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

This bill eliminates a 5% upfront cash requirement for local governments issuing bonds to fund hazard mitigation and resilience projects, such as flood protection or storm-resistant infrastructure. It directly affects municipalities and counties seeking to finance these projects, making it easier to access funding without needing to secure an additional 5% of the bond amount in advance. The bill also exempts these projects from needing special approval from the Local Finance Board regarding bond maturity schedules. This change streamlines financing for critical community resilience efforts supported by the NJ Infrastructure Bank or the Department of Environmental Protection.