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  • NJ A1917
  • Establishes State Transportation Infrastructure Bank Fund within New Jersey Environmental Infrastructure Trust.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill repeals the existing State Transportation Infrastructure Bank, and establishes a special non-lapsing, revolving fund within the New Jersey Environmental Infrastructure Trust (trust) to be known as the State Transportation Infrastructure Bank Fund (transportation bank). The transportation bank replaces the State Transportation Infrastructure Bank that was a subaccount of the Special Transportation Trust Fund. The bill expands the trust's current mission to include transportation projects. Currently, the trust is involved with water and environmental infrastructure projects. The bill requires that funds and accounts of the trust be segregated to prevent the mixing of transportation moneys and water or environmental infrastructure moneys. The bill permits the trust to issue bonds in maturities of up to 30 years for all types of projects and creates an interim financing program for transportation projects to mirror the existing interim financing program for water and environmental projects. Transportation Bank Federal law requires states to establish a state transportation infrastructure bank fund to be a depository for federal transportation infrastructure bank monies. The federal program allows states to enter into agreements where monies in the state transportation infrastructure bank may be loaned or used to provide other financial assistance to public or private entities for the planning, acquisition, engineering, construction, reconstruction, repair, and rehabilitation of a transportation project or for any other permitted purpose. The transportation bank may be credited with State appropriations, federal fund allocations, proceeds from privately negotiated bond sales, monetary donations made available to the State to support the transportation bank program, and any principle and interest received as loan repayment or otherwise provided pursuant to the program. The bill also establishes an account within the fund that only receives State funds so that grants can be issued, including for pedestrian infrastructure projects, without violating the terms of the federal program. The federal program only permits infrastructure banks to make loans to transportation projects. The finances of the program are to be administered by the trust with the Department of Transportation (DOT) managing the rest of the program. The Commissioner of DOT is to become an ex-officio member of the board of trustees for the trust, and the DOT is to be responsible for establishing the list of projects that the trust is to finance and the priority order in which they are to be funded. A memorandum of understanding is to be developed between DOT and the trust establishing responsibility for: the evaluation of potential transportation projects; fulfilling federal regulations regarding capital projects; coordinating with metropolitan planning organizations; ensuring that projects are consistent with the Statewide capital investment strategy; and advancing local, regional, and Statewide transportation objectives. The bill provides that the Legislature consider the full DOT project list through the Senate and General Assembly budget committees before the list is included in the annual appropriations act. The Legislature is also to receive a copy of the transportation financial plan developed by the trust for the implementation of the financing of the DOT project list. The Legislature will have until June 15th to approve the transportation financial plan through a concurrent resolution. If the transportation financial plan is not approved by June 15, the project list is to be removed from the appropriations act, and the trust is not to undertake any proposed activities included in the project list.
Transportation and Independent Authorities
Introduced, Referred to Assembly Transportation and Independent Authorities Committee  (on 1/27/2016)
 
 

Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly Transportation and Independent Authorities Committee
Date Motion Yea Nay Other
None specified