An Act authorizing the expenditure of additional funds by the New Jersey Infrastructure Bank 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.2018, c.84.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.2018, c.84 is amended to read as follows:
1. a. The New Jersey Infrastructure Bank, established pursuant to P.L.1985, c.334 (C.58:11B‑1 et seq.), is authorized to expend the aggregate sum of up to [$810.6] $822.9 million and any uncommitted 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, section 1 of P.L.2015, c.107, and section 1 of P.L.2016, c.31 as amended by P.L.2017, c.13, and section 1 of P.L.2017, c.142 as amended by P.L.2017, c.327, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.85, as amended by P.L. c. (pending before the Legislature as Senate Bill No. and Assembly Bill No. ), 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] meeting program demand as provided in subsection f. of section 7 of [this act] P.L.2018, c.84, 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, section 10 of P.L.2016, c.31, section 10 of P.L.2017, c.142, as amended by section 10 of P.L.2017, c.327, and section 10 of P.L.2018, c.84 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 uncommitted balance of all such moneys no longer utilized by the trust for such purposes.
d. For the purposes of [this act] P.L.2018, c.84, 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;
(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, P.L.2016, c.31 as amended by P.L.2017, c.13, P.L.2017, c.142 as amended by P.L.2017, c.327, and P.L.2018, c.84, as amended by P.L. , c. (pending before the Legislature as this bill).
(cf: P.L.2018, c.84, s.1)
2. Section 2 of P.L.2018, c.84 is amended to read as follows:
2. a. (1) The New Jersey Infrastructure Bank 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 Trust Loan Amount |
Estimated Total Allowable Loan Amount |
|
Burlington Township |
S340712-14-1 |
$150,000 |
$200,000 |
|
[Manasquan Borough |
S340450-01-1 |
$1,582,500 |
$2,110,000 |
|
Mendham Township |
S340477-01-1 |
$1,615,500 |
$2,154,000] |
|
North Hudson SA |
S340952-19-1 |
$525,000 |
$700,000 |
|
Warren Township SA |
S340964-02-1 |
$262,500 |
$350,000 |
|
Total Projects: [5] 3 |
|
[$4,135,500] $937,500 |
[$5,514,000] $1,250,000 |
(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.2018, c.84, 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 2016 and 2017 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.2018, c.84, 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.2018, c.84, as amended by P.L. , c. (pending before the Legislature as this bill).
b. The trust is authorized to adjust the allowable trust loan amount for projects authorized in this section to between 25 percent and 75 percent of the total allowable loan amount and such excess amounts to the extent [the priority ranking and] an insufficiency of funding [prevent] prevents the Department of Environmental Protection from [making the loan] meeting program demand as provided in subsection f. of section 7 of [this act] P.L.2018, c.84, as amended by P.L. , c. (pending before the Legislature as this bill).
(cf: P.L.2018, c.84, s.2)
3. Section 3 of P.L.2018, c.84 is amended to read as follows:
3. a. The New Jersey Infrastructure Bank 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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 4 of [this act] P.L.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, as amended by P.L. , c. (pending before the Legislature as this bill).
4. Section 4 of P.L.2018, c.84 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 2019 Clean Water Project Eligibility List":
|
Project Sponsor |
Project Number |
Estimated Allowable Trust Loan Amount |
