Bill > S4097

This bill amends existing law to authorize the New Jersey Infrastructure Bank to expend up to $3.08 billion for environmental infrastructure projects for fiscal year 2024, and to adjust previously authorized amounts. * **New Jersey Infrastructure Bank (NJIB):** Authorized to expend up to $3.08 billion for loans to local government units or public water utilities for environmental infrastructure projects. This amount is an increase from a previous authorization of $1.782 billion. The bill also allows for increases to this aggregate sum to cover capitalized interest, administrative expenses, bond issuance expenses, reserve capacity expenses, debt service reserve fund requirements, interest earned on project costs, loan origination fees, and amounts appropriated to the Department of Environmental Protection for zero-interest and principal forgiveness loans. * **Clean Water Projects:** The NJIB is authorized to make supplemental loans for specific clean water projects totaling $71.1 million in estimated allowable DEP loan amounts and $94.8 million in estimated total loan amounts. * **Drinking Water Projects:** The NJIB is authorized to make supplemental loans for specific drinking water projects totaling $19.875 million in estimated allowable DEP loan amounts and $26.5 million in estimated total loan amounts. * **Project Eligibility Lists:** The bill amends the "Storm Sandy and State Fiscal Year 2024 Clean Water Project Eligibility List" and the "Storm Sandy and State Fiscal Year 2024 Drinking Water Project Eligibility List," detailing specific projects and their estimated loan amounts. The total estimated allowable DEP loan amounts for the clean water list are $1.563 billion, and the total estimated total loan amounts are $2.084 billion. For the drinking water list, the total estimated allowable DEP loan amounts are $645.36 million, and the total estimated total loan amounts are $860.48 million. * **Pinelands Infrastructure Trust Fund:** The NJIB is authorized to make loans for clean water and drinking water projects from this fund, with specific projects and amounts listed. * **Interim Environmental Financing Program:** The NJIB is authorized to expend up to $1 billion for short-term or temporary loans for projects on an approved priority list. * **Loan Terms and Conditions:** Loans are subject to various requirements, including certification of compliance, inclusion on an eligibility list, repayment within 30 to 45 years, and interest rates at or below the trust's borrowing rate. The authorization for loans under this act expires on July 1, 2024.