Eliminates five percent down payment requirement for local bond ordinances involving hazard mitigation and resilience projects.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill removes the requirement for local governments to set aside a five percent down payment when issuing bond ordinances for hazard mitigation and resilience projects. It also exempts these projects from requiring approval from the Local Finance Board regarding bond maturities and installment amounts. This change aims to make it easier for municipalities to finance critical infrastructure improvements designed to protect against natural disasters and climate change impacts.
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