Estimated Total Allowable Loan Amount |
|
Aberdeen Township |
S340869-02 |
$6,750,000 |
$9,000,000 |
|
[Atlantic County UA |
S340809-23 |
$11,040,000 |
$11,040,000] |
|
Atlantic County UA |
S340809-24 |
$600,000 |
$800,000 |
|
Atlantic County UA |
S340809-25 |
$17,520,000 |
$17,520,000 |
|
[Atlantic County UA |
S340809-26 |
$1,500,000 |
$1,500,000] |
|
Atlantic County UA |
S340809-28 |
$3,075,000 |
$4,100,000 |
|
[Bayshore RSA |
S340697-05 |
$9,750,000 |
$13,000,000] |
|
Bayshore RSA |
S340697-06 |
$11,325,000 |
$15,100,000 |
|
Bradley Beach Borough |
S340472-01 |
$2,025,000 |
$2,700,000 |
|
Bradley Beach Borough |
S340472-02 |
$1,942,538 |
$2,590,050 |
|
Burlington City |
S340140-01 |
$1,275,000 |
$1,700,000 |
|
Burlington Township |
S340712-16 |
$720,000 |
$960,000 |
|
Camden City |
S340366-16 |
$1,350,000 |
$1,800,000 |
|
Camden County MUA |
S340640-17 |
$2,625,000 |
$3,500,000 |
|
[Carteret Borough |
S340939-09 |
$11,257,500 |
$15,010,000] |
|
Cinnaminson SA |
S340170-08 |
$870,000 |
$1,160,000 |
|
Elizabeth City |
S340942-19 |
$5,775,000 |
$7,700,000 |
|
Franklin Township SA |
S34-0839-07 |
$1,470,000 |
$1,960,000 |
|
Glen Ridge Borough |
S340861-03 |
$334,387 |
$445,849 |
|
Gloucester City |
S340958-08 |
$1,575,000 |
$2,100,000 |
|
Gloucester County Improvement Authority |
S342016-03 |
$10,419,930 |
$13,893,240 |
|
Gloucester County UA |
S340902-14 |
$33,750,000 |
$45,000,000 |
|
[Gloucester County UA |
S340902-16 |
$1,575,000 |
$2,100,000 |
|
Hightstown Borough |
S340915-05 |
$1,050,000 |
$1,400,000] |
|
Gloucester Township |
S340364-15 |
$1,087,500 |
$1,450,000 |
|
Hoboken City |
S340635-07 |
$3,750,000 |
$5,000,000 |
|
Howell Township |
S344040-02 |
$11,010,000 |
$14,680,000 |
|
Jersey City |
S340928-30 |
$2,033,250 |
$2,711,000 |
|
Jersey City MUA |
S340928-15 |
$30,750,000 |
$41,000,000 |
|
Jersey City MUA |
S340928-19 |
$5,625,000 |
$7,500,000 |
|
Jersey City MUA |
S340928-20 |
$5,400,000 |
$7,200,000 |
|
Jersey City MUA |
S340928-22 |
$562,500 |
$750,000 |
|
Jersey City MUA |
S340928-28 |
$2,025,000 |
$2,700,000 |
|
Kearny MUA |
S340259-07 |
$4,875,000 |
$6,500,000 |
|
[Little Egg Harbor MUA |
S340579-02 |
$3,187,500 |
$4,250,000] |
|
Little Egg Harbor Township |
S344060-02 |
$3,187,500 |
$4,250,000 |
|
Manasquan River RSA |
S340911-03 |
$495,000 |
$660,000 |
|
[Mendham Township |
S340477-01 |
$1,875,000 |
$2,500,000 |
|
Millville City |
S340921-07 |
$9,000,000 |
$12,000,000] |
|
Manchester Township |
S340650-08 |
$2,250,000 |
$3,000,000 |
|
Middlesex Borough |
S340698-02 |
$1,926,563 |
$2,568,750 |
|
Middlesex County UA |
S340699-13 |
$26,406,467 |
$35,208,623 |
|
Montclair Township |
S340837-04 |
$1,275,000 |
$1,700,000 |
|
Montclair Township |
S340837-03 |
$1,275,000 |
$1,700,000 |
|
Newark City |
S340815-22 |
$7,875,000 |
$10,500,000 |
|
North Bergen MUA |
S340652-14 |
$17,250,000 |
$23,000,000 |
|
North Hudson SA |
S340952-22 |
$13,500,000 |
$18,000,000 |
|
North Hudson SA |
S340952-23 |
$2,325,000 |
$3,100,000 |
|
North Hudson SA |
S340952-28 |
$1,275,000 |
$1,700,000 |
|
Northwest Bergen County UA |
S340700-13 |
$3,900,000 |
$5,200,000 |
|
Northwest Bergen County UA |
S340700-15 |
$5,250,000 |
$7,000,000 |
|
Northwest Bergen County UA |
S340700-16 |
$3,288,750 |
$4,385,000 |
|
Northwest Bergen County UA |
S340700-18 |
$1,500,000 |
$2,000,000 |
|
Ocean County |
S344080-09 |
$975,000 |
$1,300,000 |
|
Ocean County |
S344080-10 |
$187,500 |
$250,000 |
|
Ocean County |
S344080-11 |
$262,500 |
$350,000 |
|
Ocean County UA |
S340372-58 |
$3,323,250 |
$4,431,000 |
|
Ocean County UA |
S340372-59 |
$5,217,440 |
$6,956,586 |
|
Ocean Township SA |
S340750-13 |
$412,500 |
$550,000 |
|
Ocean Township SA |
S340750-14 |
$1,875,000 |
