Bill Text: NJ A4326 | 2016-2017 | Regular Session | Introduced
Bill Title: Authorizes New Jersey Environmental Infrastructure Trust to expend additional sums to make loans for environmental infrastructure projects for FY2017.
Spectrum: Slight Partisan Bill (Republican 23-8)
Status: (Introduced - Dead) 2016-12-19 - Substituted by S2731 [A4326 Detail]
Download: New_Jersey-2016-A4326-Introduced.html
Sponsored by:
Assemblywoman ELIZABETH MAHER MUOIO
District 15 (Hunterdon and Mercer)
Assemblyman JOHN J. BURZICHELLI
District 3 (Cumberland, Gloucester and Salem)
Assemblyman VINCENT MAZZEO
District 2 (Atlantic)
SYNOPSIS
Authorizes New Jersey Environmental Infrastructure Trust to expend additional sums to make loans for environmental infrastructure projects for FY2017.
CURRENT VERSION OF TEXT
As introduced.
An Act authorizing the expenditure of additional funds by the New Jersey Environmental Infrastructure Trust for the purpose of making loans to eligible project sponsors to finance a portion of the cost of construction of environmental infrastructure projects, and amending P.L.2016, c.31.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.2016, c.31 is amended to read as follows:
1. a. The New Jersey Environmental Infrastructure Trust, established pursuant to P.L.1985, c.334 (C.58:11B-1 et seq.), is authorized to expend the aggregate sum of up to [$409.35] $641.576 million and any unexpended balance of the aggregate expenditures authorized pursuant to section 1 of P.L.2000, c.93, section 1 of P.L.2001, c.224, section 1 of P.L.2002, c.71, section 1 of P.L.2003, c.159, section 1 of P.L.2004, c.110, section 1 of P.L.2005, c.197, section 1 of P.L.2006, c.67, section 1 of P.L.2007, c.140, section 1 of P.L.2008, c.67, section 1 of P.L.2009, c.101, section 1 of P.L.2010, c.62, section 1 of P.L.2011, c.95, section 1 of P.L.2012, c.38, section 1 of P.L.2013, c.94, section 1 of P.L.2014, c.26, and section 1 of P.L.2015, c.107 for the purpose of making loans, to the extent sufficient funds are available, to or on behalf of local government units or public water utilities (hereinafter referred to as "project sponsors") to finance all or a portion of the cost of construction of environmental infrastructure projects listed in sections 2 and 4 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill).
b. The trust is authorized to increase the aggregate sums specified in subsection a. of this section by:
(1) the amounts of capitalized interest and the bond issuance expenses as provided in subsection b. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill);
(2) the amounts of reserve capacity expenses and debt service reserve fund requirements as provided in subsection c. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill);
(3) the interest earned on amounts deposited for project costs pending their distribution to project sponsors as provided in subsection d. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill);
(4) the amounts of the loan origination fee as provided in subsection e. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill); and
(5) the amount appropriated to the Department of Environmental Protection for the purpose of making zero interest and principal forgiveness loans pursuant to section 3 of P.L.2016, c.32, as amended by P.L. , c. (pending before the Legislature as Senate Bill No. 2732 of 2016 and Assembly Bill No. of 2016), in connection with the project costs of a particular project sponsor, to the extent the priority ranking and an insufficiency of funding prevents the department from making the loan as provided in subsection f. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill).
c. (1) Of the sums made available to the trust from the "Water Supply Trust Fund" established pursuant to subsection a. of section 15 of the "Water Supply Bond Act of 1981" (P.L.1981, c.261) pursuant to P.L.1997, c.223, the trust is authorized to transfer such amounts to the Department of Environmental Protection as needed for drinking water project loans pursuant to the "Safe Drinking Water Act Amendments of 1996," Pub.L.104-182, and any amendatory and supplementary acts thereto (hereinafter referred to as the "Federal Safe Drinking Water Act"), under terms and conditions established by the Commissioner of Environmental Protection and trust, and approved by the State Treasurer, which loans shall be jointly administered by the trust and department.
(2 Of the sums appropriated to the trust from the "Wastewater Treatment Trust Fund" established pursuant to section 15 of the "Wastewater Treatment Bond Act of 1985," (P.L.1985, c.329) pursuant to P.L.1987, c.198, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund established pursuant to section 1 of P.L.2009, c.77 for the purposes of issuing loans or providing the State match as required for the award of the capitalization grants made available to the State for clean water projects pursuant to the "Water Quality Act of 1987" (33 U.S.C. s.1251 et seq.), and any amendatory and supplementary acts thereto (hereinafter referred to as the "Federal Clean Water Act").
