Bill Text: NJ S1186 | 2014-2015 | Regular Session | Introduced
Bill Title: Revises "Local Bond Law" provisions to exempt certain energy projects from appropriation requirement for five percent down payment.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2014-01-30 - Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee [S1186 Detail]
Download: New_Jersey-2014-S1186-Introduced.html
Sponsored by:
Senator JOSEPH F. VITALE
District 19 (Middlesex)
SYNOPSIS
Revises "Local Bond Law" provisions to exempt certain energy projects from appropriation requirement for five percent down payment.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning bond ordinances for local energy projects 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 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 5% of the amount of the obligations authorized.
b. Said sum so appropriated as a down payment 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 section 40A:2-7, for financing any municipal or county solar, wind, or geothermal energy projects, for financing capital repairs deemed necessary after the completion of an energy audit funded by the Board of Public Utilities, or for those bond ordinances which involve projects funded by State grants such as Green Acres, Environmental Trust Fund, Transportation Trust Fund, and other similar programs.
(cf: P.L.2003, c.15, s.2)
2. This act shall take effect immediately.
STATEMENT
This bill provides that a bond ordinance which authorizes obligations for financing any municipal or county solar, wind, or geothermal energy projects, or for financing capital repairs deemed necessary after the completion of an energy audit funded by the Board of Public Utilities, shall be exempt from the mandatory appropriation of a down payment which is not less than 5% of the amount of the obligations authorized, pursuant to N.J.S.40A:2-11.
