Bill Text: NJ S3813 | 2020-2021 | Regular Session | Introduced
Bill Title: Authorizes NJ Infrastructure Bank to expend certain sums to make loans for environmental infrastructure projects for FY2022.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced - Dead) 2021-06-24 - Substituted by A5589 (1R) [S3813 Detail]
Download: New_Jersey-2020-S3813-Introduced.html
Sponsored by:
Senator RICHARD J. CODEY
District 27 (Essex and Morris)
Senator KRISTIN M. CORRADO
District 40 (Bergen, Essex, Morris and Passaic)
SYNOPSIS
Authorizes NJ Infrastructure Bank to expend certain sums to make loans for environmental infrastructure projects for FY2022.
CURRENT VERSION OF TEXT
As introduced.
An Act authorizing the expenditure of 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 making an appropriation.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
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 $1.979 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, and P.L.2020, c.48, as amended by P.L.2021, c.22, 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.
b. The trust is authorized to increase the aggregate sums specified in subsection a. of this section by:
(1) the amounts of capitalized interest, 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;
(2) the amounts of reserve capacity expenses and debt service reserve fund requirements as provided in subsection c. of section 7 of this act;
(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;
(4) the amounts of the loan origination fee as provided in subsection e. of section 7 of this act;
(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. , c. (pending before the Legislature as Senate Bill No. of the 2020-2021 session and Assembly Bill No. 5588 of the 2020-2021 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; and
(6) any funds transferred to the trust by the department pursuant to paragraph (21) of subsection a. of section 1 of P.L. , c. (pending before the Legislature as Senate Bill No. of the 2020-2021 session and Assembly Bill No. 5588 of the 2020-2021 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 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, and section 10 of P.L. , c. (pending before the Legislature as this bill) 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:
(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 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.
(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, 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, and P.L. , c. (pending before the Legislature as this bill).
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 |
|
Camden County MUA |
S340640-18R |
$7,500,000 |
$10,000,000 |
|
Elizabeth City |
S340942-19R |
$206,250 |
$275,000 |
|
Hoboken City |
S340635-06R |
$30,000,000 |
$40,000,000 |
|
North Bergen MUA |
S340652-14R |
$3,750,000 |
$5,000,000 |
|
Ocean Twp. SA |
S340750-14R |
$750,000 |
$1,000,000 |
|
Plumsted Twp. |
S340607-03R |
$7,500,000 |
$10,000,000 |
|
Rockaway Valley RSA |
S340821-07R |
$2,250,000 |
$3,000,000 |
|
Franklin Twp. SA |
S340839-06-1 |
$750,000 |
$1,000,000 |
|
Paterson City |
S340850-03-1 |
$1,912,500 |
$2,550,000 |
|
Rockaway Valley RSA |
S340821-06-1 |
$581,250 |
$775,000 |
|
Somerville Borough |
S342013-01-1 |
$1,387,500 |
$1,850,000 |
|
Total Projects: 11 |
$56,587,500 |
$75,450,000 |
(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 and the loan amount certified by the chairperson, vice chairperson, or secretary of the trust in State fiscal years 2008, 2019, and 2020 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.
(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.
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 |
|
Newark City |
0714001-016R |
$2,250,000 |
$3,000,000 |
|
North Jersey District Water Supply Comm. |
1613001-025R |
$19,125,000 |
$25,500,000 |
|
Total Projects: 2 |
$21,375,000 |
$28,500,000 |
(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 and the loan amount certified by the chairperson, vice chairperson, or secretary of the trust in State fiscal year 2021 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.
(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.
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. 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 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, or if a project fails to meet the requirements of section 6 of this act. The trust is authorized to increase any such amount pursuant to subsections b., c., d., e. or f. of section 7 of this act, or pursuant to section 8 of this act.
