Bill > S3880

This bill amends the list of hazard mitigation and resilience projects approved for funding by the New Jersey Infrastructure Bank under the Fiscal Year 2025 Community Hazard Assistance Mitigation Program (CHAMP). The bill authorizes the bank to expend up to $13,813,000 to make loans to local government units for nine specific projects across various New Jersey municipalities, including infrastructure improvements in Jersey City, Hoboken, Stafford Township, Bergen County, Brick Township, Rochelle Park Township, Highlands Borough, and Marlboro Township. The projects range from park resilience and flood mitigation to streambank stabilization and sewer system improvements. The bill provides detailed provisions for loan terms, including a maximum repayment period of 30 years, interest rates, and conditions for loan adjustments. The bank is authorized to reduce or increase loan amounts based on final project costs, capitalized interest, and administrative expenses. Loans must be certified by bank leadership, comply with specific regulations, and be included on an approved project eligibility list. The authorization for these loans will expire on July 1, 2025, and project sponsors must execute loan agreements by that date to remain eligible.

Agriculture and Natural Resources

https://www.njleg.state.nj.us/bill-search/2024/S3880