Bill Text: NJ A4425 | 2024-2025 | Regular Session | Chaptered
Bill Title: Authorizes NJ Infrastructure Bank to expend certain sums to make loans for environmental infrastructure projects for FY2025.
Spectrum: Partisan Bill (Democrat 12-0)
Status: (Passed) 2024-07-10 - Approved P.L.2024, c.41. [A4425 Detail]
Download: New_Jersey-2024-A4425-Chaptered.html
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 $2.73 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.
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;
(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.2024, c.35 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.2024, c.35.
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, 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:
"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.
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 Estimated Total
Trust Loan Amount 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 $57,937,500 $77,250,000
(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 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 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 Estimated Total
Trust Loan Amount Loan Amount
National Park Borough 0812001-004R $750,000 $1,000,000
North Jersey 1613001-025R $19,125,000 $25,500,000
District WSC
Total Projects: 2 $19,875,000 $26,500,000
(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 2020 and 2022 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 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, or if a project fails to meet the requirements of section 6 of this act. 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. 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 Estimated Total
Trust Loan Amount 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 $475,000
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
Middlesex County UA S340699-17 $19,500,000 $26,000,000
North Bergen MUA S340652-16 $16,125,000 $21,500,000
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 S340952-37 $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 $105,750,000 $141,000,000
Pennsville SA S340870-05 $4,875,000 $6,500,000
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 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 S340325-04 $1,500,000 $2,000,000
Outfall Authority
Monmouth County Bayshore S340325-04a $1,500,000 $2,000,000
Outfall Authority
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 $5,200,000
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 $1,600,000
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
Bordentown City S340219-04 $3,000,000 $4,000,000
Ship Bottom Borough S340311-04 $2,062,500 $2,750,000
Total Projects: 156 $1,420,995,476 $1,894,660,629
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 Estimated Total
Trust Loan Amount 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 $63,000,000
Camden City 0408001-001 $41,250,000 $55,000,000
Netcong Borough 1428001-001 $90,000 $120,000
Red Bank Borough 1340001-004 $6,600,000 $8,800,000
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
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 $800,000
Merchantville Pennsauken 0424001-004 $6,525,000 $8,700,000
Water Commission
East Greenwich 0803001-004 $4,500,000 $6,000,000
NJ American Water 2004002-012 $48,750,000 $65,000,000
Company, Incorporated
Seaside Heights Borough 1526001-002 $7,500,000 $10,000,000
Old Bridge MUA 1209002-014 $1,312,500 $1,750,000
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. 0712001-016 $39,375,000 $52,500,000
Company, Incorporated
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
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 $2,500,000
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 $800,000
Roosevelt Borough 1341001-008 $750,000 $1,000,000
Robbinsville Township 1112001-001 $1,650,000 $2,200,000
Woodland Heights 1615022-001 $420,000 $560,000
Homeowners Association
Willingboro MUA 0338001-014 $2,625,000 $3,500,000
Marlboro Township 1328002-003 $1,285,500 $1,714,000
Brookwood Musconetcong 1904001-005 $750,000 $1,000,000
River Property
Owners Association
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
Willingboro MUA 0338001-005 $1,500,000 $2,000,000
Hopatcong Borough 1912001-004 $75,000 $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 $536,206,510 $714,942,013
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. 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 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 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, 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, 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);
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 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 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 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 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, 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.
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.2024, c.35 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, 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, 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," 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 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. 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. There is appropriated to the New Jersey Infrastructure Bank, such funds as are available from the "Economic Development and Infrastructure Improvement Revolving Fund" created pursuant to the annual appropriations act for State fiscal year 2021, P.L.2020, c.97, to provide a debt service reserve or guarantee to a local government unit that meets the department's affordability criteria, in order to satisfy creditworthiness requirements of the New Jersey Environmental Infrastructure Financing Program to finance an environmental infrastructure component of a redevelopment project.
13. Notwithstanding the provisions of subsection b. of section 23 of P.L.1985, c.334 (C.58:11B-23) or any other law, rule, or regulation to the contrary, the funds generated by the operation of the trust, including, but not limited to, proceeds from the sale of the trust's bonds, notes, or other obligations; revenues derived from investments by the trust; loan repayments, including interest from local government units; any funds received from the federal government permitted to be used for operating expenses; fees and charges levied by the trust; or any other sources of funds permitted to be used for operating expenses may be utilized by the trust for its annual operating expenses.
14. 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.
15. This act shall take effect immediately.
Approved July 10, 2024.
