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NJ S4472
Bill
Status
Passed
12/19/2025
Primary Sponsor
Joseph Lagana
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AI Summary
- Local governments are exempted from the 5% down payment requirement when issuing bonds for hazard mitigation and resilience projects funded through the New Jersey Infrastructure Bank
- Local governments no longer need Local Finance Board approval to determine bond maturity schedules and annual installment amounts for hazard mitigation and resilience projects
- The exemptions align hazard mitigation projects with existing treatment of environmental infrastructure projects, transportation projects, and State grant-funded programs like Green Acres
- Amends N.J.S.40A:2-11 and N.J.S.40A:2-26 of the local bond law
- Approved December 19, 2025 as P.L. 2025, Chapter 164
Legislative Description
Eliminates five percent down payment requirement for local bond ordinances involving hazard mitigation and resilience projects.
Bills and Joint Resolutions Signed by the Governor
Last Action
Approved P.L.2025, c.164.
12/19/2025
Committee Referrals
Budget and Appropriations6/5/2025
Community and Urban Affairs5/19/2025
Full Bill Text
No bill text available