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 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, or if a project fails to meet the requirements of section 6 of this act. The trust is authorized to increase any such amount pursuant to subsections b., c., d., e. or f. of section 7 of this act, or pursuant to section 8 of this act.
c. The trust is authorized to make loans to local government units for clean 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, or if a project fails to meet the requirements of section 6 of this act.
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 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 |
4. a. The following environmental infrastructure projects shall be known and may be cited as the "Storm Sandy and State Fiscal Year 2022 Clean Water Project Eligibility List":
|
Project Sponsor |
Project Number |
Estimated Allowable Trust Loan Amount |
Estimated Total Loan Amount |
|
Musconetcong SA |
S340384-09 |
$4,500,000 |
$6,000,000 |
|
Camden County MUA |
S340640-17 |
$2,625,000 |
$3,500,000 |
|
Camden County MUA |
S340640-24 |
$4,875,000 |
$6,500,000 |
|
Rahway Valley SA |
S340547-14 |
$7,125,000 |
$9,500,000 |
|
Rahway Valley SA |
S340547-15 |
$1,941,389 |
$2,588,518 |
|
Camden County MUA |
S340640-22 |
$2,625,000 |
$3,500,000 |
|
Camden County MUA |
S340640-23 |
$4,200,000 |
$5,600,000 |
|
Camden County MUA |
S340640-16 |
$9,975,000 |
$13,300,000 |
|
Newark City |
S340815-24 |
$15,750,000 |
$21,000,000 |
|
Camden County MUA |
S340640-18 |
$63,022,500 |
$84,030,000 |
|
North Bergen MUA |
S340652-14 |
$21,000,000 |
$28,000,000 |
|
Hopatcong Borough |
S340488-08 |
$450,000 |
$600,000 |
|
Jersey City MUA |
S340928-15 |
$30,750,000 |
$41,000,000 |
|
Jersey City MUA |
S340928-20 |
$5,400,000 |
$7,200,000 |
|
Jersey City MUA |
S340928-28 |
$2,025,000 |
$2,700,000 |
|
Jersey City MUA |
S340928-31 |
$8,294,700 |
$11,059,600 |
|
Jersey City MUA |
S340928-34 |
$975,000 |
$1,300,000 |
|
Jersey City MUA |
S340928-24 |
$80,693,069 |
$108,000,000 |
|
Jersey City MUA |
S340928-33 |
$6,750,000 |
$9,000,000 |
|
Elizabeth City |
S340942-17 |
$4,875,000 |
$6,500,000 |
|
Camden County MUA |
S340640-13 |
$9,600,000 |
$12,800,000 |
|
Bayonne City |
S340399-31 |
$1,650,000 |
$2,200,000 |
|
Ocean County UA |
S340372-62 |
$3,225,000 |
$4,300,000 |
|
Ocean County UA |
S340372-63 |
$1,650,000 |
$2,200,000 |
|
Ocean County UA |
S340372-61 |
$3,975,000 |
$5,300,000 |
|
Ocean County UA |
S340372-59 |
$5,715,000 |
$7,620,000 |
|
Hoboken City |
S340635-07 |
$3,750,000 |
$5,000,000 |
|
Hoboken City |
S340635-09 |
$375,000 |
$500,000 |
|
Mount Laurel Twp. MUA |
S340943-06 |
$6,000,000 |
$8,000,000 |
|
Jersey City |
S340928-30 |
$2,033,250 |
$2,711,000 |
|
North Hudson SA |
S340952-30 |
$17,400,000 |
$23,200,000 |
|
Riverside SA |
S340490-01 |
