Bill Text: NJ A4833 | 2022-2023 | Regular Session | Introduced
Bill Title: Amends lists of projects eligible to receive loans for environmental infrastructure projects from NJ Infrastructure Bank for FY2023.
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: (Introduced - Dead) 2022-12-15 - Substituted by S3249 [A4833 Detail]
Download: New_Jersey-2022-A4833-Introduced.html
Sponsored by:
Assemblywoman SHAMA A. HAIDER
District 37 (Bergen)
Assemblyman ANTHONY S. VERRELLI
District 15 (Hunterdon and Mercer)
Assemblyman REGINALD W. ATKINS
District 20 (Union)
SYNOPSIS
Amends lists of projects eligible to receive loans for environmental infrastructure projects from NJ Infrastructure Bank for FY2023.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the expenditure of funds by the New Jersey Infrastructure Bank to finance a portion of the cost of certain environmental infrastructure projects, and amending P.L.2022, c.100.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.2022, c.100 is amended to read as follows:
1. a. The New Jersey Infrastructure Bank, established pursuant to P.L.1985, c.334 [(C.58:11B 1] (C.58:11B-1 et seq.) (hereinafter referred to as "the trust"), is authorized to expend the aggregate sum of up to [$2.07] $2.19 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, and P.L.2021, c.204, as amended by P.L.2021, c.316, for the purpose of making loans, to the extent sufficient funds are available, to or on behalf of local government units or public water utilities (hereinafter referred to as "project sponsors") to finance all or a portion of the cost of construction of environmental infrastructure projects listed in sections 2 and 4 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill).
b. The trust is authorized to increase the aggregate sums specified in subsection a. of this section by:
(1) the amounts of capitalized interest, interest accrued pursuant to a short-term or temporary loan made to a project sponsor pursuant to the Interim Environmental Financing Program, administrative expenses associated with any federal funding programs, if applicable, and the bond issuance expenses as provided in subsection b. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill);
(2) the amounts of reserve capacity expenses and debt service reserve fund requirements as provided in subsection c. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill);
(3) the interest earned on amounts deposited for project costs pending their distribution to project sponsors as provided in subsection d. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill);
(4) the amounts of the loan origination fee as provided in subsection e. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill);
(5) the amount appropriated to the Department of Environmental Protection for the purpose of making zero interest and principal forgiveness loans pursuant to section 3 of P.L.2022, c.99, [(pending before the Legislature as Senate Bill No.2734 of 2022 and Assembly Bill No. 4066 of 2022)] as amended by P.L. , c. (pending before the Legislature as Senate Bill No. 3250 of 2022 and Assembly Bill No. 4834 of 2022), in connection with the project costs of a particular project sponsor, to the extent the priority ranking or an insufficiency of funding prevent the department from meeting program demand as provided in subsection f. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill); and
(6) any funds transferred to the trust by the department pursuant to paragraph (21) of subsection a. of section 1 of P.L.2022, c.99, [(pending before the Legislature as Senate Bill No.2734 of 2022 and Assembly Bill No. 4066 of 2022)] as amended by P.L. , c. (pending before the Legislature as Senate Bill No. 3250 of 2022 and Assembly Bill No. 4834 of 2022).
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, and section 10 of P.L.2022, c.100, as amended by 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)] (C.58:11B-11), the trust shall transfer to the respective fund of origin the uncommitted balance of all such moneys no longer utilized by the trust for such purposes.
d. For the purposes of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill):
(1) "capitalized interest" means the amount equal to interest paid on trust bonds which is funded with trust bond proceeds and the earnings thereon;
(2) "debt service reserve fund expenses" means the debt service reserve fund costs associated with reserve capacity expenses, water supply projects for which the project sponsors are public water utilities as provided in section 9 of P.L.1985, c.334 (C.58:11B-9), other drinking water projects not eligible for, or interested in, State or federal debt service reserve funds pursuant to the "Water Supply Bond Act of 1981," P.L.1981, c.261 as amended and supplemented by P.L.1997, c.223, and any clean water projects not eligible for, or interested in, State or federal debt service reserve funds from the Clean Water State Revolving Fund;
(3) "issuance expenses" means 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)] (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, and P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill).
