ASSEMBLY, No. 5123
STATE OF NEW JERSEY
221st LEGISLATURE
INTRODUCED DECEMBER 9, 2024
Sponsored by:
Assemblywoman CARMEN THERESA MORALES
District 34 (Essex)
Assemblywoman LINDA S. CARTER
District 22 (Somerset and Union)
Assemblyman CODY D. MILLER
District 4 (Atlantic, Camden and Gloucester)
SYNOPSIS
Amends lists of projects eligible to receive loans for environmental infrastructure projects from NJ Infrastructure Bank for FY2025.
CURRENT VERSION OF TEXT
As reported by the Assembly Environment, Natural Resources, and Solid Waste Committee on December 12, 2024, with amendments.
An Act concerning the expenditure of funds by the New Jersey Infrastructure Bank to finance a portion of the cost of certain environmental infrastructure projects, and amending P.L.2024, c.41.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.2024, c.41 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.) (hereinafter referred to as "the trust"), is authorized to expend the aggregate sum of up to [$2.73] $2.47 billion 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, section 1 of P.L.2016, c.31, as amended by P.L.2017, c.13, section 1 of P.L.2017, c.142, as amended by P.L.2017, c.327, P.L.2018, c.84, as amended by P.L.2019, c.30, section 1 of P.L.2019, c.192, as amended by P.L.2019, c.515, P.L.2020, c.48, as amended by P.L.2021, c.22, section 1 of P.L.2021, c.204, as amended by P.L.2021, c.316, P.L.2022, c.100, as amended by P.L.2023, c.5, and P.L.2023, c.119, as amended by P.L.2023, c.343, 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.2024, c.41, 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, interest accrued pursuant to a short-term or temporary loan made to a project sponsor pursuant to the Interim Environmental Financing Program, administrative expenses associated with any federal funding programs, if applicable, and the bond issuance expenses as provided in subsection b. of section 7 of [this act] P.L.2024, c.41, 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.2024, c.41, 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.2024, c.41, 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.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill);
(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.2024, c.35, as amended by P.L. , c. (pending before the Legislature as Senate Bill No. 138811 and Assembly Bill No. 151221 of the 2024-25 session), in connection with the project costs of a particular project sponsor, to the extent the priority ranking or an insufficiency of funding prevent the department from meeting program demand as provided in subsection f. of section 7 of [this act] P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill); and
(6) any funds transferred to the trust by the department pursuant to paragraph (21) of subsection a. of section 1 of P.L.2024, c.35, as amended by P.L. , c. (pending before the Legislature as Senate Bill No. 138811 and Assembly Bill No. 151221 of the 2024-25 session).
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 the 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 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 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 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 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, section 10 of P.L.2018, c.84, as amended by P.L.2019, c.30, section 10 of P.L.2019, c.192, as amended by section 10 of P.L.2019, c.515, section 10 of P.L.2020, c.48, as amended by P.L.2021, c.22, section 10 of P.L.2021, c.204, as amended by P.L. 2021, c.316, section 10 of P.L.2022, c.100, as amended by P.L.2023, c.5, section 10 of P.L.2023, c.119, as amended by P.L.2023, c.343, and P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill1)1, 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.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill):
"Capitalized interest" means the amount equal to interest paid on trust bonds which is funded with trust bond proceeds and the earnings thereon;
"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;
"Issuance expenses" means any costs related to the issuance of trust bonds and includes, but is not 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.
"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
"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, P.L.2018, c.84, as amended by P.L.2019, c.30, P.L.2019, c.192, as amended by P.L.2019, c.515, P.L.2020, c.48, as amended by P.L.2021, c.22, P.L.2021, c.204, as amended by P.L.2021, c.316, P.L.2022, c.100, as amended by P.L.2023, c.5, P.L.2023, c.119, as amended by P.L.2023, c.343, and section 10 of P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill.
2. Section 2 of P.L.2024, c.41 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 Loan Amount |
|
[Hoboken City |
S340635-06R |
$30,000,000 |
$40,000,000 |
|
Newark City |
S340815-24R |
$15,750,000 |
$21,000,000 |
|
North Bergen MUA |
S340652-14R |
$6,150,000 |
$8,200,000 |
|
Ocean Township SA |
S340750-14R |
$1,500,000 |
$2,000,000] |
|
Rutgers University |
S340500-01R |
$3,150,000 |
$4,200,000 |
|
Somerville Borough |
S342013-01-1 |
$1,387,500 |
$1,850,000 |
|
Total Projects: [6] 2 |
[$57,937,500] $4,537,500 |
[$77,250,000] $6,050,000 |
(2) A loan authorized by this subsection shall be made for the difference between the allowable loan amount required by the project based upon final building costs pursuant to subsection a. of section 7 of [this act] P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill), and the loan amount certified by the chairperson, vice chairperson, or secretary of the trust in State fiscal years 2019 [, 2020, 2021, 2022,] and 2023 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). A loan authorized by this subsection shall be made to or on behalf of the project sponsor listed, up to the individual amount indicated and in the priority stated, to the extent sufficient funds are available, except if a project fails to meet the requirements of section 6 of this [this act] P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill).