(3) Of the sums appropriated to the trust from the "1992 Wastewater Treatment Trust Fund" established pursuant to section 27 of the "Green Acres, Clean Water, Farmland and Historic Preservation Bond Act of 1992" (P.L.1992, c.88) pursuant to P.L.1996, c.86, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund for the purpose of providing the State match as required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.
(4) Of the sums appropriated to the trust from the "Stormwater Management and Combined Sewer Overflow Abatement Fund" created pursuant to section 14 of the "Stormwater Management and Combined Sewer Overflow Abatement Bond Act of 1989" (P.L.1989, c.181) pursuant to P.L.1998, c.87, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund for the purpose of providing the State match as required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.
(5) Of the sums appropriated to the trust from the "2003 Water Resources and Wastewater Treatment Trust Fund" established pursuant to subsection b. of section 19 of the "Dam, Lake, Stream, Flood Control, Water Resources, and Wastewater Treatment Project Bond Act of 2003" (P.L.2003, c.162) pursuant to P.L.2004, c.110, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund for the purpose of providing the State match as required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.
(6) Of the sums appropriated to the trust from repayments of loans deposited in any account, including the "Clean Water State Revolving Fund," "Wastewater Treatment Fund," the "1992 Wastewater Treatment Fund," the "Water Supply Fund," the "Stormwater Management and Combined Sewer Overflow Abatement Fund" or the Drinking Water State Revolving Fund, as appropriate, pursuant to sections 11 and 12 of P.L.1995, c.219, sections 11 and 12 of P.L.1996, c.85, sections 11 and 12 of P.L.1997, c.221, sections 12 and 13 of P.L.1998, c.84, section 11 of P.L.1999, c.174, section 11 of P.L.2000, c.92, section 11 of P.L.2001, c.222, section 11 of P.L.2002, c.70, section 11 of P.L.2003, c.158, section 11 of P.L.2004, c.109, section 11 of P.L.2005, c.196, section 11 of P.L.2006, c.68, section 10 of P.L.2007, c.140, section 10 of P.L.2008, c.67, section 10 of P.L.2009, c.101, section 10 of P.L.2010, c.62, section 10 of P.L.2011, c.95, section 10 of P.L.2012, c.38, section 10 of P.L.2013, c.94, section 10 of P.L.2014, c.26, section 10 of P.L.2015, c.107, and section 10 of P.L.2016, c.31 for deposit into one or more reserve funds or accounts established by the trust pursuant to section 11 of P.L.1985, c.334 (C.58:11B-11), the trust shall transfer to the respective fund of origin the unexpended balance of all such moneys no longer utilized by the trust for such purposes.
d. For the purposes of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill):
(1) "capitalized interest" means the amount equal to interest paid on trust bonds which is funded with trust bond proceeds and the earnings thereon;
(2) "debt service reserve fund expenses" means the debt service reserve fund costs associated with reserve capacity expenses, water supply projects for which the project sponsors are public water utilities as provided in section 9 of P.L.1985, c.334 (C.58:11B-9), other drinking water projects not eligible for, or interested in, State or federal debt service reserve funds pursuant to the "Water Supply Bond Act of 1981," P.L.1981, c.261, as amended and supplemented by P.L.1997, c.223, and any clean water projects not eligible for, or interested in, State or federal debt service reserve funds from the Clean Water State Revolving Fund;
(3) "issuance expenses" means and includes, but need not be limited to, the costs of financial document printing, bond insurance premiums or other credit enhancement, underwriters' discount, verification of financial calculations, the services of bond rating agencies and trustees, the employment of accountants, attorneys, financial advisors, loan servicing agents, registrars, and paying agents, and any other costs related to the issuance of trust bonds; and
(4) "loan origination fee" means the fee charged by the Department of Environmental Protection and financed under the trust loan to pay a portion of the costs incurred by the department in the implementation of the New Jersey Environmental Infrastructure Financing Program; and
(5) "reserve capacity expenses" means those project costs for reserve capacity not eligible for loans under rules and regulations governing zero interest loans adopted by the Commissioner of Environmental Protection pursuant to section 4 of P.L.1985, c.329 but which are eligible for loans from the trust in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27).
