Permits municipalities and counties to issue bonds to fund buy-out of accumulated leave time in order to reduce future terminal leave expenses.

This bill allows New Jersey municipalities and counties to borrow money through bond issuances to pay employees for accrued leave time (earned but unused vacation or sick time) *now*, rather than waiting until retirement when those payments would cost more. It directly affects local governments and their employees, as it provides a mechanism to convert future retirement leave obligations into current fixed costs. The key provision requires the local chief financial officer to certify that borrowing now is cheaper than paying the leave at future retirement rates, which may rise due to salary increases. This avoids higher future expenses by locking in current interest rates for leave buyouts.