(3) The loans for projects authorized by this subsection shall have priority over the environmental infrastructure projects listed in subsection a. of section 4 of [this act] P.L.2024, c.41, 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 Trust Loan Amount |
Estimated Total Loan Amount |
|
East Orange City |
0705001-014R |
$1,500,000 |
$2,000,000 |
|
National Park Borough |
0812001-004R |
$750,000 |
$1,000,000 |
|
[North Jersey District WSC |
1613001-025R |
$19,125,000 |
$25,500,000] |
|
Total Projects: 2 |
[$19,875,000] $2,250,000 |
[$26,500,000] $3,000,000 |
(2) A loan authorized by this subsection shall be made for the difference between the allowable loan amount required by the project based upon final building costs pursuant to subsection a. of section 7 of [this act] P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill), and the loan amount certified by the chairperson, vice chairperson, or secretary of the trust in State fiscal [year 2020 and] years 2022 and 2024 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). A loan authorized by this subsection shall be made to or on behalf of the project sponsor listed, up to the individual amount indicated and in the priority stated, to the extent sufficient funds are available, except if a project fails to meet the requirements of section 6 of [this act] P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill).
(3) The loans for projects authorized by this subsection shall have priority over environmental infrastructure projects listed in subsection b. of section 4 of [this act] P.L.2024, c.41, 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 the projects
authorized in this section to between zero percent and 100 percent of the total
allowable loan amount.
3. Section 3 of P.L.2024, c.41 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.2024, c.41, 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 that any such amount may be reduced by the trust pursuant to subsection a. of section 7 of [this act] P.L.2024, c.41, 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.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill). The trust is authorized to increase any such amount pursuant to subsections b., c., d., e., or f. of section 7 of [this act] P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill), or pursuant to section 8 of [this act] P.L.2024, c.41, 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.2024, c.41, 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 that any such amount may be reduced by the trust pursuant to subsection a. of section 7 of [this act] P.L.2024, c.41, 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.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill). The trust is authorized to increase any such amount pursuant to subsections b., c., d., e., or f. of section 7 of [this act] P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill), or pursuant to section 8 of [this act] P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill).
c. The trust is authorized to make loans to local government units for clean water and drinking water projects partially funded from the "Pinelands Infrastructure Trust Fund" established pursuant to section 14 of P.L.1985, c.302 for the balance of allowable project costs up to the individual amounts indicated, provided that any such amount may be reduced by the trust pursuant to subsection a. of section 7 of [this act] P.L.2024, c.41, 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.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill). There is appropriated to the trust from the "Pinelands Infrastructure Trust Fund" established pursuant to section 14 of the "Pinelands Infrastructure Trust Bond Act of 1985," P.L.1985, c.302, an amount sufficient to implement the provisions of this subsection.
The following local government units are eligible for funding from the "Pinelands Infrastructure Trust Fund" and 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) for the following clean water and drinking water projects:
|
Project Sponsor |
Project Number |
Estimated Total Loan Amount |
|
Pemberton Twp. |
Pinelands 1 |
$2,929,000 |
|
Manchester Twp./Jackson MUA |
Pinelands 2 |
$7,192,035 |
|
Galloway Twp. |
Pinelands 4 |
$3,493,440 |
|
Winslow Twp. |
Pinelands 5 |
$1,728,940 |
|
Total Pinelands Projects: 4 |
$15,343,415 |
d. Notwithstanding the provisions of any applicable law or regulation to the contrary, drinking water projects may be funded by the "Pinelands Infrastructure Trust Fund" established pursuant to section 14 of the "Pinelands Infrastructure Trust Bond Act of 1985," P.L.1985, c.302. Drinking water projects financed by the Pinelands Infrastructure Trust Fund shall be funded in accordance with the regulations applicable to the financing of wastewater projects by the Pinelands Infrastructure Trust Fund unless and until regulations specific to the financing of drinking water projects are promulgated.
