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

S 3119 would remove a requirement that counties and municipalities set aside 5% of a bond's value as a down payment before approving bond ordinances for local projects. Currently, this down payment must be funded from existing budgets or other sources, which can limit available funds for other community needs. The bill amends state law to eliminate this requirement entirely for all bond ordinances, freeing up cash that could be used for infrastructure, services, or other priorities. This change directly affects local governments issuing bonds, making the process more flexible without altering other bond funding rules.