$2,500,000 |
|
Ocean Township SA |
S340750-12 |
$3,075,000 |
$4,100,000 |
|
Old Bridge MUA |
S340945-14 |
$2,467,500 |
$3,290,000 |
|
Passaic Valley SC |
S340689-25 |
$6,825,000 |
$9,100,000 |
|
Passaic Valley SC |
S340689-30 |
$2,775,000 |
$3,700,000 |
|
Passaic Valley SC |
S340689-31 |
$3,000,000 |
$4,000,000 |
|
Passaic Valley SC |
S340689-32 |
$7,500,000 |
$10,000,000 |
|
Passaic Valley SC |
S340689-34 |
$2,175,000 |
$2,900,000 |
|
Passaic Valley SC |
S340689-38 |
$15,750,000 |
$21,000,000 |
|
Passaic Valley SC |
S340689-39 |
$3,612,000 |
$4,816,000 |
|
Passaic Valley SC |
S345200-02 |
$1,500,000 |
$2,000,000 |
|
Paulsboro Borough |
S340164-01 |
$2,062,500 |
$2,750,000 |
|
Perth Amboy City |
S340435-11 |
$4,844,513 |
$6,459,351 |
|
Perth Amboy City |
S340435-13 |
$637,500 |
$850,000 |
|
Perth Amboy City |
S340435-18 |
$1,327,500 |
$1,770,000 |
|
Plumsted Township |
S340607-03 |
$20,250,000 |
$27,000,000 |
|
Point Pleasant Beach Borough |
S344190-02 |
$2,250,000 |
$3,000,000 |
|
Rahway Valley SA |
S340547-15 |
$1,941,389 |
$2,588,518 |
|
Rahway Valley SA |
S340547-14 |
$7,125,000 |
$9,500,000 |
|
Raritan Township MUA |
S340485-12 |
$3,262,500 |
$4,350,000 |
|
Riverdale Borough |
S340729-02 |
$217,342 |
$289,789 |
|
Riverside SA |
S340490-01 |
$630,000 |
$840,000 |
|
Rockaway Valley RSA |
S340821-06 |
$6,000,000 |
$8,000,000 |
|
Rockaway Valley RSA |
S340821-07 |
$6,150,000 |
$8,200,000 |
|
Rockaway Valley RSA |
S340821-09 |
$1,650,000 |
$2,200,000 |
|
Roxbury Township |
S340381-07 |
$5,625,000 |
$7,500,000 |
|
Ship Bottom Borough |
S340311-03 |
$3,525,000 |
$4,700,000 |
|
Somerset Raritan Valley SA |
S340801-08 |
$12,375,000 |
$16,500,000 |
|
Somerville Borough |
S342013-01 |
$8,625,000 |
$11,500,000 |
|
Stafford Township |
S344100-03 |
$4,200,000 |
$5,600,000 |
|
Stony Brook RSA |
S340400-10 |
$3,825,000 |
$5,100,000 |
|
[Sussex County MUA |
S342008-05 |
$9,750,000 |
$13,000,000 |
|
Ventnor City |
S340667-03 |
$1,500,000 |
$2,000,000] |
|
Tuckerton Borough |
S340034-03 |
$1,053,905 |
$1,405,206 |
|
West Deptford Township |
S340947-05 |
$1,061,250 |
$1,415,000 |
|
Western Monmouth UA |
S340128-06 |
$9,075,000 |
$12,100,000 |
|
Total Projects: [70] 84 |
|
[$389,100,418] $432,145,474 |
[$508,780,557] $570,353,962 |
b. The following environmental infrastructure projects shall be known and may be cited as the "Storm Sandy and State Fiscal Year 2019 Drinking Water Project Eligibility List":
|
Project Sponsor |
Project No. |
Estimated Allowable Trust Loan Amount |
Estimated Total Allowable Loan Amount |
|
Aberdeen Township |
1330004-001 |
$2,925,000 |
$3,900,000 |
|
Bellmawr Borough |
0404001-006 |
$1,725,000 |
$2,300,000 |
|
Berkeley Township MUA |
1505004-009 |
$1,650,000 |
$2,200,000 |
|
[Berkeley Township MUA |
1505004-007 |
$525,000 |
$700,000] |
|
Bordentown City |
0303001-008 |
$1,650,000 |
$2,200,000 |
|
Brick Township MUA |
1506001-012 |
$4,065,000 |
$5,420,000 |
|
[Cape May City |
0502001-004 |
$1,650,000 |
$2,200,000 |
|
Clinton Town |
1005001-008 |
$1,125,000 |
$1,500,000 |
|
Clinton Town |
1005001-009 |
$900,000 |
$1,200,000 |
|
Elmer Borough |
1702001-001 |
$600,000 |
$800,000] |
|
Brick Township MUA |
1506001-009 |
$4,446,570 |
$5,928,760 |
|
Brick Township MUA |
1506001-010 |
$870,000 |
$1,160,000 |
|
Gloucester City |
0414001-022 |
$900,000 |
$1,200,000 |
|
Hampton Borough |
1013001-001 |
$1,350,000 |
$1,800,000 |
|
Hightstown Borough |
1104001-010 |
$1,331,759 |
$1,775,678 |
|
Hoboken City |
0905001-001 |
$6,375,000 |
$8,500,000 |
|
Jackson Township MUA |
1511001-012 |
$8,250,000 |
$11,000,000 |
|
Jackson Township MUA |
1511001-013 |
$15,000,000 |
$20,000,000 |
|
Jackson Township MUA |
1511001-010 |
$6,150,000 |
$8,200,000 |
|
