Proposed New Rule: Debt Refunding's without LFB Approval - 01/04/2017
The Local Finance Board is proposing a new rule that would permit, under certain circumstances, authorities to issue refunding bonds without having to first seek approval from the Local Finance Board. This rule proposal supersedes a prior rule proposal on the same matter (48 N.J.R. 875(a) issued on June 6, 2016). For any refunding bonds that can be issued without prior LFB approval, the current rule proposal would allow the final maturity of the refunding bond to extend past the maturity date of the refunded debt, so long as final maturity does not extend past the budget year in which the final maturity was originally scheduled to mature. The rule proposal may be found on the Division website. Written comments on the rule proposal must be submitted by February 17, 2017 via email to email@example.com or by regular mail to Patricia Parkin McNamara, Executive Secretary - Local Finance Board - Department of Community Affairs - P.O. Box 803 - Trenton, New Jersey 08625-0803. For comments submitted via email, please use the subject heading "N.J.A.C. 5:30-2.5 and 5:31-8.1: Refunding of Bonds Meeting Certain Conditions".
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Proposed New Rule: N.J.A.C. 5:35-2.1 Local Government Ethics Law - 09/12/2016
The Local Government Ethics Law (N.J.S.A. 40A:9-22.1 et seq.) requires those individuals defined as "local government officers" to annually file financial disclosure statements pursuant to N.J.S.A. 40A:9-22.6. Individuals classified as "managerial executive employees" are among those that fall under the "local government officer" definition. N.J.S.A. 40A:9-22.3.g was recently amended, by Section 21 of P.L. 2015, c. 95, to grant the Director of the Division of Local Government Services authority to define by regulation who qualifies as a "managerial executive". The Director has proposed N.J.A.C. 5:35-2.1, a new rule that would define which titles, or responsibilities equivalent to such titles, are "managerial executive" and thus be required to file an annual financial disclosure statement. Published in the September 6, 2016 New Jersey Register, the rule proposal is located on DLGS's "Rules and Regulations" webpage under "Proposed Rules". Please submit written comments on the notice of proposal by November 5, 2016 either by e-mail to firstname.lastname@example.org with subject heading "NJAC 5:32-2.1: LGEL Managerial Executive Definition" or by regular mail to: Jason R. Martucci, Esq., Administrative Practice Officer / Division of Local Government Services / Department of Community Affairs / P.O. Box 803 / Trenton, NJ 08625-0803.
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