4. Section 4 of P.L.2024, c.41 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 2025 Clean Water Project Eligibility List":
|
Project Sponsor |
Project Number |
Estimated Allowable Trust Loan Amount |
Estimated Total Loan Amount |
|
Oakland Borough |
S340418-06 |
$5,790,000 |
$7,720,000 |
|
Camden County MUA |
S340640-19 |
$8,625,000 |
$11,500,000 |
|
Camden County MUA |
S340640-25 |
$10,725,000 |
$14,300,000 |
|
Rahway Valley SA |
S340547-17 |
$4,500,000 |
$6,000,000 |
|
Mendham Borough |
S340159-04 |
$4,125,000 |
$5,500,000 |
|
Newark City |
S340815-25 |
[$356,250] $750,000 |
[$475,000] $1,000,000 |
|
Camden County MUA |
S340640-32 |
$18,000,000 |
$24,000,000 |
|
Camden County MUA |
S340640-29 |
$9,525,000 |
$12,700,000 |
|
Montgomery Township |
S340130-03 |
$21,750,000 |
$29,000,000 |
|
Newark City |
S340815-26 |
$3,300,000 |
$4,400,000 |
|
Camden City |
S340366-07 |
$7,500,000 |
$10,000,000 |
|
Camden City |
S340366-14 |
$7,027,500 |
$9,370,000 |
|
Jersey City MUA |
S340928-37 |
$37,651,858 |
$50,202,482 |
|
Middlesex County UA |
S340699-17 |
$19,500,000 |
$26,000,000 |
|
North Bergen MUA |
S340652-16 |
[$16,125,000] $46,500,000 |
[$21,500,000] $62,000,000 |
|
Musconetcong SA |
S340384-10 |
$1,875,000 |
$2,500,000 |
|
Hoboken City |
S340635-08 |
$28,500,000 |
$38,000,000 |
|
Paterson City |
S340850-05 |
$1,451,250 |
$1,935,000 |
|
Paterson City |
S340850-07 |
$3,000,000 |
$4,000,000 |
|
Jersey City MUA |
S340928-47 |
$18,750,000 |
$25,000,000 |
|
Jersey City MUA |
S340928-49 |
$24,825,000 |
$33,100,000 |
|
[Jersey City MUA |
S340928-40 |
$6,000,000 |
$8,000,000] |
|
Jersey City MUA |
S340928-23 |
$9,750,000 |
$13,000,000 |
|
[Jersey City MUA |
S340928-24 |
$93,750,000 |
$125,000,000] |
|
Elizabeth City |
S340942-20 |
$17,250,000 |
$23,000,000 |
|
Elizabeth City |
S345070-01 |
$3,000,001 |
$4,000,001 |
|
Camden County MUA |
S340640-33 |
$21,750,000 |
$29,000,000 |
|
Kearny Town |
S340259-11 |
$12,750,000 |
$17,000,000 |
|
Ridgefield Park Village |
S340688-06 |
$9,150,000 |
$12,200,000 |
|
Ridgefield Park Village |
S340688-07 |
$2,025,000 |
$2,700,000 |
|
Perth Amboy City |
S340435-17 |
$3,313,800 |
$4,418,400 |
|
Long Branch SA |
S340336-08 |
$1,305,525 |
$1,740,700 |
|
Bayshore RSA |
S340697-07 |
$23,625,000 |
$31,500,000 |
|
Ocean County UA |
S340372-64 |
$37,500,000 |
$50,000,000 |
|
Cliffside Park Borough |
S340847-04 |
$3,975,000 |
$5,300,000 |
|
North Hudson SA |
S340952-42 |
$40,125,000 |
$53,500,000 |
|
North Hudson SA |
S340952-40 |
$17,625,000 |
$23,500,000 |
|
North Hudson SA |
S340952-43 |
$15,000,000 |
$20,000,000 |
|
North Hudson SA |
S340952-37 |
$9,750,000 |
$13,000,000 |
|
North Hudson SA |
S340952-39 |
$13,500,000 |
$18,000,000 |
|
Perth Amboy City |
S340435-19 |
$300,000 |
$400,000 |
|
Perth Amboy City |
S340435-24 |
$975,000 |
$1,300,000 |
|
Hackensack City |
S340923-13 |
$12,750,000 |
$17,000,000 |
|
Hackensack City |
S340923-16 |
$10,500,000 |
$14,000,000 |
|
Hackensack City |
S340923-17 |
$5,625,000 |
$7,500,000 |
|
Hackensack City |
S340923-18 |
$7,500,000 |
$10,000,000 |
|
Hackensack City |
S340923-21 |
$15,000,000 |
$20,000,000 |
|
Bayonne City |
S340399-33 |
$4,350,000 |
$5,800,000 |
|
Passaic Valley SC |
S340689-37 |
$91,125,000 |
$121,500,000 |
|
Passaic Valley SC |
S340689-44 |
$18,000,000 |
$24,000,000 |
|
Passaic Valley SC |
S340689-53 |
$13,650,000 |
$18,200,000 |
|
Passaic Valley SC |
S345200-01 |
$7,500,000 |
$10,000,000 |
|
Passaic Valley SC |
[S345200-51] S340689-51 |
$105,750,000 |
$141,000,000 |
|
Pennsville SA |
S340870-05 |
[$4,875,000] $7,500,000 |
[$6,500,000] $10,000,000 |
|
Beach Haven Borough |
S344220-01 |
$2,700,000 |
$3,600,000 |
|
Logan Township MUA |
S340123-02 |
$9,000,000 |
$12,000,000 |
|
Bergen County UA |
S340386-23 |
$45,000,000 |
$60,000,000 |
|
Linden Roselle SA |
S340299-08 |
$20,250,000 |
$27,000,000 |
|
Raritan Township MUA |
S340485-13 |
$1,500,000 |
$2,000,000 |
|
Passaic Valley SC |
S340689-63 |
$66,750,000 |
$89,000,000 |
|
Wanaque Valley RSA |
S340780-05 |
$8,625,000 |
$11,500,000 |
