Authorizes local units to refinance general obligation bonds irrespective of present value savings for period of one year.

This bill allows New Jersey counties and municipalities to refinance their general obligation bonds without needing to meet a current 3% minimum present value savings requirement, for a one-year period starting when the bill takes effect. Currently, state regulations require that refinancing must save at least 3% in present value to prevent unnecessary costs from professional fees. The bill temporarily removes this rule to let local governments take advantage of low interest rates and potentially reduce debt service costs on existing higher-interest debt. This change applies only to refinancing efforts during the one-year window and does not alter other bond issuance rules.