Bill > S4467

This bill authorizes the New Jersey Infrastructure Bank to expend up to $2.4 billion to make loans for environmental infrastructure projects in fiscal year 2026. The bill provides detailed lists of clean water and drinking water projects eligible for funding, including specific loan amounts for 151 clean water projects and 59 drinking water projects across various municipalities, utilities authorities, and water commissions in New Jersey. The loans can be used to finance infrastructure improvements such as wastewater treatment, water supply upgrades, and lead reduction projects. The bill specifies that loans must be repaid within 30 years (or up to 45 years for certain types of projects), bear interest at or below the rate paid by the trust on bonds, and are subject to various conditions set by the trust, including project eligibility and compliance with existing environmental infrastructure regulations. The bill also allows the trust to adjust loan amounts, increase funding for specific expenses like capitalized interest or issuance costs, and provides flexibility for handling project cost variations. The loan authorization and project eligibility lists will expire on July 1, 2026, giving local governments and utilities a defined window to secure financing for critical infrastructure needs.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/S4467