|
Gloucester County UA |
S340902-15 |
$10,875,000 |
$14,500,000 |
|
Stony Brook RSA |
S340400-11 |
$16,500,000 |
$22,000,000 |
|
[Evesham MUA |
S340838-09 |
$562,500 |
$750,000] |
|
Long Branch SA |
S340336-09 |
$4,200,000 |
$5,600,000 |
|
Bergen County UA |
S340386-26 |
$4,500,000 |
$6,000,000 |
|
JMEUC - East Orange City |
S340686-09a |
$465,378 |
$620,504 |
|
JMEUC - Elizabeth City |
S340686-09b |
$4,879,407 |
$6,505,876 |
|
JMEUC - Hillside Township |
S340686-09c |
$681,323 |
$908,430 |
|
JMEUC - Irvington Township |
S340686-09d |
$1,689,260 |
$2,252,347 |
|
JMEUC - Newark City |
S340686-09e |
$1,022,282 |
$1,363,042 |
|
JMEUC - South Orange Village Township |
S340686-09f |
$488,105 |
$650,806 |
|
JMEUC - Summit City |
S340686-09g |
$889,742 |
$1,186,322 |
|
JMEUC - Union Township |
S340686-09h |
$1,837,001 |
$2,449,335 |
|
JMEUC - West Orange Township |
S340686-09i |
$1,189,072 |
$1,585,429 |
|
Ocean County |
S344080-10 |
$187,500 |
$250,000 |
|
Ocean County |
S344080-11 |
$262,500 |
$350,000 |
|
Rockaway Valley RSA |
S340821-08 |
$11,625,000 |
$15,500,000 |
|
Rockaway Valley RSA |
S340821-11 |
$10,125,000 |
$13,500,000 |
|
Camden County MUA |
S340640-36 |
$11,625,000 |
$15,500,000 |
|
Hamilton Township |
S340898-06 |
$3,037,500 |
$4,050,000 |
|
Stafford Township |
S340946-09 |
$3,510,000 |
$4,680,000 |
|
Metuchen Borough |
S340360-02 |
$6,750,000 |
$9,000,000 |
|
Somerville Borough |
S340551-01 |
$2,775,000 |
$3,700,000 |
|
Netcong Borough |
S340538-01 |
$75,000 |
$100,000 |
|
Manasquan River Regional SA |
S340911-03 |
$495,000 |
$660,000 |
|
Stafford Township |
S340946-10 |
$6,375,000 |
$8,500,000 |
|
Vernon Township |
S340745-03 |
$2,271,750 |
$3,029,000 |
|
Hightstown Borough |
S340915-08 |
$1,875,000 |
$2,500,000 |
|
Delanco SA |
S340956-03 |
$1,725,000 |
$2,300,000 |
|
Pleasantville City |
S340752-04 |
$3,246,413 |
$4,328,550 |
|
[Bergen County UA |
S340386-25 |
$3,000,000 |
$4,000,000] |
|
Monmouth County Bayshore Outfall Authority |
S340325-04 |
$1,500,000 |
$2,000,000 |
|
Monmouth County Bayshore Outfall Authority |
S340325-04a |
$1,500,000 |
$2,000,000 |
|
Camden County MUA |
S340640-30 |
$5,625,000 |
$7,500,000 |
|
Rockaway Valley RSA |
S340821-10 |
$6,375,000 |
$8,500,000 |
|
Toms River MUA |
S340145-07 |
$6,750,000 |
$9,000,000 |
|
Brick Township MUA |
S340448-12 |
$6,750,000 |
$9,000,000 |
|
Brick Township MUA |
S340448-13 |
$3,450,000 |
$4,600,000 |
|
Northwest Bergen County UA |
S340700-19 |
$6,099,338 |
$8,132,450 |
|
Franklin Township SA |
S340839-09 |
$5,700,000 |
$7,600,000 |
|
Franklin Township SA |
S340839-10 |
$7,125,000 |
$9,500,000 |
|
Egg Harbor Township MUA |
S340753-06 |
$937,500 |
$1,250,000 |
|
Hackensack City |
S340923-22 |
$1,200,000 |
$1,600,000 |
|
Mount Laurel Township MUA |
S340943-07 |
$6,000,000 |
$8,000,000 |
|
North Brunswick Township |
S340888-03 |
$2,475,000 |
$3,300,000 |
|
North Brunswick Township |
S340888-04 |
$2,625,000 |
$3,500,000 |
|
Deptford Township MUA |
S340066-03 |
$750,000 |
$1,000,000 |
|
Deptford Township MUA |
S340066-04 |
$750,000 |
$1,000,000 |
|
Hillside Township |
S340686-10 |
$1,950,000 |
$2,600,000 |
|
Hopewell Township |
S340282-03 |
$1,230,000 |
$1,640,000 |
|
Mantua Township MUA |
S340514-01 |
$2,007,375 |
$2,676,500 |
|
Mantua Township MUA |
S340514-03 |
$1,022,625 |
$1,363,500 |
|
Berkeley Heights Township |
S340385-08 |
$525,000 |
$700,000 |
|
[Pennsville SA |
S340870-04 |
$1,200,000 |
$1,600,000 |
|
South Monmouth RSA |
S340377-06 |
$1,725,000 |
$2,300,000] |
|
North Haledon Borough |
S340229-02 |
$75,000 |
$100,000 |
|
North Haledon Borough |
S340229-01 |
$1,875,000 |
$2,500,000 |
|
Carneys Point SA |
S340502-08 |
$1,500,000 |
$2,000,000 |
|
Haddon Heights Borough |
S340877-02 |
$487,500 |
$650,000 |
|
Emerson Borough |
S340497-01 |
$75,000 |
$100,000 |
|
Emerson Borough |
S340497-02 |
$525,000 |
$700,000 |
|
Highlands Borough |
S340901-05 |
$6,375,000 |
$8,500,000 |
|
Medford Lakes Borough |
S340319-03 |
$8,250,000 |
$11,000,000 |
|
Hamburg Borough |
S340149-03 |
$75,000 |
