“Multiple years of high inflation and increased financial pressures have made it difficult for municipalities to finance the purchase of fire engines and other safety vehicles and equipment,” said Bucco (R-25). “By allowing municipalities to utilize longer repayment periods and smaller annual payments, they will have greater flexibility to provide our first responders with the necessary tools that keep our communities safe.”
Sen. Anthony M. Bucco’s bill that enables municipalities to extend the time to permanently finance the purchase of new firefighting apparatus was approved by the Senate. (SenateNJ.com)
Senator Bucco’s bill amends the Local Bond Law to extend the period of usefulness of newly purchased fire engines, apparatus, and equipment from 10- to 20 years.
Key components of A-5567/S-3807 include:
- Clarifying that the period of usefulness for vehicles with a gross vehicle weight rating (GVWR) below 15,000 pounds will remain at five years, consistent with current law.
- Removing an exclusion for passenger cars and station wagons, that are not powered by alternative fuel sources, by establishing a five-year period of usefulness when purchased as a new vehicle.
- Expanding coverage to encompass larger public work vehicles and heavy construction equipment for major repairs and enhancements to extend their period of usefulness by at least five years.
You can read the full version of the bill online.
To speak with Sen. Bucco about the legislation, please contact Chris Sivel, SRO Deputy Director of Communications at [email protected].