Credits $2.35 billion to "New Jersey Debt Defeasance and Prevention Fund"; appropriates $4.32 billion to Department of Treasury to provide funds to municipalities and counties for debt retirement and avoidance.

This bill allocates $4.32 billion from New Jersey's Debt Defeasance and Prevention Fund to all municipalities and counties for two key purposes: retiring existing local debt or funding capital projects (like infrastructure) without issuing new debt. It directs $3 billion to municipalities on an equal per capita basis (same amount per resident) and $1.32 billion to counties similarly. The funds, partially drawn from $1.97 billion in unallocated balances already in the fund, must be distributed within 30 days of enactment. The bill aims to provide immediate, efficient financial relief to local governments facing debt burdens.