New Jersey allows long-term bonds to finance fire trucks

New Jersey Gov. Phil Murphy signed a bill Tuesday that will allow municipalities in the state to sell bonds with up to 20 years to fund the purchase of fire trucks and other public safety equipment.

Previously, they could only sell bonds of up to 10 years to pay for such equipment.

invoice Amends the state’s municipal bond law to extend the useful life of newly purchased emergency equipment from 10 to 20 years.

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Depending on the size of the truck and the equipment it carries, a new fire truck can cost anywhere from $600,000 to well over $1 million.

Anthony M. Bucco, Senate Republican leader and co-sponsor with Paul Sarlo, said, “Years of high inflation and increasing fiscal pressures have left municipalities with less money to purchase fire trucks and other safety vehicles and equipment.” It’s becoming difficult to procure them.” , Democratic Party and Deputy Majority Leader. “By giving local governments access to longer repayment terms and lower annual payments, they have more flexibility to provide first responders with the tools they need to keep their communities safe.”

The bill would also provide funding for major repairs to fire trucks and other rescue vehicles over five years. The useful life of vehicles weighing more than 15,000 pounds, such as garbage trucks, will be extended from five to 10 years, but the useful life of vehicles weighing less than 15,000 pounds will remain at five years.

Under this measure, newly purchased gasoline-powered cars and station wagons will also be eligible for a five-year loan. Previously, only vehicles powered by alternative fuel sources, such as electric vehicles, could be financed with bonds.

invoice Republican Rep. Michael Torrisi Jr. and Democratic Rep. Clinton Calabrese sponsored it in Congress. The bill passed the Assembly on Dec. 21 by a vote of 73-0 and the state Senate on Jan. 8 by a vote of 35-0.