$100,000 |
|
Hamburg Borough |
S340149-04 |
$750,000 |
$1,000,000 |
|
Wenonah Borough |
S340531-01 |
$997,500 |
$1,330,000 |
|
Clinton Township SA |
S340873-04 |
$1,875,000 |
$2,500,000 |
|
Long Beach Township |
S340023-10 |
[$3,900,000] $5,677,500 |
[$5,200,000] $7,570,000 |
|
Fieldsboro Borough |
S340522-01 |
$3,750,000 |
$5,000,000 |
|
North Bergen Township |
S340652-17 |
$3,225,000 |
$4,300,000 |
|
Willingboro MUA |
S340132-10 |
$13,650,000 |
$18,200,000 |
|
[Passaic Valley SC |
S340689-45 |
$7,657,577 |
$10,210,102] |
|
Passaic Valley SC |
S340689-46 |
$51,750,000 |
$69,000,000 |
|
Passaic Valley SC |
S340689-54 |
$16,950,000 |
$22,600,000 |
|
Ocean gate Borough |
S340151-02 |
$1,125,000 |
$1,500,000 |
|
Ocean County UA |
S340372-65 |
$3,150,000 |
$4,200,000 |
|
Hackensack City |
S340923-15 |
[$1,200,000] $1,575,000 |
[$1,600,000] $2,100,000 |
|
Lower Township MUA |
S340810-05 |
$22,500,000 |
$30,000,000 |
|
Boonton Town |
S340265-02 |
$2,475,000 |
$3,300,000 |
|
Runnemede Borough |
S340363-07 |
$8,250,000 |
$11,000,000 |
|
Newton Town |
S340449-04 |
$1,875,000 |
$2,500,000 |
|
Gloucester Township |
S340364-19 |
$1,500,000 |
$2,000,000 |
|
Gloucester Township |
S340364-16 |
$450,000 |
$600,000 |
|
Gloucester Township |
S340364-17 |
$967,649 |
$1,290,198 |
|
Gloucester Township |
S340364-18 |
$1,125,000 |
$1,500,000 |
|
Newton Town |
S340449-10 |
$1,651,125 |
$2,201,500 |
|
Jersey City MUA |
S340928-32 |
$11,250,000 |
$15,000,000 |
|
Trenton City |
S340416-14 |
$18,000,000 |
$24,000,000 |
|
Atlantic City MUA |
S340439-04 |
$2,300,000 |
$3,066,667 |
|
East Orange City |
S340843-03 |
$12,825,000 |
$17,100,000 |
|
Burlington City |
S340140-02 |
$1,950,000 |
$2,600,000 |
|
[Bloomfield Township |
S340516-01 |
$5,423,228 |
$7,230,970] |
|
South Orange Village |
S340103-02 |
$2,002,500 |
$2,670,000 |
|
Brick Township MUA |
S340448-14 |
$1,500,000 |
$2,000,000 |
|
West Deptford Township |
S340947-06 |
$3,540,000 |
$4,720,000 |
|
Glen Ridge Borough |
S340861-02 |
$1,275,000 |
$1,700,000 |
|
Bordentown City |
S340219-04 |
$3,000,000 |
$4,000,000 |
|
Island Heights Borough |
S340176-03 |
$750,000 |
$1,000,000 |
|
Ship Bottom Borough |
S340311-04 |
$2,062,500 |
$2,750,000 |
|
Total Projects: [156] 152 |
|
[$1,420,995,476] $1,391,900,279 |
[$1,894,660,629] $1,855,867,039 |
b. The following environmental infrastructure projects shall be known and may be cited as the "Storm Sandy and State Fiscal Year 2025 Drinking Water Project Eligibility List":
|
Project Sponsor |
Project Number |
Estimated Allowable Trust Loan Amount |
Estimated Total Loan Amount |
|
Passaic Valley Water Commission |
1605002-002 |
$54,000,000 |
$72,000,000 |
|
Lakewood Township MUA |
1514002-001 |
$11,250,000 |
$15,000,000 |
|
Orange City |
0717001-013 |
$975,000 |
$1,300,000 |
|
[Newark City |
0714001-022 |
$18,000,000 |
$24,000,000] |
|
New Brunswick City |
1214001-005 |
[$47,250,000] $27,000,000 |
[$63,000,000] $36,000,000 |
|
Camden City |
0408001-001 |
[$41,250,000] $15,000,000 |
[$55,000,000] $20,000,000 |
|
[Netcong Borough |
1428001-001 |
$90,000 |
$120,000] |
|
Red Bank Borough |
1340001-004 |
[$6,600,000] $9,000,000 |
[$8,800,000] $12,000,000 |
|
Hopatcong Borough |
1912001-002 |
$1,500,000 |
$2,000,000 |
|
Bloomfield Township |
0702001-004 |
$3,000,000 |
$4,000,000 |
|
[Ridgewood Village |
0251001-001 |
$30,000,000 |
$40,000,000] |
|
Belleville Township |
0701001-008 |
$2,676,564 |
$3,568,752 |
|
Ridgewood Village |
0251001-001 |
$30,000,000 |
$40,000,000 |
|
Ridgewood Village |
0251001-002 |
$13,500,000 |
$18,000,000 |
|
Ridgewood Village |
0251001-003 |
$7,200,000 |
$9,600,000 |
|
Livingston Township |
0710001-001 |
$9,000,000 |
$12,000,000 |
|
Livingston Township |
0710001-002 |
$3,750,000 |
$5,000,000 |
|
Livingston Township |
0710001-003 |
$13,500,000 |
$18,000,000 |
|
Waldwick Borough |
0264001-003 |
$5,250,000 |
$7,000,000 |
|
Ho-Ho-Kus Borough |
0228001-002 |
$3,000,000 |
$4,000,000 |
|
Essex Fells Borough |
0706001-003 |
$7,500,000 |
$10,000,000 |
|
Lake Stockholm Systems, Inc. |