e. The trust is authorized to increase the loan amount in the future to compensate for a refunding of the issue, provided adequate savings are achieved, for the loans issued pursuant to P.L.1995, c.218, P.L.1996, c.87, P.L.1997, c.222, P.L.1998, c.85, P.L.1999, c.173, P.L.2000, c.93, P.L.2001, c.224, P.L.2002, c.71, P.L.2003, c.159, P.L.2004, c.110, P.L.2005, c.197, P.L.2006, c.67, P.L.2007, c.140, P.L.2008, c.67, P.L.2009, c.101, P.L.2010, c.62, P.L.2011, c.95, P.L.2012, c.38, P.L.2013, c.94, P.L.2014, c.26, P.L.2015, c.107, [and] P.L.2016, c.31, and P.L. , c. (pending before the Legislature as this bill).
(cf: P.L.2016, c.31, s.1)
2. Section 2 of P.L.2016, c.31 is amended to read as follows:
2. a. (1) The New Jersey Environmental Infrastructure
Trust is authorized to expend funds for the purpose of making supplemental
loans to or on behalf of the project sponsors listed below for the following
clean water environmental infrastructure projects:
|
Project Sponsor |
Project Number |
Estimated Allowable DEP Loan Amount |
Estimated Total Allowable Loan Amount |
|
Warren Township SA |
S340964-01-1 |
$75,000 |
$100,000 |
|
North Hudson SA |
S340952-19-1 |
$75,000 |
$100,000 |
|
North Hudson SA |
S340952-20-1 |
$675,000 |
$900,000 |
|
Ewing Lawrence SA |
S340391-10-1 |
$3,675,000 |
$4,900,000 |
|
Wanaque Valley RSA |
S340780-04-1 |
[$750,000] $1,125,000 |
[$1,000,000] $1,500,000 |
|
Warren Township SA |
S340964-02-1 |
[$75,000] $262,500 |
[$100,000] $350,000 |
|
Burlington Township |
S340712-14-1 |
$150,000 |
$200,000 |
|
Ventnor City |
S340667-02-1 |
$3,750,000 |
$5,000,000 |
|
Total projects: [6] 8 |
|
[$5,475,000] $9,787,500 |
[$7,300,000] $13,050,000 |
(2) The loans authorized in this subsection shall be made for the difference between the allowable loan amounts required by these projects based upon final building costs pursuant to subsection a. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), and the loan amounts certified by the chairman of the trust in State fiscal years 2015 and 2016 and for increased allowable costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27). The loans authorized in this subsection shall be made to or on behalf of the project sponsors listed, up to the individual amounts indicated and in the priority stated, to the extent sufficient funds are available, except as a project fails to meet the requirements of section 6 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill).
(3) The loans authorized in this subsection shall have priority over the environmental infrastructure projects listed in subsection a. of section 4 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill).
b. (1) The trust is authorized to expend funds for the
purpose of making supplemental loans to or on behalf of the project sponsors
listed below for the following drinking water environmental infrastructure
projects:
|
Project Sponsor |
Project Number |
Estimated Allowable DEP Loan Amount |
Estimated Total Allowable Loan Amount |
|
Gloucester City |
0414001-020-1 |
$975,000 |
$1,300,000 |
|
North Jersey District Water Supply Comm. |
1613001-017-1 |
[$1,125,000] $2,700,000 |
[$1,500,000] $3,600,000 |
|
Total Projects: 2 |
|
[$2,100,000] $3,675,000 |
[$2,800,000] $4,900,000 |
(2) The loans authorized in this subsection shall be made for the difference between the allowable loan amount required by this project based upon final building costs pursuant to subsection a. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), and the loan amount certified by the chairman of the trust in State fiscal years 2015 and 2016 and for increased allowable costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27). The loans authorized in this subsection shall be made to or on behalf of the project sponsors listed, up to the individual amounts indicated and in the priority stated, to the extent sufficient funds are available, except as a project fails to meet the requirements of section 6 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill).
(3) The loans for the projects authorized in this subsection shall have priority over environmental infrastructure projects listed in subsection b. of section 4 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill).
c. The trust is authorized to adjust the allowable trust loan amount for projects authorized in this section to between 25% and 75% of the total allowable loan amount and such excess amounts to the extent the priority ranking and an insufficiency of funding prevents the Department of Environmental Protection from making the loan as provided in subsection f. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill).
