{"data":{"id":"us-nj/n.j.-stat.-40a-2-11","jurisdiction":"us-nj","citation":"N.J. Stat. § 40A:2-11","heading":"Down payment.","body":"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 five percent of the amount of the obligations authorized.\nb.\tThe sum so appropriated as a down payment shall have been made available prior to final adoption of the bond ordinance from any one or more of the following:\n(1)\tby provision in a previously adopted budget or budgets of the local unit for down payment or for capital improvement purposes;\n(2)\tfrom moneys then actually held by the local unit and previously contributed for such purpose other than by the local unit; or\n(3)\tby emergency appropriation.\nc.\tThe 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 N.J.S.40A:2-7; for those bond ordinances which involve projects funded by State grants such as Green Acres, Transportation Trust Fund, and other similar programs; or for those bond ordinances which involve environmental infrastructure projects or transportation projects, as defined in section 3 of P.L.1985, c.334 (C.58:11B-3), or hazard mitigation and resilience projects pursuant to section 5 of P.L.2023, c.63 (C.58:11B-5a), funded by loans from the \"New Jersey Infrastructure Bank,\" created pursuant to section 4 of P.L.1985, c.334 (C.58:11B-4), or the State, acting by and through the Department of Environmental Protection.\namended 2003, c.15, s.2; 2015, c.95, s.33; 2021, c.80, s.1; 2025, c.164, s.1.","path":["TITLE 40A MUNICIPALITIES AND COUNTIES"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"b0da88d289a8b02499756e23bb4a7e6002357017d0d4cfe2e9720082a6de103b","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-40a-2-10","next":"us-nj/n.j.-stat.-40a-2-12"},"notice":"GroundRules: Original legal text. Not legal advice."}