(cf: P.L.2022, c.100, s.1)
2. Section 2 of P.L.2022, c.100 is amended to read as follows:
2. a. (1) The New Jersey Infrastructure Bank is authorized to expend funds for the purpose of making supplemental loans to or on behalf of the project sponsors listed below for the following clean water environmental infrastructure projects:
|
Project Sponsor |
Project Number |
Estimated Allowable DEP Loan Amount |
Estimated Total Loan Amount |
|
Camden County MUA |
S340640-18R |
$7,500,000 |
$10,000,000 |
|
Clinton Town |
S340924-07R |
$600,000 |
$800,000 |
|
Hoboken City |
S340635-06R |
$24,750,000 |
$33,000,000 |
|
Jersey City MUA |
S340928-15R |
$2,625,000 |
$3,500,000 |
|
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 |
$750,000 |
$1,000,000 |
|
Passaic Valley SC |
S340689-40R |
$1,125,000 |
$1,500,000 |
|
Plumsted Township |
S340607-03R |
$7,500,000 |
$10,000,000 |
|
Rockaway Valley RSA |
S340821-07R |
$2,250,000 |
$3,000,000 |
|
Paterson City |
S340850-03-1 |
$1,912,500 |
$2,550,000 |
|
Somerville Borough |
S342013-01-1 |
$1,387,500 |
$1,850,000 |
|
Total Projects: 12 |
$72,300,000 |
$96,400,000 |
(2) A loan authorized by this subsection shall be made for the difference between the allowable loan amount required by the project based upon final building costs pursuant to subsection a. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), and the loan amount certified by the chairperson, vice chairperson, or secretary of the trust in State fiscal years 2017, 2018, 2019, 2020, and 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)] (C.58:11B-27). A loan authorized by this subsection shall be made to or on behalf of the project sponsor listed, up to the individual amount indicated and in the priority stated, to the extent sufficient funds are available, except if a project fails to meet the requirements of section 6 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill).
(3) The loans for projects authorized by this subsection shall have priority over the environmental infrastructure projects listed in subsection a. of section 4 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill).
b. (1) The trust is authorized to expend funds for the purpose of making supplemental loans to or on behalf of the project sponsors listed below for the following drinking water environmental infrastructure projects:
|
Project Sponsor |
Project Number |
Estimated Allowable DEP Loan Amount |
Estimated Total Loan Amount |
|
National Park Borough |
0812001-004R |
$750,000 |
$1,000,000 |
|
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: 3 |
$22,125,000 |
$29,500,000 |
(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] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill) and the loan amount certified by the chairperson, vice chairperson, or secretary of the trust in State fiscal year 2018, 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] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill).
(3) The loans for projects authorized by this subsection shall have priority over environmental infrastructure projects listed in subsection b. of section 4 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill).
c. The trust is authorized to adjust the allowable trust loan amount for the projects authorized in this section to between zero percent and 100 percent of the total allowable loan amount.
(cf: P.L.2022, c.100, s.2)
3. Section 3 of P.L.2022, c.100 is amended to read as follows:
3. a. The New Jersey Infrastructure Bank is authorized to make loans to or on behalf of the project sponsors for the clean water projects listed in subsection a. of section 2 and subsection a. of section 4 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), up to the individual amounts indicated and in the priority stated, except that any such amount may be reduced by the trust pursuant to subsection a. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), or if a project fails to meet the requirements of section 6 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill). The trust is authorized to increase any such amount pursuant to subsections b., c., d., e., or f. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), or pursuant to section 8 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill).
b. The trust is authorized to make loans to project sponsors for the drinking water projects listed in subsection b. of section 4 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill) up to the individual amounts indicated and in the priority stated, except that any such amount may be reduced by the trust pursuant to subsection a. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), or if a project fails to meet the requirements of section 6 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill). The trust is authorized to increase any such amount pursuant to subsections b., c., d., e., or f. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), or pursuant to section 8 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill).
c. The trust is authorized to make loans to local government units for clean water and drinking water projects partially funded from the "Pinelands Infrastructure Trust Fund" established pursuant to section 14 of P.L.1985, c.302 for the balance of allowable project costs up to the individual amounts indicated, provided that any such amount may be reduced by the trust pursuant to subsection a. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), or if a project fails to meet the requirements of section 6 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill). There is appropriated to the trust from the "Pinelands Infrastructure Trust Fund" established pursuant to section 14 of the "Pinelands Infrastructure Trust Bond Act of 1985," P.L.1985, c.302, an amount sufficient to implement the provisions of this subsection.