(cf: P.L.2016, c.31, s.2)
3. Section 3 of P.L.2016, c.31 is amended to read as follows:
3. a. The New Jersey Environmental Infrastructure Trust is authorized to make loans to or on behalf of the project sponsors for the clean water projects listed in subsection a. of section 2 and subsection a. of section 4 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), up to the individual amounts indicated and in the priority stated, except as any such amount may be reduced by the trust pursuant to subsection a. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), or if a project fails to meet the requirements of section 6 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill). The trust is authorized to increase any such amount pursuant to subsection b., c., d., e. or f. of section 7 or section 8 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill).
b. The trust is authorized to make loans to project sponsors for the drinking water projects listed in subsection b. of section 2 and subsection b. of section 4 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), up to the individual amounts indicated and in the priority stated, except as any such amount may be reduced by the trust pursuant to subsection a. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), or if a project fails to meet the requirements of section 6 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill). The trust is authorized to increase any such amount pursuant to subsection b., c., d., e. or f. of section 7 or section 8 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill).
(cf: P.L.2016, c.31, s.3)
4. Section 4 of P.L.2016, c.31 is amended to read as follows:
4. a. The following environmental infrastructure projects shall be known and may be cited as the "Storm Sandy and State Fiscal Year 2017 Clean Water Project Eligibility List":
|
Project Sponsor |
Project Number |
Estimated Allowable DEP Loan Amount |
Estimated Total Allowable Loan Amount |
|
Camden County MUA |
S340640-15 |
$6,825,000 |
$9,100,000 |
|
Jersey City MUA |
S340928-15 |
$30,300,000 |
$40,400,000 |
|
Elizabeth City |
S340942-18 |
[$3,525,000] $6,150,000 |
[$4,700,000] $8,200,000 |
|
Ocean County UA |
S340372-56 |
$6,000,000 |
$8,000,000 |
|
Bayshore RSA |
S340697-05 |
$21,150,000 |
$28,200,000 |
|
Bayshore RSA |
S340697-06 |
$8,100,000 |
$10,800,000 |
|
Atlantic County UA |
S340809-27 |
$2,400,000 |
$3,200,000 |
|
Atlantic County UA |
S340809-23 |
$5,250,000 |
$7,000,000 |
|
Atlantic County UA |
S340809-25 |
$8,250,000 |
$11,000,000 |
|
Atlantic County UA |
S340809-26 |
$1,125,000 |
$1,500,000 |
|
Middletown Township SA |
S340097-04 |
$15,675,000 |
$20,900,000 |
|
Hoboken City |
S340635-05 |
$3,825,000 |
$5,100,000 |
|
North Hudson SA |
S340952-19 |
$3,225,000 |
$4,300,000 |
|
North Hudson SA |
S340952-23 |
$1,275,000 |
$1,700,000 |
|
North Hudson SA |
S340952-26 |
$675,000 |
$900,000 |
|
Cumberland County UA |
S340550-07 |
$937,500 |
$1,250,000 |
|
Millville City |
S340921-07 |
$9,000,000 |
$12,000,000 |
|
Passaic Valley SC |
S340689-22 |
[$2,250,000] $2,925,000 |
[$3,000,000] $3,900,000 |
|
Passaic Valley SC |
S340689-25 |
$6,825,000 |
$9,100,000 |
|
Passaic Valley SC |
S340689-31 |
$3,000,000 |
$4,000,000 |
|
Passaic Valley SC |
S340689-34 |
$2,175,000 |
$2,900,000 |
|
Jersey City MUA |
