This bill allows municipalities in New Jersey to create a dredging control reserve fund, enabling them to manage and allocate funds specifically for dredging-related activities. The governing body of a municipality can establish this fund through a resolution, allowing unexpended balances from annual dredging budgets to be transferred into the reserve. The funds can then be utilized for various dredging purposes, such as removing materials from waterways to maintain navigation channels, developing related infrastructure, managing dredged materials, and supporting the maritime, recreation, or tourism industries within the municipality. Any reimbursements for expenditures made from the reserve must be returned to it.

Additionally, the bill permits the Local Finance Board to establish rules and regulations to implement its provisions effectively. This legislative measure aims to enhance the management of dredging activities and ensure that municipalities have the necessary financial resources to support their local waterways and associated industries. The act is set to take effect immediately upon passage.