New Jersey Senate Bill S222

New Jersey 2022-2023 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22

Caption

"Flood Control, Mitigation, and Prevention Bond Act"; authorizes bonds for up to $2 billion and appropriates $5,000.

Impact

The issuance of these bonds will have a considerable impact on state and local funding capabilities for flood mitigation projects. Local governments, counties, and government agencies will be eligible for assistance through grants or low-interest loans with terms of up to 20 years and interest rates not exceeding 2%. This financial support is intended to empower local entities to undertake necessary flood prevention projects without overburdening their budgets or residents. Additionally, the state’s commitment to invest in these initiatives demonstrates a proactive approach to infrastructure improvement, which is critical given the climatic challenges faced in recent years.

Summary

Senate Bill 222, titled the 'Flood Control, Mitigation, and Prevention Bond Act,' aims to address the ongoing challenges posed by severe flooding in New Jersey. It authorizes the state to issue up to $2 billion in general obligation bonds for funding flood control, mitigation, and prevention initiatives. These projects include structural improvements, such as the elevation of homes in flood-prone areas, and enhancements to flood management infrastructure, like floodgates and river walls. The bill highlights the urgency of the situation, referencing past catastrophic flooding events that resulted in significant damage to communities throughout the state.

Contention

Despite its potential benefits, the bill may face opposition concerning the timelines and bureaucratic processes associated with the issuance and administration of the funds. Critics may argue that the need for approval from the Joint Budget Oversight Committee for fund allocation could lead to delays in crucial flood projects. Proponents emphasize that the structured approach ensures accountability and proper oversight, while opponents may view it as an impediment to swift action. Nonetheless, the bill sets a precedent for collaborative efforts between state and local governments in disaster preparedness and response, highlighting the importance of investing in environmental resilience.