S340928-21 |
$9,000,000 |
$12,000,000 |
|
Bergen County UA |
S340386-17 |
$7,500,000 |
$10,000,000 |
|
Cinnaminson SA |
S340170-07 |
$6,750,000 |
$9,000,000 |
|
Gloucester County UA |
S340902-14 |
$33,750,000 |
$45,000,000 |
|
Stafford Township |
S344100-03 |
$4,200,000 |
$5,600,000 |
|
Barnegat Township |
S344130-01 |
$337,500 |
$450,000 |
|
Ocean County |
S344080-04 |
$825,000 |
$1,100,000 |
|
Ocean County |
S344080-10 |
$180,000 |
$240,000 |
|
Ocean County |
S344080-11 |
$252,000 |
$336,000 |
|
Jackson Township |
S344050-02 |
$975,000 |
$1,300,000 |
|
Kearny MUA |
S340259-07 |
$4,875,000 |
$6,500,000 |
|
Cumberland County UA |
S340550-08 |
$937,500 |
$1,250,000 |
|
North Wildwood City |
S340663-06 |
[$10,350,000] $13,575,000 |
[$13,800,000] $18,100,000 |
|
Willingboro MUA |
S340132-08 |
$1,350,000 |
$1,800,000 |
|
Ocean County UA |
S340372-57 |
$2,100,000 |
$2,800,000 |
|
Perth Amboy City |
S340435-15 |
$1,500,000 |
$2,000,000 |
|
Atlantic County UA |
S340809-24 |
$600,000 |
$800,000 |
|
Rockaway Valley RSA |
S340821-06 |
$4,875,000 |
$6,500,000 |
|
Gloucester Township MUA |
S340364-13 |
$975,000 |
$1,300,000 |
|
Franklin Township SA |
S340839-06 |
$12,825,000 |
$17,100,000 |
|
South Monmouth RSA |
S340377-03 |
$2,250,000 |
$3,000,000 |
|
South Monmouth RSA |
S340377-04 |
$1,200,000 |
$1,600,000 |
|
South Monmouth RSA |
S340377-05 |
$2,550,000 |
$3,400,000 |
|
Washington Township MUA |
S340930-03 |
$1,725,000 |
$2,300,000 |
|
Washington Township MUA |
S340930-04 |
$825,000 |
$1,100,000 |
|
Montclair Township |
S340837-03 |
$1,125,000 |
$1,500,000 |
|
Ocean Township SA |
S340750-12 |
$3,000,000 |
$4,000,000 |
|
Pine Hill MUA |
S340274-05 |
$1,275,000 |
$1,700,000 |
|
Oradell Borough |
S340835-04 |
$1,125,000 |
$1,500,000 |
|
Ocean Township |
S340112-07 |
[$1,875,000] $2,250,000 |
[$2,500,000] $3,000,000 |
|
Long Beach Township |
S340023-06 |
$3,750,000 |
$5,000,000 |
|
Somerset Raritan Valley SA |
S340801-08 |
$3,900,000 |
$5,200,000 |
|
Gloucester City |
S340958-07 |
$900,000 |
$1,200,000 |
|
Hillsborough Township |
S340099-02 |
$1,200,000 |
$1,600,000 |
|
Manasquan Borough |
S340450-02 |
$1,350,000 |
$1,800,000 |
|
Burlington County |
S340818-07 |
$1,725,000 |
$2,300,000 |
|
Carteret Borough |
S340939-09 |
[$6,450,000] $7,950,000 |
[$8,600,000] $10,600,000 |
|
Hammonton Town |
S340927-09 |
$3,450,000 |
$4,600,000 |
|
Sea Girt Borough |
S340468-01 |
$2,625,000 |
$3,500,000 |
|
Ventnor City |
S340667-03 |
$1,200,000 |
$1,600,000 |
|
Cumberland County IA |
S342015-03 |
$12,075,000 |
$16,100,000 |
|
Salem County IA |
S342022-01 |
$5,775,000 |
$7,700,000 |
|
Somerville Borough |
S342013-01 |
$13,050,000 |
$17,400,000 |
|
Total Projects: [44] 64 |
|
[$215,850,000] $328,744,500 |
[$287,800,000] $438,326,000 |
b. The following environmental
infrastructure projects shall be known and may be cited as the "Storm
Sandy and State Fiscal Year 2017 Drinking Water Project Eligibility List":
|
Project Sponsor |
Project No. |
Estimated Allowable DEP Loan Amount |
Estimated Total Allowable Loan Amount |
|
Hammonton Town |
0113001-011 |
$1,425,000 |
$1,900,000 |
|
Saddle Brook Township |
0257001-002 |
$1,350,000 |
$1,800,000 |
|
Bordentown City |
0303001-006 |
$1,125,000 |
$1,500,000 |
|
Bordentown City |
0303001-007 |
$2,100,000 |
$2,800,000 |
