NEW JERSEY – The Senate Community and Urban Affairs Committee Monday advanced Senate Republican Leader Anthony M. Bucco’s (R-25) bill that would authorize fire districts to issue a series of one-year bond anticipation notes for up to 10 years to finance capital projects.
“Giving our fire districts this financial flexibility will not only protect New Jersey taxpayers from incurring higher financing costs for capital projects, but it also allows for long-term planning solutions that alleviate some of the pressures that could impact community safety and preparedness,” Bucco said.
The bill, S-2577, would allow a fire district to finance capital projects with bond anticipation notes for the entirety of most projects, so that they may avoid having to use more expensive financing options after three years.
Currently, these bond anticipation notes may be issued for only up to three years.