$630,000 |
$840,000 |
|
Perth Amboy City |
S340435-11 |
$4,844,513 |
$6,459,351 |
|
Hackensack City |
S340923-14 |
$6,000,000 |
$8,000,000 |
|
Somerset Raritan Valley SA |
S340801-09 |
$4,875,000 |
$6,500,000 |
|
Somerset Raritan Valley SA |
S340801-07 |
$25,500,000 |
$34,000,000 |
|
Passaic Valley SC |
S340689-48 |
$675,308 |
$900,410 |
|
Passaic Valley SC |
S340689-37 |
$91,125,000 |
$121,500,000 |
|
Passaic Valley SC |
S340689-38 |
$16,125,000 |
$21,500,000 |
|
Passaic Valley SC |
S345200-02 |
$1,500,000 |
$2,000,000 |
|
Passaic Valley SC |
S340689-40 |
$3,750,000 |
$5,000,000 |
|
Passaic Valley SC |
S345200-01 |
$7,125,000 |
$9,500,000 |
|
Passaic Valley SC |
S340689-30 |
$2,775,000 |
$3,700,000 |
|
Passaic Valley SC |
S340689-32 |
$7,500,000 |
$10,000,000 |
|
Northwest Bergen County UA |
S340700-16 |
$3,675,000 |
$4,900,000 |
|
Bergen County UA |
S340386-21 |
$5,700,000 |
$7,600,000 |
|
Linden Roselle SA |
S340299-09 |
$1,575,000 |
$2,100,000 |
|
Linden Roselle SA |
S340299-08 |
$12,750,000 |
$17,000,000 |
|
Lambertville MUA |
S340882-09 |
$1,350,000 |
$1,800,000 |
|
Raritan Twp. MUA |
S340485-12 |
$3,675,000 |
$4,900,000 |
|
Gloucester County UA |
S340902-15 |
$8,625,000 |
$11,500,000 |
|
Stafford Twp. |
S344100-03 |
$4,200,000 |
$5,600,000 |
|
Allentown Borough |
S340567-05 |
$3,825,000 |
$5,100,000 |
|
Stony Brook RSA |
S340400-11 |
$16,500,000 |
$22,000,000 |
|
Evesham MUA |
S340838-09 |
$375,000 |
$500,000 |
|
Howell Twp. |
S344040-02 |
$11,010,000 |
$14,680,000 |
|
Rutgers, The State University of New Jersey |
S340500-01 |
$27,750,000 |
$37,000,000 |
|
Willingboro MUA |
S340132-09 |
$6,750,000 |
$9,000,000 |
|
Ocean County |
S344080-10 |
$187,500 |
$250,000 |
|
Ocean County |
S344080-11 |
$262,500 |
$350,000 |
|
Rockaway Valley RSA |
S340821-07 |
$6,150,000 |
$8,200,000 |
|
Rockaway Valley RSA |
S340821-08 |
$11,625,000 |
$15,500,000 |
|
Ocean County |
S344080-09 |
$975,000 |
$1,300,000 |
|
Western Monmouth UA |
S340128-06 |
$9,825,000 |
$13,100,000 |
|
Chatham Borough |
S340715-07A |
$5,466,885 |
$7,289,180 |
|
Madison Borough |
S340715-07B |
$5,466,885 |
$7,289,180 |
|
Wildwood City |
S340664-06 |
$11,784,758 |
$15,713,010 |
|
Point Pleasant Beach Borough |
S344190-02 |
$2,362,500 |
$3,150,000 |
|
Manasquan River RSA |
S340911-03 |
$495,000 |
$660,000 |
|
Little Egg Harbor MUA |
S340579-03 |
$1,779,298 |
$2,900,000 |
|
Middlesex County UA |
S340699-14 |
$8,250,000 |
$11,000,000 |
|
Monmouth County Bayshore Outfall Authority |
S340325-04 |
$2,625,000 |
$3,500,000 |
|
Atlantic County UA |
S340809-29 |
$3,000,000 |
$4,000,000 |
|
Atlantic County UA |
S340809-30 |
$7,575,000 |
$10,100,000 |
|
Toms River MUA |
S340145-05 |
$3,100,000 |
$4,500,000 |
|
Toms River MUA |
S340145-08 |
$1,018,800 |
$1,358,400 |
|
Ocean County UA |
S340372-60 |
$652,500 |
$870,000 |
|
