Bill > A4968

This bill modifies the State Fiscal Year 2025 Transportation Infrastructure Financing Program by authorizing the New Jersey Infrastructure Bank to expend up to $61,400,000 to provide loans to local government units for transportation infrastructure projects. The bill includes a detailed list of 20 specific transportation projects across various New Jersey municipalities, such as bridge replacements, road improvements, and pedestrian trail projects. Each project has an assigned loan amount, with maximum allowable state loan amounts ranging from $325,000 to $4,225,000. The bill allows the bank flexibility to adjust loan amounts based on final project costs, cover additional expenses like capitalized interest and issuance expenses, and increase loan amounts for reserve capacity and loan origination fees. Loans must be repaid within 31 years and are subject to specific requirements, including certification by bank leadership that projects comply with applicable regulations. The bill aims to support local infrastructure development by providing financing mechanisms for transportation-related municipal projects, with the loan authorization set to expire on July 1, 2025.

Budget and Finance, Transportation and Infrastructure

https://www.njleg.state.nj.us/bill-search/2024/A4968