This bill amends the Local Bond Law in New Jersey to mandate that any bond ordinance authorizing the issuance of general obligation bonds by local units, such as counties or municipalities, must be submitted to voters for approval at the next general election occurring at least 70 days after the ordinance's final adoption. The ordinance must include a statement detailing the local unit's plan for repaying the principal and interest on the bonds, and it will only take effect if a majority of voters approve it. The bill also specifies the format for the bond referendum question that will be presented to the electorate.

Furthermore, the bill removes provisions that previously exempted certain types of bonds from voter approval, clarifying that the new referendum requirement does not apply to special emergency notes, refunding bonds, or bonds issued by distressed municipalities to pay court-ordered judgments. These changes aim to enhance transparency and accountability in local government financing by ensuring that taxpayers have a voice in the issuance of bonds that will impact their property taxes. Overall, the bill seeks to empower local voters in financial decisions that directly affect their communities.

Statutes affected:
Introduced: 40A:4-55.5, 40A:4-55.8, 40A:4-55.16, 40A:4-55.19