Two Rivers Water Reclamation Authority |
S340117-09 |
$3,000,000 |
$4,000,000 |
|
Brick Twp. MUA |
S340448-11 |
$4,275,000 |
$5,700,000 |
|
Northwest Bergen County UA |
S340700-15 |
$5,250,000 |
$7,000,000 |
|
Northwest Bergen County UA |
S340700-18 |
$1,500,000 |
$2,000,000 |
|
Northwest Bergen County UA |
S340700-19 |
$6,099,338 |
$8,132,450 |
|
Western Monmouth UA |
S340128-05 |
$5,887,500 |
$7,850,000 |
|
Old Bridge MUA |
S340945-14 |
$2,700,000 |
$3,600,000 |
|
Franklin Twp. SA |
S340839-09 |
$5,625,000 |
$7,500,000 |
|
Evesham MUA |
S340838-07 |
$1,200,000 |
$1,600,000 |
|
Mount Laurel Twp. MUA |
S340943-07 |
$2,400,000 |
$3,200,000 |
|
Winslow Twp. |
S340895-10 |
$1,275,000 |
$1,700,000 |
|
Ocean Twp. SA |
S340750-13 |
$412,500 |
$550,000 |
|
Ocean Twp. SA |
S340750-12 |
$3,375,000 |
$4,500,000 |
|
Scotch Plains Twp. |
S340512-01 |
$2,025,000 |
$2,700,000 |
|
Burlington Twp. |
S340712-17 |
$750,000 |
$1,000,000 |
|
West Deptford Twp. |
S340947-05 |
$1,061,250 |
$1,415,000 |
|
Princeton |
S340656-11 |
$2,944,259 |
$3,925,678 |
|
Warren Twp. SA |
S340964-05 |
$8,100,000 |
$10,800,000 |
|
Middlesex Borough |
S340698-02 |
$1,926,563 |
$2,568,750 |
|
Pennsville SA |
S340870-04 |
$1,200,000 |
$1,600,000 |
|
Red Bank Borough |
S340528-01 |
$1,125,000 |
$1,500,000 |
|
Glen Ridge Borough |
S340861-04 |
$1,725,000 |
$2,300,000 |
|
Glen Ridge Borough |
S340861-03 |
$334,387 |
$445,849 |
|
Buena Borough MUA |
S340518-06 |
$973,500 |
$1,298,000 |
|
Bradley Beach Borough |
S340472-01 |
$2,025,000 |
$2,700,000 |
|
Lambertville MUA |
S340882-10 |
$525,000 |
$700,000 |
|
Long Beach Twp. |
S340023-07 |
$3,450,000 |
$4,600,000 |
|
Ship Bottom Borough |
S340311-05 |
$3,750,000 |
$5,000,000 |
|
Passaic Valley SC |
S340689-45 |
$7,657,577 |
$10,210,102 |
|
Passaic Valley SC |
S340689-54 |
$11,642,883 |
$15,523,844 |
|
Plumsted Twp. |
S340607-03 |
$12,769,687 |
$34,000,000 |
|
Lakewood Twp. MUA |
S340465-02 |
$3,240,000 |
$4,320,000 |
|
Lower Twp. MUA |
S340810-05 |
$12,825,000 |
$17,100,000 |
|
Mantua Twp. MUA |
S340514-02 |
$1,687,500 |
$2,250,000 |
|
Newton Town |
S340449-04 |
$403,500 |
$538,000 |
|
Cranford Twp. |
S340858-04 |
$9,000,000 |
$12,000,000 |
|
New Jersey Water Supply Authority |
S340421-01 |
$45,000,000 |
$60,000,000 |
|
Northfield City |
S340508-02 |
$112,500 |
$150,000 |
|
Spotswood Borough |
S340510-01 |
$4,070,250 |
$5,427,000 |
|
Paulsboro Borough |
S340164-01 |
$2,062,500 |
$2,750,000 |
|
North Hudson SA |
S340952-36 |
$675,000 |
$900,000 |
|
Clinton Town |
S340924-07 |
$600,000 |
$800,000 |
|
Jersey City MUA |
S340928-32 |
$6,150,000 |
$12,300,000 |
|
Atlantic City MUA |
S340439-04 |
$2,300,000 |
$3,066,667 |
|
East Orange City |
S340843-03 |
$9,000,000 |
$12,000,000 |
|
Gloucester County Improvement Authority |
S342016-04 |
$13,875,001 |
$18,500,001 |
|
