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

This bill (A 760) eliminates a 5% down payment requirement for local governments issuing bonds to fund hazard mitigation and resilience projects. It directly affects municipalities and counties when financing projects like flood protection, storm recovery, or climate adaptation infrastructure. The key change exempts these projects from needing to set aside 5% of bond proceeds as a down payment and removes the requirement to apply to the Local Finance Board for maturity adjustments on related bonds. This simplifies financing for communities addressing climate risks without changing bond maturity rules for other projects.