This bill amends the local bond law in New Jersey to eliminate the requirement for local governments to appropriate a down payment equal to five percent of the obligations for bond ordinances specifically related to hazard mitigation and resilience projects. The bill modifies N.J.S.40A:2-11 by removing the existing down payment requirement and clarifying that the provisions do not apply to bond ordinances for these types of projects, which may be funded by loans from the New Jersey Infrastructure Bank or the Department of Environmental Protection.

Additionally, the bill exempts local governments from needing to apply to the Local Finance Board regarding the maturity and amount of annual installment payments for bonds associated with hazard mitigation and resilience projects. This change aims to streamline the financing process for local governments undertaking such projects, thereby facilitating their ability to address environmental challenges. The bill also includes technical corrections to existing law to ensure clarity and consistency.