|
Pemberton Township |
0329004-004 |
$900,000 |
$1,200,000 |
|
Willingboro MUA |
0338001-009 |
$5,250,000 |
$7,000,000 |
|
East Orange Water Commission |
0705001-011 |
$7,275,000 |
$9,700,000 |
|
Newark City |
0714001-015 |
[$8,850,000] $13,650,000 |
[$11,800,000] $18,200,000 |
|
Washington Township MUA |
0818004-009 |
$600,000 |
$800,000 |
|
Washington Township MUA |
0818004-010 |
$1,425,000 |
$1,900,000 |
|
Washington Township MUA |
0818004-011 |
$1,200,000 |
$1,600,000 |
|
Washington Township MUA |
0818004-012 |
$150,000 |
$200,000 |
|
Washington Township MUA |
0818004-014 |
$675,000 |
$900,000 |
|
Clinton Town |
1005001-009 |
$900,000 |
$1,200,000 |
|
Hightstown Borough |
1104001-007 |
$300,000 |
$400,000 |
|
Hightstown Borough |
1104001-008 |
$150,000 |
$200,000 |
|
Pennington Borough |
1108001-001 |
$900,000 |
$1,200,000 |
|
Milltown Borough |
1214001-004 |
$1,875,000 |
$2,500,000 |
|
Middlesex Water Company |
1225001-016 |
$4,275,000 |
$5,700,000 |
|
Middlesex Water Company |
1225001-023 |
[$5,550,000] $6,000,000 |
[$7,400,000] $8,000,000 |
|
Berkeley Township MUA |
1505004-007 |
$525,000 |
$700,000 |
|
Berkeley Township MUA |
1505004-008 |
$2,625,000 |
$3,500,000 |
|
Jackson Township MUA |
1511001-010 |
[$4,425,000] $6,150,000 |
[$5,900,000] $8,200,000 |
|
Jackson Township MUA |
1511001-011 |
$1,125,000 |
$1,500,000 |
|
Little Egg Harbor MUA |
1516001-003 |
$3,450,000 |
$4,600,000 |
|
Little Egg Harbor MUA |
1516001-500 |
$750,000 |
$1,000,000 |
|
Ocean Township |
1520001-007 |
$975,000 |
$1,300,000 |
|
Ocean Gate Borough |
1521001-001 |
$600,000 |
$800,000 |
|
Stafford Township |
1530004-018 |
$1,800,000 |
$2,400,000 |
|
Stafford Township |
1530004-019 |
$1,350,000 |
$1,800,000 |
|
Manchester Utilities Authority |
1603001-014 |
$1,500,000 |
$2,000,000 |
|
North Jersey District Water Supply Comm. |
1613001-033 |
$3,000,000 |
$4,000,000 |
|
North Shore Water Association |
1904004-002 |
$337,500 |
$450,000 |
|
Lake Glenwood Village |
1922010-008 |
$675,000 |
$900,000 |
|
Rahway City |
2013001-007 |
$13,650,000 |
$18,200,000 |
|
Rahway City |
2013001-008 |
$2,025,000 |
$2,700,000 |
|
Passaic Valley Water Comm. |
1605002-025 |
$27,450,000 |
$36,600,000 |
|
Netcong Borough |
1428001-009 |
$300,000 |
$400,000 |
|
Trenton City |
1111001-010 |
$7,875,000 |
$10,500,000 |
|
Cape May City |
0502001-004 |
$1,650,000 |
$2,200,000 |
|
Gloucester City |
0414001-020A |
$187,500 |
$250,000 |
|
Long Beach Township |
1517001-500 |
$6,900,000 |
$9,200,000 |
|
Long Beach Township |
1517001-501 |
$1,425,000 |
$1,900,000 |
|
Clinton Town |
1005001-008 |
$1,125,000 |
$1,500,000 |
|
Total Projects: [36] 44 |
|
[$85,087,500] $138,975,000 |
[$113,450,000] $185,300,000 |
c. The trust is authorized to adjust the allowable trust loan amount for projects authorized in this section to between 0% and 75% of the total allowable loan amount, and such excess amounts to the extent the priority ranking and an insufficiency of funding prevents the Department of Environmental Protection from making the loan as provided in subsection f. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), and up to 100% of the total allowable loan amount for projects certified by the Department of Environmental Protection pursuant to section 1 of P.L.2013, c.93 (C.58:11B-9.5).
