Eliminates five percent down payment requirement for local bond ordinances involving hazard mitigation and resilience projects.

This bill eliminates a 5% down payment requirement for New Jersey local governments issuing bonds to fund hazard mitigation and resilience projects, such as flood protection or climate adaptation efforts. It also removes the need for these projects to seek approval from the Local Finance Board regarding bond repayment schedules. The exemption applies specifically to projects funded by state grants (like Green Acres) or loans from the New Jersey Infrastructure Bank. This change aims to simplify financing for communities working on critical infrastructure to address natural disasters.