1911002-001 |
$1,725,000 |
$2,300,000 |
|
Brick Township MUA |
1506001-011 |
$15,667,500 |
$20,890,000 |
|
[East Orange City |
0705001-014 |
$24,750,000 |
$33,000,000] |
|
High Bridge Borough |
1014001-004 |
$1,875,000 |
$2,500,000 |
|
Newton Town |
1915001-001 |
[$600,000] $1,500,000 |
[$800,000] $2,000,000 |
|
Merchantville Pennsauken Water Commission |
0424001-004 |
$6,525,000 |
$8,700,000 |
|
East Greenwich |
0803001-004 |
$4,500,000 |
$6,000,000 |
|
Pompton Lakes MUA |
1609001-007 |
$4,125,000 |
$5,500,000 |
|
NJ American Water Company, Incorporated |
2004002-012 |
$48,750,000 |
$65,000,000 |
|
[Seaside Heights Borough |
1526001-002 |
$7,500,000 |
$10,000,000] |
|
Old Bridge MUA |
1209002-014 |
$1,312,500 |
$1,750,000 |
|
Seaside Heights Borough |
1526001-002 |
$7,500,000 |
$10,000,000 |
|
Allentown Borough |
1302001-006 |
$945,000 |
$1,260,000 |
|
Hackettstown MUA |
2108001-002 |
$757,500 |
$1,010,000 |
|
Hawthorne Borough |
1604001-003 |
$2,100,000 |
$2,800,000 |
|
Brick Township MUA |
1506001-014 |
$2,700,000 |
$3,600,000 |
|
NJ American Water Company, Inc. |
0323001-005 |
$6,375,000 |
$8,500,000 |
|
Verona Township |
0720001-006 |
$2,625,000 |
$3,500,000 |
|
Hawthorne Borough |
1604001-002 |
$7,500,000 |
$10,000,000 |
|
Upper Deerfield Township |
0613004-002 |
$3,300,000 |
$4,400,000 |
|
[Jersey City MUA |
0906001-025 |
$31,500,000 |
$42,000,000] |
|
Willingboro MUA |
0338001-010 |
$5,400,000 |
$7,200,000 |
|
[Jersey City MUA |
0906001-009 |
$3,750,000 |
$5,000,000] |
|
NJ American Water Company, Incorporated. |
0712001-016 |
$39,375,000 |
$52,500,000 |
|
Old Bridge MUA |
1209002-005 |
$3,525,000 |
$4,700,000 |
|
Allentown Borough |
1302001-004 |
$1,746,720 |
$2,328,960 |
|
Stone Harbor Borough |
0510001-001 |
$9,000,000 |
$12,000,000 |
|
Newton Town |
1915001-003 |
$138,750 |
$185,000 |
|
Hightstown Borough |
1104001-011 |
$825,000 |
$1,100,000 |
|
Hoboken City |
0905001-003 |
$7,500,000 |
$10,000,000 |
|
Burlington City |
0305001-003 |
$1,650,000 |
$2,200,000 |
|
Berkeley Township MUA |
1505323-001 |
$1,575,000 |
$2,100,000 |
|
[Lakehurst Borough |
1513001-002 |
$900,000 |
$1,200,000 |
|
Shore Water Company |
1505003-001 |
$750,000 |
$1,000,000] |
|
North Brunswick Township |
1215001-008 |
$4,875,000 |
$6,500,000 |
|
Deptford Township MUA |
0802001-002 |
$1,425,000 |
$1,900,000 |
|
Deptford Township MUA |
0802001-003 |
$1,275,000 |
$1,700,000 |
|
East Windsor MUA |
1101002-005 |
$1,500,000 |
$2,000,000 |
|
Little Egg Harbor MUA |
1516001-007 |
[$1,875,000] $2,625,000 |
[$2,500,000] $3,500,000 |
|
Clinton Town |
1005001-012 |
$2,625,000 |
$3,500,000 |
|
Long Beach Township |
1517001-015 |
$3,119,401 |
$4,159,201 |
|
Allentown Borough |
1302001-002 |
$411,825 |
$549,100 |
|
[Farmingdale Borough |
1314001-002 |
$680,250 |
$907,000] |
|
Roosevelt Borough |
1314001-003 |
[$600,000] $1,500,000 |
[$800,000] $2,000,000 |
|
Roosevelt Borough |
1341001-008 |
$750,000 |
$1,000,000 |
|
Robbinsville Township |
1112001-001 |
$1,650,000 |
$2,200,000 |
|
[Woodland Heights Homeowners Association |
1615022-001 |
$420,000 |
$560,000] |
|
Willingboro MUA |
0338001-014 |
$2,625,000 |
$3,500,000 |
|
Marlboro Township |
1328002-003 |
$1,285,500 |
$1,714,000 |
|
Brookwood Musconetcong River Property Owners Association |
1904001-005 |
[$750,000] $1,125,000 |
[$1,000,000] $1,500,000 |
|
[Rosemont Water Company |
1007002-004 |
$75,000 |
$100,000] |
|
Mount Arlington Borough |
1426005-001 |
$1,575,000 |
$2,100,000 |
|
[Tuckerton Borough |
1532002-001 |
$225,000 |
$300,000] |
|
Netcong Borough |
1428001-001 |
$90,000 |
$120,000 |
|
Willingboro MUA |
0338001-005 |
$1,500,000 |
$2,000,000 |
|
Hopatcong Borough |
1912001-004 |
$75,000 |
$100,000 |
|
Harvey Cedars Borough |
1509001-002 |
$2,325,000 |
$3,100,000 |
|
Lavallette Borough |
1515001-002 |
$2,850,000 |
$3,800,000 |
|
[Harvey Cedars Borough |
1509001-002 |
$825,000 |
$1,100,000] |
|
High Bridge Borough |
1014001-001 |
$75,000 |
$100,000 |
|
Total Projects: [72] 67 |
|
[$536,206,510] $442,901,260 |
