no later than December 31, 2017 and maturing within 35 years.

Creates the "Flood Control, Mitigation, and Prevention Fund" for grants to local governments and state projects, plus a separate "Revolving Loan Fund" offering loans up to 100% of project costs at no more than 2% interest for up to 20 years.

Covers structural flood control projects including levees, dams, detention areas, channel improvements, dikes, drainage systems, and warning systems; excludes property buy-outs and land preservation programs.

Requires voter approval at a general election and appropriates $5,000 for initial implementation; limits administrative expenses to no more than 5% of funds.

References severe flooding from 2009-2011, including 2011 storms that caused over $261 million in damage to Bergen and Passaic Counties alone, with rainfall exceeding 11-20 inches in parts of the state.