Salem County Improvement Authority |
S342022-02 |
$7,399,084 |
$8,500,000 |
|
Burlington City |
S340140-02 |
$1,950,000 |
$2,600,000 |
|
Lakewood Twp. MUA |
S340465-03 |
$1,312,500 |
$1,750,000 |
|
Bloomfield Twp. |
S340516-01 |
$5,423,228 |
$7,230,970 |
|
North Brunswick Twp. |
S340888-02 |
$6,000,000 |
$8,000,000 |
|
University Hospital |
S340500-03 |
$5,850,000 |
$7,800,000 |
|
Manchester Twp. |
S340650-08 |
$2,250,000 |
$3,000,000 |
|
Point Pleasant Beach Borough |
S340479-04 |
$1,447,500 |
$1,930,000 |
|
Allentown Borough |
S340567-06 |
$498,704 |
$664,938 |
|
Ship Bottom Borough |
S340311-04 |
$536,663 |
$2,750,000 |
|
Total Projects: 133 |
|
$946,664,729 |
$1,285,265,898 |
b. The following environmental infrastructure projects shall be known and may be cited as the "State Fiscal Year 2022 Drinking Water Project Eligibility List":
|
Project Sponsor |
Project Number |
Estimated Allowable Trust Loan Amount |
Estimated Total Loan Amount |
|
Newark City |
0714001-020 |
$13,125,000 |
$17,500,000 |
|
Trenton City |
1111001-011 |
$15,255,000 |
$20,340,000 |
|
Newark City |
0714001-019 |
$9,375,000 |
$12,500,000 |
|
Orange City |
0717001-013 |
$525,000 |
$700,000 |
|
Newark City |
0714001-022 |
$17,250,000 |
$23,000,000 |
|
Bloomfield Twp. |
0702001-003 |
$823,796 |
$1,098,395 |
|
NJ American Water Co., Inc. |
1345001-017 |
$7,575,000 |
$10,100,000 |
|
Burlington City |
0305001-002 |
$2,700,000 |
$3,600,000 |
|
Orange City |
0717001-014 |
$1,500,000 |
$2,000,000 |
|
National Park Borough |
0812001-005 |
$1,144,875 |
$1,526,500 |
|
Moorestown Twp. |
0322001-001 |
$18,468,750 |
$24,625,000 |
|
Brick Twp. MUA |
1506001-011 |
$15,667,500 |
$20,890,000 |
|
East Orange City |
0705001-014 |
$24,750,000 |
$33,000,000 |
|
Newark City |
0714001-008 |
$25,647,000 |
$34,196,000 |
|
East Greenwich |
0803001-004 |
$1,950,000 |
$2,600,000 |
|
Jersey City MUA |
0906001-017 |
$1,305,180 |
$1,740,240 |
|
NJ American Water Co., Inc. |
2004002-012 |
$15,000,000 |
$20,000,000 |
|
Woodbine Borough |
0516001-001 |
$3,750,000 |
$5,000,000 |
|
Newark City |
0714001-018 |
$3,862,500 |
$5,150,000 |
|
Jersey City MUA |
0906001-019 |
$5,025,000 |
$6,700,000 |
|
Wildwood City |
0514001-006 |
$4,637,403 |
$6,183,204 |
|
Little Egg Harbor MUA |
1516001-005 |
$1,087,500 |
$1,450,000 |
|
Seaside Park Borough |
1527001-004 |
$1,125,000 |
$1,500,000 |
|
NJ American Water Co., Inc. |
1345001-021 |
$19,758,750 |
$26,345,000 |
|
Manchester Twp. |
1518005-002 |
$4,125,000 |
$5,500,000 |
|
Paulsboro Borough |
0814001-003 |
$2,100,000 |
$2,800,000 |
|
Hamburg Borough |
1909001-002 |
$825,000 |
$1,100,000 |
|
Jersey City MUA |
0906001-025 |
$24,000,000 |
$32,000,000 |
|
Jersey City MUA |
0906001-009 |
$3,750,000 |
$5,000,000 |
|
Middlesex Water Co. |
1225001-028 |
$8,400,000 |
$11,200,000 |
|
Old Bridge MUA |
1209002-005 |
