New Jersey A 760: Continues tax exempt status of certain real property owned by disabled veterans during reconstruction of homes destroyed by flood, storm, or other act of God.

Bill Text

A760 

ASSEMBLY, No. 760 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Assemblyman AL ABDELAZIZ

District 35 (Bergen and Passaic)

Assemblyman CHRIS TULLY

District 38 (Bergen)

Assemblywoman ALIXON COLLAZOS-GILL

District 27 (Essex and Passaic)

SYNOPSIS

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

CURRENT VERSION OF TEXT 

���� Introduced Pending Technical Review by Legislative 
Counsel.

�� 

An Act concerning local bond requirements for certain projects 
and amending N.J.S.40A:2-11 and N.J.S.40A:2-26.

���� Be It 
Enacted by the Senate and General Assembly of 
the State of New Jersey:

���� 1.��� N.J.S.40A:2-11 is 
amended to read as follows:

���� 40A:2-11. a. No bond ordinance 
shall be finally adopted unless it appropriates to the purpose, or ratably to 
the respective purposes to be financed, in addition to the obligations thereby 
authorized, a sum as a down payment which is not less than five percent of the 
amount of the obligations authorized.

���� b.��� [Said] The 
sum so appropriated as a down payment [must] shall 
have been made available prior to final adoption of the bond ordinance from any 
one or more of the following:

���� [1.] (1)� by provision in a 
previously adopted budget or budgets of the local unit for down payment or for 
capital improvement purposes;

���� [2.] (2)� from moneys then 
actually held by the local unit and previously contributed for such purpose 
other than by the local unit; or

���� [3.] (3)� by emergency 
appropriation.

���� c.��� The provisions of this 
section shall not apply to a bond ordinance which authorizes obligations solely 
for any purpose referred to in paragraphs a., b., c., d., e., and h. of 
N.J.S.40A:2-7 or for those bond ordinances which involve projects funded by State 
grants such as Green Acres, Transportation Trust Fund, and other similar 
programs, or for those bond ordinances which involve environmental 
infrastructure projects or transportation projects, as defined in section 3 of 
P.L.1985, c.334 (C.58:11B-3), or hazard mitigation and resilience projects 
pursuant to section 5 of P.L.2023, c.63 (C.58:11B-5a), funded by loans from 
the "New Jersey Infrastructure Bank," created pursuant to section 4 
of P.L.1985, c.334 (C.58:11B-4), or the State, acting by and through the 
Department of Environmental Protection.

(cf: P.L.2021, c.80, s.1)

���� 2.��� N.J.S.40A:2-26 is 
amended to read as follows:

���� 40A:2-26.�� Maturities of all 
bonds shall be as determined by bond ordinance or by subsequent resolution and 
within the following limitations:

���� a.��� All bonds shall mature 
within the period or average period of usefulness determined in the bond 
ordinance.

���� b.��� All bonds shall mature 
in annual installments, the first of which shall be payable not more than one 
year from the date of the bonds.� No annual installment shall exceed by more 
than 100 percent the amount of the smallest prior installment.

���� c.��� The first installment of 
bonds to finance a municipal public utility may be made payable not later than 
the end of the second year's operation, computed from the estimated date of 
completion, as fixed in the project report submitted pursuant to this chapter.

���� d.��� Bonds to finance that 
part of the cost of a local improvement which is to be assessed on property 
shall mature in annual installments not exceeding in number the number of 
annual installments or average thereof fixed in the bond ordinance for the 
payment of special assessments.� The first annual installment of such bonds 
shall be payable not more than two years from the date of the bonds, and no 
annual installment shall exceed the amount of the smallest prior installment.

���� e.��� A governing body which 
has concluded that the limitations as to maturities or amounts of annual 
installments will adversely affect the financial position of the local unit, 
may make written application to the Local Finance Board setting forth its 
conclusion and the reasons therefor and the desired maturities or the amounts 
of annual installments for bonds about to be issued.� If the Local Finance 
Board finds [such] the 
conclusion to be well founded, it may, by order, fix the maturities or amounts 
of annual installments of [such] the 
bonds as desired by the local unit, or fix any [such] other maturities or amounts of 
annual installments which the circumstances warrant.� Application to the Local 
Finance Board shall not be required if the maturities or the amounts of annual 
installments have been determined by (1) the "New Jersey Infrastructure 
Bank," created pursuant to section 4 of P.L.1985, c.334 (C.58:11B-4), in 
connection with a loan made by the trust relating to the financing of one or 
more environmental infrastructure projects or transportation projects as 
defined in section 3 of P.L.1985, c.