New JerseyCounties and towns could approve bonds without down payments
If this bill becomes law, counties and municipalities could approve borrowing through bonds without first setting aside a five percent down payment.
What it does
If enacted, counties and municipalities could approve borrowing through bonds without a five percent down payment. If they choose one, they must have the money before final approval.
Argument forCounties and municipalities could use money they would have set aside for a down payment on other local needs.
Argument againstWithout a required down payment, counties and municipalities might borrow more for a project and face larger repayments later.
More detail
Counties and municipalities would be able to give final approval to borrowing through bonds without setting aside a down payment. This covers New Jersey counties and municipalities when they approve borrowing through bonds. They could still choose to make a down payment. If they do, they must have the money available before final approval. The change would take effect immediately if the bill becomes law.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 28Introduced in the Senate, Referred to Senate Community and Urban Affairs CommitteeIntroduced
Taxes & Budget