$1,875,000 |
$2,500,000 |
|
Hoboken City |
0905001-002 |
$6,000,000 |
$8,000,000 |
|
Wall Twp. |
1352003-001 |
$1,350,000 |
$1,800,000 |
|
Wall Twp. |
1352003-002 |
$2,775,000 |
$3,700,000 |
|
Clinton Town |
1005001-011 |
$ 949,355 |
$1,265,807 |
|
Clinton Town |
1005001-010 |
$1,320,000 |
$2,640,000 |
|
Spotswood Borough |
1224001-001 |
$2,582,936 |
$3,443,914 |
|
Glen Ridge Borough |
0708001-008 |
$1,929,908 |
$2,573,210 |
|
Jersey City MUA |
0906001-020 |
$4,965,000 |
$6,620,000 |
|
Jersey City MUA |
0906001-021 |
$8,250,000 |
$11,000,000 |
|
Jackson Twp. MUA |
1511001-013 |
$15,000,000 |
$20,000,000 |
|
Ship Bottom Borough |
1528001-003 |
$7,500,000 |
$10,000,000 |
|
South Orange Village |
0719001-012 |
$ 600,000 |
$800,000 |
|
Berkeley Twp. MUA |
1505004-009 |
$1,875,000 |
$2,500,000 |
|
Jersey City MUA |
0906001-015 |
$2,691,950 |
$3,589,266 |
|
Hoboken City |
0905001-001 |
$6,375,000 |
$8,500,000 |
|
Hightstown Borough |
1104001-010 |
$1,331,759 |
$1,775,678 |
|
Middlesex Water Co. |
1225001-025 |
$42,750,000 |
$57,000,000 |
|
Evesham MUA |
0313001-001 |
$1,950,000 |
$2,600,000 |
|
Moorestown Twp. |
0322001-002 |
$11,430,000 |
$15,240,000 |
|
Brick Twp. MUA |
1506001-009 |
$4,446,570 |
$5,928,760 |
|
Ship Bottom Borough |
1528001-004 |
$3,075,000 |
$4,100,000 |
|
Lakehurst Borough |
1513001-002 |
$ 900,000 |
$1,200,000 |
|
East Windsor MUA |
1101002-005 |
$1,500,000 |
$2,000,000 |
|
Clinton Town |
1005001-012 |
$2,625,000 |
$3,500,000 |
|
Long Beach Twp. |
1517001-015 |
$3,119,401 |
$4,159,201 |
|
Milltown Borough |
1212001-005 |
$1,350,000 |
$1,800,000 |
|
Allentown Borough |
1302001-002 |
$411,825 |
$549,100 |
|
Roosevelt Borough |
1341001-007 |
$450,000 |
$600,000 |
|
NJ American Water Co., Inc. |
2004002-013 |
$12,000,000 |
$16,000,000 |
|
Jackson Twp. MUA |
1511001-012 |
$8,250,000 |
$11,000,000 |
|
Clinton Town |
1005001-013 |
$2,250,000 |
$3,000,000 |
|
Brielle Borough |
1308001-004 |
$1,845,000 |
$2,460,000 |
|
Mount Arlington Borough |
1426005-001 |
$165,836 |
$250,285 |
|
Brielle Borough |
1308001-005 |
$2,700,000 |
$3,600,000 |
|
Hampton Borough |
1013001-001 |
$1,350,000 |
$1,800,000 |
|
Little Egg Harbor MUA |
1516001-003 |
$4,143,750 |
$5,525,000 |
|
National Park Borough |
0812001-004 |
$1,275,000 |
$1,700,000 |
|
Hopatcong Borough |
1912001-004 |
$75,000 |
$100,000 |
|
Hamburg Borough |
1909001-001 |
$63,750 |
$85,000 |
|
Highbridge Borough |
1014001-001 |
$75,000 |
$100,000 |
|
Hardyston Municipal Utility Authority |
1911006-003 |
$75,000 |
$100,000 |
|
Total Projects: 72 |
$430,155,294 |
$574,449,560 |
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. 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 or, in the absence of an interim financing program loan, the terms and conditions of the State fiscal year 2022 financing program.
