Eliminates five percent down payment requirement for bond ordinances approved by counties and municipalities.

This bill eliminates a requirement that counties and municipalities set aside a 5% down payment from their budgets before finalizing most bond ordinances for local projects. Currently, local governments must appropriate this 5% sum (from existing budgets, prior funds, or emergency funds) to approve bond issuances. The change applies to general-purpose bond ordinances, freeing up immediate funds that would otherwise be reserved for the down payment. This policy shift directly affects New Jersey's counties and municipalities when financing infrastructure or capital projects through bonds, without altering existing exemptions for environmental, transportation, or state-funded projects.