(cf: P.L.2016, c.31, s.4)
5. Section 5 of P.L.2016, c.31 is amended to read as follows:
5. In accordance with and subject to the provisions of sections 5, 6, and 23 of P.L.1985, c.334 (C.58:11B-5, 58:11B-6, and 58:11B-23) and as set forth in the financial plan required pursuant to section 21 of P.L.1985, c.334 (C.58:11B-21), or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1), any proceeds from bonds issued by the trust to make loans for priority environmental infrastructure projects listed in sections 2 and 4 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), which are not expended for that purpose may be applied for the payment of all or any part of the principal of and interest and premium on the trust bonds whether due at stated maturity, the interest payment dates or earlier upon redemption. A portion of the proceeds from bonds issued by the trust to make loans for priority environmental infrastructure projects pursuant to [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), may be applied for the payment of capitalized interest and for the payment of any issuance expenses; for the payment of reserve capacity expenses; for the payment of debt service reserve fund expenses for the payment of the loan origination fees; and for the payment of increased costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27).
(cf: P.L.2016, c.31, s.5)
6. Section 6 of P.L.2016, c.31 is amended to read as follows:
6. Any loan made by the New Jersey Environmental Infrastructure Trust pursuant to [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill) shall be subject to the following requirements:
a. The chairman of the trust has certified that the project is in compliance with the provisions of P.L.1977, c.224, P.L.1985, c.334, P.L.1992, c.88, P.L.1997, c.223, P.L.1997, c.224, P.L.1997, c.225, P.L.1999, c.175 or P.L.2003, c.162, and any rules and regulations adopted pursuant thereto, and any amendatory and supplementary acts thereto, as applicable. In making this certification, the chairman may conclusively rely on the project review conducted by the Department of Environmental Protection without any independent review thereof by the trust;
b. The loan shall be conditioned upon inclusion of the project on a project eligibility list approved pursuant to section 20 of P.L.1985, c.334 (C.58:11B-20) or section 24 of P.L.1997, c.224 (C.58:11B-20.1);
c. The loan shall be repaid within a period not to exceed 30 years of the making of the loan;
d. The loan, including any portion thereof made by the trust pursuant to subsection f. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), shall not exceed the allowable project cost of the environmental infrastructure facility, exclusive of capitalized interest and issuance expenses as provided in subsection b. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), reserve capacity expenses and the debt service reserve fund expenses as provided in subsection c. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), interest earned on project costs as provided in subsection d. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), the amounts of the loan origination fee as provided in subsection e. of section 7 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), refunding increases as provided in section 8 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), and increased costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27);
e. The loan shall bear interest, exclusive of any late charges or administrative fees payable to the trust pursuant to subsection o. of section 5 of P.L.1985, c.334 (C.58:11B-5) by the project sponsors receiving trust loans, at or below the interest rate paid by the trust on the bonds issued to make or refund the loans authorized by [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), adjusted for underwriting discount and original issue discount or premium, in accordance with the terms and conditions set forth in the financial plan required pursuant to section 21 of P.L.1985, c.334 (C.58:11B-21) or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1); and
f. The loan shall be subject to all other terms and conditions as the trust shall determine to be consistent with the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.) and any rules and regulations adopted pursuant thereto, and with the financial plan required by section 21 of P.L.1985, c.334 (C.58:11B-21) or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1).
The eligibility lists and authorization for the making of loans pursuant to [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), shall expire on July 1, 2017, and any project sponsor which has not executed and delivered a loan agreement with the trust for a loan authorized in [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), shall no longer be entitled to that loan.
(cf: P.L.2016, c.31, s.6)
7. Section 7 of P.L.2016, c.31 is amended to read as follows:
7. a. The New Jersey Environmental Infrastructure Trust is authorized to reduce the individual amount of loan funds made available to or on behalf of project sponsors pursuant to sections 2 and 4 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), based upon final building costs defined in and determined in accordance with rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27) or rules and regulations adopted by the Commissioner of Environmental Protection pursuant to section 4 of P.L.1985, c.329, section 11 of P.L.1977, c.224 (C.58:12A-11) or section 5 of P.L.1981, c.261. The trust is authorized to use any such reduction in the loan amount made available to a project sponsor to cover that project sponsor's increased costs due to differing site conditions or other allowable expenses as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27).
b. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), by the amount of capitalized interest and issuance expenses allocable to each loan made by the trust pursuant to [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill); provided that the increase for issuance expenses, excluding underwriters' discount, original issue discount or premiums, municipal bond insurance premiums and bond rating agency fees, shall not exceed 0.4% of the principal amount of trust bonds issued to make loans authorized by [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill).
c. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), by the amount of reserve capacity expenses, and by the debt service reserve fund expenses associated with the costs identified in paragraphs (3) and (4) of subsection d. of section 1 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill).
d. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), by the interest earned on amounts deposited for project costs pending their distribution to project sponsors.
e. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), by the loan origination fee.
f. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), by the amount appropriated to the Department of Environmental Protection for the purpose of making the corresponding zero interest loan pursuant to section 3 of P.L.2016, c.32, as amended by P.L. , c. (pending before the Legislature as Senate Bill No. 2732 of 2016 and Assembly Bill No. of 2016), in connection with the project costs of the project sponsor, to the extent the priority ranking and an insufficiency of funding prevents the department from making the loan.