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 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 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. Any loan made by the New Jersey Infrastructure Bank pursuant to this act 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 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, shall not exceed the allowable project cost of the environmental infrastructure facility, exclusive of capitalized interest, administrative expenses associated with federal funding programs, if applicable, and issuance expenses as provided in subsection b. of section 7 of this act, reserve capacity expenses and the debt service reserve fund expenses as provided in subsection c. of section 7 of this act, interest earned on project costs as provided in subsection d. of section 7 of this act, the amounts of the loan origination fee as provided in subsection e. of section 7 of this act, refunding increases as provided in section 8 of this act 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, 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).
g. Notwithstanding any provision of this act or a financial plan of the trust for State fiscal years 2018 through 2021 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 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 2021 that reference the federal "Water Infrastructure Finance and Innovation Act of 2014."
h. The eligibility lists and authorization for the making of loans pursuant to this act shall expire on July 1, 2022, and any project sponsor which has not executed and delivered a loan agreement with the trust for a loan authorized in this act shall no longer be entitled to that loan.
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 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 by the amount of capitalized interest, issuance expenses, and administrative expenses associated with federal funding programs, if applicable, allocable to each loan made by the trust pursuant to this act.
c. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of this act 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.
d. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of this act 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 by the loan origination fee.
f. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of this act 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. , c. (pending before the Legislature as Senate Bill No. of the 2020-2021 session and Assembly Bill No. 5588 of the 2020-2021 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. 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, or P.L. , c. (pending before the Legislature as this bill), provided that adequate savings are achieved, to compensate for a refunding of trust bonds issued to make loans authorized by the aforementioned acts.
9. The expenditure of funds authorized pursuant to this act 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. 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," or the funds transferred to the trust by the department pursuant to paragraph (21) of subsection a. of section 1 of P.L. , c. (pending before the Legislature as Senate Bill No. of the 2020-2021 session and Assembly Bill No. 5588 of the 2020-2021 session), as appropriate, and from any net earnings received from the investment and reinvestment of such deposits, an amount of up to $1 billion, to the extent funds are available, consisting of:
(1) The uncommitted balance currently on deposit as of July 1, 2021 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. a. There is appropriated to the New Jersey Infrastructure Bank for deposit in an environmental subaccount of the special fund created and established by the trust for the short-term or temporary Disaster Relief Emergency Financing Program loan financing or refinancing program (hereinafter referred to as the "Disaster Relief Emergency Financing Program") authorized pursuant to subsection a. of section 1 of P.L.2013, c.93 (C.58:11B-9.5) such sums as needed consisting of:
(1) sums from the "Interim Environmental Financing Program Fund" as needed by the trust to make short-term or temporary loans pursuant to the Disaster Relief Emergency Financing Program to any one or more of the project sponsors, for the respective projects thereof; and
(2) such other amounts to be deposited in the Disaster Relief Emergency Financing Program Fund, provided that the amount so appropriated to the trust for deposit in the Disaster Relief Emergency Financing Program Fund shall be utilized by the trust to make short-term or temporary loans pursuant to the Disaster Relief Emergency Financing Program to any one or more of the project sponsors, for the respective projects thereof. Any environmental projects funded by the Disaster Relief Emergency Financing Program shall be subject to the approval of the Commissioner of Environmental Protection.
