Extends period of usefulness of fire engines for bonding purposes from 10 to 20 years; eliminates exclusion of passenger cars and station wagons.

This bill (S 882) amends New Jersey law to extend the bonding period for fire engines from 10 to 20 years and removes an exclusion that previously prevented passenger cars and station wagons from being included in the standard 5-year vehicle category. It directly affects New Jersey municipalities that issue bonds for purchasing fire engines, emergency vehicles, and standard municipal vehicles. The key change allows fire engines to be depreciated over 20 years instead of 10 for bond purposes, while now including passenger cars and station wagons in the 5-year category for vehicles under 15,000 GVWR. This adjustment simplifies asset classification and potentially reduces annual bond costs for local governments.