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NJ S2554
Bill
Status
Introduced
1/13/2026
Primary Sponsor
Declan O'Scanlon
Click for details
AI Summary
- Creates the Bureau of Short-Term Local Government Note Investments within the Department of the Treasury's Division of Investment to manage State funds invested in short-term local government debt
- Authorizes the bureau to invest State of New Jersey Cash Management Fund and pension/annuity fund moneys in short-term local government obligations (maturity not exceeding 397 days) if returns are at least 1% higher than comparable U.S. Treasury obligations
- Requires purchased obligations to meet minimum credit ratings (A3/A-/A-higher from major rating agencies), but exempts certain New Jersey local unit notes including bond anticipation notes, tax anticipation notes, and temporary funding notes from rating requirements
- Directs the bureau to annually review other states' local finance regulations and default rates, allowing purchases of out-of-state municipal obligations without rating requirements if those states have comparable investor protections
- Pre-filed for New Jersey's 2026 legislative session, sponsored by Senator Declan J. O'Scanlon, Jr. (District 13, Monmouth County)
Legislative Description
Establishes Bureau of Short-Term Local Government Note Investments and requires bureau to bid on or offer to purchase certain short term obligations issued by local governments.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
1/13/2026
Committee Referrals
State Government, Wagering, Tourism & Historic Preservation1/13/2026
Full Bill Text
No bill text available