[$714,942,013] $590,535,013 |
c. The trust is authorized to adjust the allowable trust loan amount for projects authorized in this section to between zero percent and 100 percent of the total allowable loan amount, and, if the trust loan amount is adjusted to 100 percent of the total allowable loan amount, the loan shall be provided pursuant to the terms and conditions of the financing program year in which the construction loan component of the project was certified by the department, and for which the trust issued an interim financing program loan for the project, or, in the absence of an interim financing program loan, the terms and conditions of the State fiscal year 2025 financing program.
5. Section 5 of P.L.2024, c.41 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, C.58:11B-6, and C.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.2024, c.41, 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, or 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.2024, c.41, 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).
6. Section 6 of P.L.2024, c.41 is amended to read as follows:
6. Any loan made by the New Jersey Infrastructure Bank pursuant to [this act] P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill), shall be subject to the following requirements:
a. The chairperson, vice chairperson, or secretary 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 amendatory and supplementary acts thereto, and any rules and regulations adopted pursuant thereto, as applicable. In making this certification, the chairperson, vice chairperson, or secretary 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 35 years for loans funded pursuant to the federal "Water Infrastructure Finance and Innovation Act of 2014," 33 U.S.C. s.3901 et seq., as amended and supplemented, 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.2024, c.41, 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, interest accrued pursuant to a short-term or temporary loan made to a project sponsor pursuant to the Interim Environmental Financing Program, administrative expenses associated with federal funding programs, if applicable, and issuance expenses as provided in subsection b. of section 7 of [this act] P.L.2024, c.41, 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.2024, c.41, 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.2024, c.41, 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.2024, c.41, 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.2024, c.41, 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.2024, c.41, 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);
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);
g. Notwithstanding any provision of [this act] P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill), or a financial plan of the trust for State fiscal years 2018 through 2022 developed pursuant to section 21 of P.L.1985, c.334 (C.58:11B-21) or section 25 of P.L.1997, c.224 (C.58:11B-21.1) to the contrary, a loan for an environmental infrastructure project listed in section 2 or 3 of [this act] P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill), that is partially funded from the proceeds of bonds issued by the trust to the United States Environmental Protection Agency pursuant to the federal "Water Infrastructure Finance and Innovation Act of 2014," 33 U.S.C. s.3901 et seq., shall be subject to terms and conditions regulating the blending of federal and other funds that are consistent with those provisions of Section III of the applicable financial plan of the trust for State fiscal year 2025 that reference the federal "Water Infrastructure Finance and Innovation Act of 2014"; and
h. The eligibility lists and authorization for the making of loans pursuant to [this act] P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill), shall expire on July 1, 2025, 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.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill), shall no longer be entitled to that loan.
