SENATE COMMUNITY AND URBAN AFFAIRS COMMITTEE

STATEMENT TO

SENATE, No. 4472

STATE OF NEW JERSEY

DATED:  JUNE 5, 2025

      The Senate Community and Urban Affairs Committee reports favorably Senate Bill No. 4472.

      This bill amends the "Local Bond Law" to exempt a local government from appropriating an amount equal to five percent of the amount of obligations for local bond ordinances involving hazard mitigation and resilience projects.

      The bill also exempts a local government from applying to the local finance board concerning the maturity and amount of annual installment payments related to the financing of local bond ordinances involving hazard mitigation and resilience projects.

      The bill also makes technical corrections to existing law.