Bill > S4377

This bill authorizes the New Jersey Infrastructure Bank to expend up to $53,450,000 to make loans for transportation infrastructure projects in fiscal year 2026, with funding coming from the State Transportation Infrastructure Bank Fund. The bill provides detailed provisions for 17 specific transportation projects across various municipalities, including road improvements, bridge replacements, and street redesign projects. The bank is authorized to make loans with some unique features, such as offering up to $1,000,000 in principal-forgiveness financing for planning and design costs, with up to $100,000 forgiven per borrower if the project reaches construction. Loans can be made to local government units and must meet specific requirements, including being repaid within 31 years, bearing interest at or below the bank's bond rate, and complying with various state regulations. The bill also allows the bank flexibility in adjusting loan amounts based on final building costs, adding expenses like capitalized interest and issuance fees, and using proceeds from bond refunding to increase loan funds. The authorization for making these loans will expire on July 1, 2026, and each project must be approved and meet specific financial and regulatory standards set by the New Jersey Infrastructure Bank.

Budget and Finance, Transportation and Infrastructure

https://www.njleg.state.nj.us/bill-search/2024/S4377