7. Section 7 of P.L.2024, c.41 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.2024, c.41, 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.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill), by the amount of capitalized interest, interest accrued pursuant to a short-term or temporary loan made to a project sponsor pursuant to the Interim Environmental Financing Program, issuance expenses, and administrative expenses associated with federal funding programs, if applicable, allocable to each loan made by the trust pursuant to [this act] P.L.2024, c.41, 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.2024, c.41, 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.2024, c.41, 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.2024, c.41, 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.2024, c.41, 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.2024, c.41, 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.2024, c.35, as amended by P.L. , c. (pending before the Legislature as Senate Bill No. 138811 and Assembly Bill No. 151221 of the 2024-25 session), in connection with the project costs of the project sponsor, to the extent the priority ranking or an insufficiency of funding prevents the department from meeting program demand, and for lead abatement projects ineligible for department loans under the Federal Clean Water Act and Safe Drinking Water Act.
8. Section 8 of P.L.2024, c.41 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, P.L.2018, c.84, as amended by P.L.2019, c.30, P.L.2019, c.192, as amended by P.L.2019, c.515, P.L.2020, c.48, as amended by P.L.2021, c.22, P.L.2021, c.204, as amended by P.L.2021, c.316, P.L.2022, c.100, as amended by P.L.2023, c.5, P.L.2023, c.119, as amended by P.L.2023, c.343, or P.L.2024, c.41, as amended by P.L. , c. (pending before the Legislature as this bill1)1, provided that adequate savings are achieved, to compensate for a refunding of trust bonds issued to make loans authorized by the aforementioned acts.
9. Section 9 of P.L.2024, c.41 is amended to read as follows:
9. The expenditure of funds authorized pursuant to [this act] P.L.2024, c.41, 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, the rules and regulations adopted pursuant thereto, and the Federal Safe Drinking Water Act, as appropriate.
10. Section 10 of P.L.2024, c.41 is amended to read as follows:
10. a. There is appropriated to the New Jersey Infrastructure Bank, as needed to make short-term or temporary loans, from funds deposited in any account, including the "Wastewater Treatment Fund," the "1992 Wastewater Treatment Fund," the "Water Supply Fund," the "2003 Water Resources and Wastewater Treatment Trust Fund," the "Stormwater Management and Combined Sewer Overflow Abatement Fund," the "Clean Water State Revolving Fund," the "Drinking Water State Revolving Fund," funds appropriated to the department from the federal "American Rescue Plan Act," Pub.L. 117-2, or the funds transferred to the trust by the department pursuant to paragraph (21) of subsection a. of section 1 of P.L.2024, c.35, as amended by P.L. , c. (pending before the Legislature as Senate Bill No. 138811 and Assembly Bill No. 151221 of the 2024-25 session), as appropriate, and from any net earnings received from the investment and reinvestment of such deposits, an amount of up to $1.5 billion, to the extent funds are available, consisting of:
(1) The uncommitted balance currently on deposit as of July 1, 2024 in the special fund (hereinafter referred to as the "Interim Environmental Financing Program Fund") created and established by the trust for the short-term or temporary loan financing or refinancing program (hereinafter referred to as the "Interim Environmental Financing Program") authorized pursuant to subsection d. of section 9 of P.L.1985, c.334 (C.58:11B-9), which balance previously had been appropriated to the trust for such purpose pursuant to section 11 of P.L.2019, c.192, less any Interim Environmental Financing Program Fund amounts appropriated to the Department of Environmental Protection to supplement the sums appropriated from the Clean Water State Revolving Fund for clean water projects pursuant to the Federal Clean Water Act and from the Drinking Water State Revolving Fund for drinking water projects pursuant to the Federal Safe Drinking Water Act, provided that at no time shall funds committed pursuant to this section exceed funds required by the Department of Environmental Protection to meet long-term obligations; and
(2) such other amounts to be deposited in the Interim Environmental Financing Program Fund, in an aggregate amount that does not exceed at any time, the amount appropriated, provided that the amount so reappropriated and appropriated to the trust for deposit in the Interim Environmental Financing Program Fund shall be utilized by the trust to make short-term or temporary loans pursuant to the Interim Environmental Financing Program to any one or more of the project sponsors, for the respective projects thereof, identified in the interim environmental financing project priority list (hereinafter referred to as the "Interim Environmental Financing Program Project Priority List") in the form provided to the Legislature by the Commissioner of Environmental Protection.
b. The Interim Environmental Financing Program Project Priority List shall be submitted to the Secretary of the Senate and the Clerk of the General Assembly at least once each fiscal year. The Secretary of the Senate and the Clerk of the General Assembly shall cause the date of submission to be entered upon the Senate Journal and the Minutes of the General Assembly, respectively. Any environmental infrastructure project or the project sponsor thereof not identified in the Interim Environmental Financing Program Project Priority List shall not be eligible for a short-term or temporary loan from the Interim Environmental Financing Program Fund.
c. The trust may issue market rate interest short-term temporary loans for wastewater treatment and water supply projects on the Interim Environmental Financing Program Project Priority List for the reduction of lead in publicly-owned facilities otherwise ineligible to receive funding for that purpose pursuant to subsection a. of this section.
11. This act shall take effect immediately.