(cf: P.L.2016, c.31, s.7)
8. Section 8 of P.L.2016, c.31 is amended to read as follows:
8. The New Jersey Environmental Infrastructure Trust is authorized to increase the individual amount of loan funds made available to project sponsors by the trust pursuant to P.L.1989, c.190, P.L.1990, c.97, P.L.1991, c.324, P.L.1992, c.37, P.L.1993, c.192, P.L.1994, c.105, P.L.1995, c.218, P.L.1996, c.87, P.L.1997, c.222, P.L.1998, c.85, P.L.1999, c.173, P.L.2000, c.93, P.L.2001, c.224, P.L.2002, c.71, P.L.2003, c.159, P.L.2004, c.110, P.L.2005, c.197, P.L.2006, c.67, P.L.2007, c.140, P.L.2008, c.67, P.L.2009, c.101, P.L.2010, c.62, P.L.2011, c.95, P.L.2012, c.38, P.L.2013, c.94, P.L.2014, c.26, P.L.2015, c.107, [or] P.L.2016, c.31, or P.L. , c. (pending before the Legislature as this bill), provided that adequate savings are achieved, to compensate for a refunding of trust bonds issued to make loans authorized by the aforementioned acts.
(cf: P.L.2016, c.31, s.8)
9. Section 9 of P.L.2016, c.31 is amended to read as follows:
9. The expenditure of funds authorized pursuant to [this act] P.L.2016, c.31, as amended by P.L. , c. (pending before the Legislature as this bill), is subject to the provisions of P.L.1977, c.224 (C.58:12A-1 et al.), P.L.1985, c.329, P.L.1985, c.334 (C.58:11B-1 et seq.), as amended and supplemented by P.L.1997, c.224, P.L.1992, c.88, P.L.1989, c.181, P.L.1997, c.223, P.L.1997, c.225, P.L.1999, c.175, or P.L.2003, c.162, and the rules and regulations adopted pursuant thereto or the Federal Safe Drinking Water Act, as appropriate.
(cf: P.L.2016, c.31, s.9)
10. This act shall take effect immediately.
STATEMENT
This bill would authorize the New Jersey Environmental Infrastructure Trust (NJEIT) to expend additional sums to make loans for environmental infrastructure projects for Fiscal Year 2017.
In August 2016, P.L.2016, c.31 was enacted into law, which authorized the NJEIT to expend up to $411.35 million, and any unexpended balances from previous authorizations, to provide low-interest and market-rate loans to project sponsors (primarily local governments, public authorities, or public water utilities) for a portion of the total costs of 80 eligible environmental infrastructure projects for Fiscal Year 2017. This included 44 projects on the "Storm Sandy and State Fiscal Year 2017 Clean Water Project Eligibility List" and 36 projects on the "Storm Sandy and State Fiscal Year 2017 Drinking Water Project Eligibility List." The NJEIT was also authorized under P.L.2016, c.31 to provide supplemental loans to six clean water projects and two drinking water projects that received loans in the past and which require supplemental loans in order to meet actual costs.
This bill would amend the lists of environmental infrastructure projects for which the NJEIT is authorized to make loans in P.L.2016, c.31 to include new projects and revise allowable loan amounts for already approved projects. Thus, under the bill, the NJEIT would be authorized to expend up to $641.576 million, and any unexpended balances from previous authorizations, to provide loans to project sponsors for a total of 108 eligible environmental infrastructure projects for Fiscal Year 2017. This would include 64 projects on the "Storm Sandy and State Fiscal Year 2017 Clean Water Project Eligibility List" and 44 projects on the "Storm Sandy and State Fiscal Year 2017 Drinking Water Project Eligibility List." The NJEIT would also be authorized to make supplemental loans to eight clean water projects and two drinking water projects.
