Authorizes up to $2 billion in bonds for flood control, mitigation, and prevention projects in New Jersey.
The "Flood Control, Mitigation, and Prevention Bond Act" authorizes the issuance of up to $2 billion in State general obligation bonds for flood control, mitigation, and prevention projects throughout New Jersey. The Governor can decide the amount of bonds to be issued, but no bonds can be issued after December 31, 2017. The bonds can be used for State projects, grants to local government units, and low-interest loans to local government units. The interest rate for any loan would be no more than 2% per year and the term no more than 20 years.
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