This bill amends the local bond law in New Jersey by eliminating 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 current law mandates that a down payment of at least five percent must be made available prior to the final adoption of a bond ordinance. The bill also clarifies that this exemption applies to projects funded by loans from the New Jersey Infrastructure Bank or the State through the Department of Environmental Protection.

Additionally, the bill allows local governments to bypass the requirement to apply to the Local Finance Board regarding the maturity and amount of annual installment payments for bonds associated with these hazard mitigation and resilience projects. This change aims to streamline the financing process for local governments undertaking such projects, thereby facilitating quicker access to necessary funds for environmental and infrastructure improvements. The bill also includes technical corrections to existing law to ensure clarity and consistency.