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NJ S3839
NJ S3839Modifies list of transportation infrastructure projects eligible to receive loans from NJ Infrastructure Bank for FY2025.
summary
Introduced
10/24/2024
10/24/2024
In Committee
12/05/2024
12/05/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill makes changes to the authorization given to the New Jersey Infrastructure Bank (NJIB) to make loans for transportation infrastructure projects for Fiscal Year 2025. P.L.2024, c.43 was enacted into law on July 10, 2024, which authorized the NJIB to expend, for the purpose of making loans to or on behalf of local government units to finance all or a portion of the cost of construction of certain transportation infrastructure projects, up to $53,883,706 or such amounts as can be supported through the balances in the State Transportation Infrastructure Bank Fund and via direct appropriation through the State capital program. This bill amends the list of transportation infrastructure projects for which the NJIB is authorized to make loans pursuant to P.L.2024, c.43 to include new projects, remove projects, modify the priority of certain projects, and modify the allowable loan amounts for certain projects. The bill authorizes the NJIB to expend up to $61,400,000 or such amounts as can be supported through the balances in the State Transportation Infrastructure Bank Fund and via direct appropriation through the State capital program.
AI Summary
This bill modifies the list of transportation infrastructure projects eligible to receive loans from the New Jersey Infrastructure Bank (NJIB) for Fiscal Year 2025. Specifically, the bill:
- Increases the total amount the NJIB is authorized to expend for making loans from $53,883,706 to $61,400,000, or such amounts supported by the State Transportation Infrastructure Bank Fund and state capital program.
- Adds new transportation projects to the eligibility list, removes some projects, and modifies the priority and allowable loan amounts for certain projects.
- Authorizes the NJIB to adjust the allowable loan amounts for each project as appropriate, provided the total loan issuance remains within available funds.
- Allows the NJIB to increase loan amounts to compensate for refunding of prior issues, if adequate savings are achieved.
- Maintains the existing requirements for NJIB loan eligibility, repayment terms, interest rates, and other conditions.
Overall, this bill updates the specific transportation projects that can receive NJIB financing in Fiscal Year 2025, while increasing the total funding available for these loans.
Committee Categories
Transportation and Infrastructure
Sponsors (3)
Last Action
Substituted by A4968 (on 12/19/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S3839 |
| Analysis - Statement STR 12/5/24 | https://pub.njleg.gov/Bills/2024/S4000/3839_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S4000/3839_I1.HTM |
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