New Jersey A 2372: "Red Mascara Act;" designates five State songs.*

Bill Text

A2372 

ASSEMBLY, No. 2372 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Assemblyman WILLIAM F. MOEN, JR.

District 5 (Camden and Gloucester)

SYNOPSIS

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

CURRENT VERSION OF TEXT 

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

�� 

An Act concerning the issuance of local bonds and amending 
N.J.S.40A:2-11.

���� 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] A bond 
ordinance [shall 
be finally adopted unless it appropriates] 
may appropriate 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] 
a percentage of the amount of the obligations authorized.

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

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

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

���� 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), 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.] 
(Deleted by amendment, P.L.��� , c.��� ) (pending before the Legislature as 
this bill)

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

���� 2.��� This act shall take 
effect immediately.

STATEMENT

����� This bill makes permissive the down payment 
requirement for counties and municipalities to issue bonds.� Under current law, 
most bond ordinances require an appropriation of at least five percent of the 
amount of the authorized obligation for final adoption of the bond ordinance.� 
Although this appropriation is excluded from the property tax levy cap, relief 
from the requirement to make the down payment is intended to free-up scarce 
resources for other purposes of the county or municipality.