b. The Environmental Disaster Relief Emergency Financing Program Project Priority List shall be submitted to the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1) at least once in each fiscal year. Any environmental infrastructure project or the project sponsor thereof not identified in the Environmental Disaster Relief Emergency Financing Program Project Priority List shall not be eligible for a short-term or temporary loan from the Environmental Disaster Relief Emergency Financing Program Fund.
12. Notwithstanding the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) to the contrary, the trust shall not be required to adopt rules and regulations governing the making of Disaster Relief Emergency Financing Program loans.
13. This act shall take effect immediately.
STATEMENT
This bill would authorize the New Jersey Infrastructure Bank (I-Bank) to expend up to $1.979 billion to provide loans to local governments and privately-owned water companies (project sponsors) for a portion of the costs of water infrastructure projects, for the purpose of implementing the State Fiscal Year 2022 New Jersey Environmental Infrastructure Financing Program (NJEIFP).
A companion bill, Senate Bill No. of 2021, would appropriate certain federal and State moneys to the Department of Environmental Protection (DEP) for the purpose of partially funding the costs of the clean water and drinking water projects enumerated by the bill.
This bill and the companion bill would establish: (1) a list of 11 projects to improve water discharge and treatment systems that had previously received a loan and require supplemental loans, representing $75.45 million in estimated total loan amounts; (2) a list of two projects to improve drinking water systems that had previously received a loan and require supplemental loans, representing $28.5 million in estimated total loan amounts; (3) the "Storm Sandy and State Fiscal Year 2022 Clean Water Project Eligibility List," a list of 133 projects to improve water discharge and treatment systems, representing $1.285 billion in estimated total loan amounts; (4) a list of four projects in the in the Pinelands area that are receiving funding under the "Pinelands Infrastructure Trust Bond Act of 1985," P.L.1985, c.302 to improve water discharge and treatment systems, representing $15.343 million in estimated total loan amounts; and (5) the "State Fiscal Year 2021 Drinking Water Project Eligibility List," a list of 72 projects to improve drinking water systems, representing $574.449 million in estimated total loan amounts. Several projects in the "Storm Sandy and State Fiscal Year 2022 Clean Water Project Eligibility List" and the "State Fiscal Year 2021 Drinking Water Project Eligibility List," representing $409.168 million in estimated total loan amounts, are eligible to receive long-term funding from the I-Bank by the end of FY2021, and thus would not receive loans under the 2022 NJEIFP. However, they are included in these lists in the event that long-term financing cannot be secured by the end of FY2021.
The bill would also appropriate to the I-Bank an amount up to $1 billion, as necessary, to make short-term or temporary loans to project sponsors on the "Interim Environmental Financing Program Project Priority List," which is required to be submitted to the Legislature by the Commissioner of Environmental Protection. The bill would also appropriate to the I-Bank the amount needed to fund project sponsors on the "Environmental Disaster Relief Emergency Financing Program Project Priority List," which is also required to be submitted to the Legislature by the Commissioner of Environmental Protection.
The bill would also authorize the I-Bank to transfer moneys between various State funds, for the purpose of funding the NJEIFP and providing the State match for federal funding provided under the federal laws, including the Clean Water Act and Safe Drinking Water Act, as detailed in subsection c. of section 1 of the bill.
The bill would establish certain requirements on loans to project sponsors made by the I-Bank pursuant to the bill, as enumerated in section 6 of the bill. The bill would also authorize the I-Bank to decrease or increase the loan amounts it provides, subject to certain conditions enumerated in sections 7 and 8 of the bill.