[Lavallette Borough |
1515001-001 |
$998,250 |
$1,331,000 |
|
Little Egg Harbor MUA |
1516001-004 |
$2,250,000 |
$3,000,000] |
|
Jackson Township MUA |
1511001-011 |
$1,200,000 |
$1,600,000 |
|
Jersey City MUA |
0906001-015 |
$2,691,950 |
$3,589,266 |
|
Jersey City MUA |
0906001-019 |
$4,545,000 |
$6,060,000 |
|
Lakewood Township MUA |
1514002-003 |
$1,080,000 |
$1,440,000 |
|
Little Egg Harbor MUA |
1516001-500 |
$ 750,000 |
$1,000,000 |
|
Long Beach Township |
1517001-501 |
$1,725,000 |
$2,300,000 |
|
Long Beach Township |
1517001-502 |
$ 8,625,000 |
$11,500,000 |
|
Lower Township MUA |
0505002-003 |
$5,192,555 |
$6,923,406 |
|
Manchester Township |
1518005-002 |
$4,125,000 |
$5,500,000 |
|
Mantua Township MUA |
0810004-002 |
$1,350,000 |
$1,800,000 |
|
Mantua Township MUA |
0810004-003 |
$1,050,000 |
$1,400,000 |
|
[Maple Shade Township |
0319001-006 |
$1,950,000 |
$2,600,000 |
|
Middlesex Water Company |
1225001-026 |
$9,750,000 |
$13,000,000] |
|
Middlesex Water Company |
1225001-028 |
$8,400,000 |
$11,200,000 |
|
Milltown Borough |
1212001-005 |
$1,350,000 |
$1,800,000 |
|
National Park Borough |
0812001-004 |
$1,275,000 |
$1,700,000 |
|
Netcong Borough |
1428001-007 |
$2,775,000 |
$3,700,000 |
|
Netcong Borough |
1428001-008 |
$825,000 |
$1,100,000 |
|
Netcong Borough |
1428001-009 |
$300,000 |
$400,000 |
|
Newark City |
0714001-016 |
$10,500,000 |
$14,000,000 |
|
[Newark City |
0714001-500 |
$3,825,000 |
$5,100,000] |
|
Newark City |
0714001-018 |
$3,600,000 |
$4,800,000 |
|
NJ American Water Co., Inc. |
1345001-017 |
$7,575,000 |
$10,100,000 |
|
NJ American Water Co., Inc. |
2004002-013 |
$12,000,000 |
$16,000,000 |
|
[NJ American Water Co., Inc. |
2004002-500 |
$27,000,000 |
$36,000,000 |
|
NJ American Water Co., Inc. |
1345001-016 |
$10,125,000 |
$13,500,000 |
|
NJ American Water Co., Inc. |
2004002-011 |
$9,600,000 |
$12,800,000] |
|
North Jersey District Water Supply Comm. |
1613001-022 |
$12,750,000 |
$17,000,000 |
|
North Jersey District Water Supply Comm. |
1613001-025 |
$18,000,000 |
$24,000,000 |
|
North Jersey District Water Supply Comm. |
1613001-033 |
$3,075,000 |
$4,100,000 |
|
Old Bridge MUA |
1209002-013 |
$3,000,000 |
$4,000,000 |
|
Paulsboro Borough |
0814001-003 |
$2,100,000 |
$2,800,000 |
|
Pennington Borough |
1108001-002 |
$937,500 |
$1,250,000 |
|
[Rahway City |
2013001-007 |
$13,650,000 |
$18,200,000] |
|
Red Bank Borough |
1340001-002 |
$1,500,000 |
$2,000,000 |
|
[Saddle Brook Township |
0257001-002 |
$1,425,000 |
$1,900,000] |
|
Ship Bottom Borough |
1528001-002 |
$2,812,500 |
$3,750,000 |
|
[Stafford Township |
1530004-018 |
$1,800,000 |
$2,400,000] |
|
Stafford Township |
1530004-018 |
$1,425,000 |
$1,900,000 |
|
Tuckerton Borough |
1532002-006 |
$1,102,613 |
$1,470,150 |
|
Wall Township |
1352003-001 |
$1,350,000 |
$1,800,000 |
|
Wall Township |
1352003-002 |
$2,775,000 |
$3,700,000 |
|
Total Projects: [44] 47 |
|
[$222,263,250] $188,450,447 |
[$296,351,000] $251,267,260 |
c. The trust is authorized to adjust the allowable trust loan amount for projects authorized in this section to between zero percent and 75 percent 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] meeting program demand as provided in subsection f. of section 7 of [this act] P.L.2018, c.84, as amended by P.L. , c. (pending before the Legislature as this bill), and up to 100 percent 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.2018, c.84, s.4)
5. Section 5 of P.L.2018, c.84 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, s.5)
6. Section 6 of P.L.2018, c.84 is amended to read as follows:
6. Any loan made by the New Jersey Infrastructure Bank pursuant to [this act] P.L.2018, c.84, 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, or 45 years for combined sewer overflow abatement projects, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, as amended by P.L. , c. (pending before the Legislature as this bill) shall expire on July 1, 2019, 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.2018, c.84, as amended by P.L. , c. (pending before the Legislature as this bill) shall no longer be entitled to that loan.
(cf: P.L.2018, c.84, s.6)
7. Section 7 of P.L.2018, c.84 is amended to read as follows:
7. a. The New Jersey Infrastructure Bank 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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 percent of the principal amount of trust bonds issued to make loans authorized by [this act] P.L.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.84, 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.2018, c.85, as amended by P.L. , c. (pending before the Legislature as Senate Bill No. and Assembly Bill No. ), 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] meeting program demand, and for lead abatement projects ineligible for department loans under the Federal Clean Water Act and Safe Drinking Water Act.
(cf: P.L.2018, c.84, s.7)
8. Section 8 of P.L.2018, c.84 is amended to read as follows:
8. The New Jersey Infrastructure Bank 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, P.L.2016, c.31 as amended by P.L.2017, c.13, P.L.2017, c.142 as amended by P.L.2017, c.327, or P.L.2018, c.84, as amended by 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.2018, c.84, s.8)
9. Section 9 of P.L.2018, c.84 is amended to read as follows:
9. The expenditure of funds authorized pursuant to [this act] P.L.2018, c.84, 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.2018, c.84, s.9)
10. This act shall take effect immediately.
STATEMENT
This bill would authorize the New Jersey Infrastructure Bank (NJIB) to expend additional sums to make loans for environmental infrastructure projects for Fiscal Year 2019.
In August 2018, P.L.2018, c.84 was enacted into law, which authorized the NJEIT to expend up to $810.6 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 119 eligible environmental infrastructure projects for Fiscal Year 2019. This included 70 projects from the "Storm Sandy and State Fiscal Year 2019 Clean Water Project Eligibility List" and 44 projects from the "Storm Sandy and State Fiscal Year 2019 Drinking Water Project Eligibility List." The NJEIT was also authorized under P.L.2018, c.84 to provide supplemental loans to five clean 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 NJIB is authorized to make loans in P.L.2018, c.84 to include new projects and remove certain projects. Thus, under the bill, the NJIB would be authorized to expend up to $822.9 million, and any unexpended balances from previous authorizations, to provide loans to project sponsors for a total of 134 eligible environmental infrastructure projects for Fiscal Year 2019. This would include 84 projects on the "Storm Sandy and State Fiscal Year 2019 Clean Water Project Eligibility List" and 47 projects on the "Storm Sandy and State Fiscal Year 2019 Drinking Water Project Eligibility List." The NJIB would also be authorized to make supplemental loans to three clean water environmental infrastructure projects.
In addition, certain projects have been removed from the list of projects for which the NJIB is authorized to make loans either because they have already received long-term funding or because the projects will not be ready to receive funding before the end of Fiscal Year 2019 under NJIB program requirements.
Authorizes NJ Infrastructure Bank to expend additional sums to make loans for environmental infrastructure projects for FY2019.