The following local government units are eligible for funding from the "Pinelands Infrastructure Trust Fund" and for loans from the trust in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27) for the following clean water and drinking water projects:
|
Project Sponsor |
Project Number |
Estimated Total Loan Amount |
|
Pemberton Twp. |
Pinelands 1 |
$2,929,000 |
|
Manchester Twp./ Jackson MUA |
Pinelands 2 |
$7,192,035 |
|
Galloway Twp. |
Pinelands 4 |
$3,493,440 |
|
Winslow Twp. |
Pinelands 5 |
$1,728,940 |
|
Total Pinelands Projects: 4 |
$15,343,415 |
(cf: P.L.2022, c.100, s.3)
4. Section 4 of P.L.2022, c.100 is amended to read as follows:
4. a. The following environmental infrastructure projects shall be known and may be cited as the "Storm Sandy and State Fiscal Year 2023 Clean Water Project Eligibility List":
|
Project Sponsor |
Project Number |
Estimated Allowable DEP Loan Amount |
Estimated Total Loan Amount |
|
Musconetcong SA |
S340384-09 |
$4,650,000 |
$6,200,000 |
|
Oakland Borough |
S340418-06 |
$5,790,000 |
$7,720,000 |
|
Camden County MUA |
S340640-20 |
$2,250,000 |
$3,000,000 |
|
Camden County MUA |
S345040-01 |
$1,035,000 |
$1,380,000 |
|
Mendham Borough |
S340159-04 |
$2,625,000 |
$3,500,000 |
|
Camden County MUA |
S340640-29 |
$9,525,000 |
$12,700,000 |
|
Camden City |
S340366-07 |
$7,500,000 |
$10,000,000 |
|
Camden City |
S340366-15 |
$9,997,500 |
$13,330,000 |
|
Middlesex County UA |
S340699-17 |
$16,500,000 |
$22,000,000 |
|
Jersey City MUA |
S340928-40 |
$6,000,000 |
$8,000,000 |
|
Jersey City MUA |
S340928-21 |
$9,750,000 |
$13,000,000 |
|
Jersey City MUA |
S340928-24 |
$81,000,000 |
$108,000,000 |
|
Elizabeth City |
S345070-01 |
$3,000,001 |
$4,000,001 |
|
Elizabeth City |
S340942-20 |
$7,725,000 |
$10,300,000 |
|
Bayonne City |
S340399-31 |
$3,750,000 |
$5,000,000 |
|
Kearny Town |
S340259-11 |
$12,750,000 |
$17,000,000 |
|
Long Branch SA |
S340336-08 |
$1,305,525 |
$1,740,700 |
|
[Ocean County UA |
S340372-63 |
$1,650,000 |
$2,200,000] |
|
Ocean County UA |
S340372-64 |
$28,330,500 |
$37,774,000 |
|
Hoboken City |
S340635-09 |
$375,000 |
$500,000 |
|
Mount Laurel Township MUA |
S340943-06 |
[$6,000,000] $7,875,000 |
[$8,000,000] $10,500,000 |
|
North Hudson SA |
S340952-34 |
$900,000 |
$1,200,000 |
|
North Hudson SA |
S340952-33 |
$20,250,000 |
$27,000,000 |
|
North Hudson SA |
S340952-31 |
$675,000 |
$900,000 |
|
North Hudson SA |
S345190-01 |
$4,500,000 |
$6,000,000 |
|
North Hudson SA |
S340952-38 |
$1,013,400 |
$1,351,200 |
|
Riverside SA |
S340490-01 |
$630,000 |
$840,000 |
|
Perth Amboy City |
S340435-19 |
$300,000 |
$400,000 |
|
Perth Amboy City |
S345220-01 |
[$750,000] $2,437,500 |
[$1,000,000] $3,250,000 |
|
Hackensack City |
S340923-13 |
[$11,400,000] $12,750,000 |
[$15,200,000] $17,000,000 |
|
Hackensack City |
S340923-14 |
$6,000,000 |
$8,000,000 |
|
Passaic Valley SC |
S340689-37 |
$91,125,000 |
$121,500,000 |
|
Passaic Valley SC |
S340689-44 |
$16,582,500 |
$22,110,000 |
|
Passaic Valley SC |
S340689-53 |
$13,650,000 |
$18,200,000 |
|
Passaic Valley SC |
S345200-01 |
$7,125,000 |
$9,500,000 |
|
Pennsville SA |
S340870-05 |
$3,000,000 |
$4,000,000 |
|
Beach Haven Borough |
S344220-01 |
$2,700,000 |
$3,600,000 |
|
[Bergen County UA |
S340386-23 |
$14,025,000 |
$18,700,000] |
|
Logan Township MUA |
S340123-02 |
$9,000,000 |
$12,000,000 |
|
Bergen County UA |
S340386-21 |
$5,700,000 |
$7,600,000 |
|
Bergen County UA |
S340386-23 |
$37,500,000 |
$50,000,000 |
|
Bergen County UA |
S340386-24 |
$1,462,500 |
$1,950,000 |
|
Linden Roselle SA |
S340299-08 |
$20,250,000 |
$27,000,000 |
|
Passaic Valley SC |
S340689-50 |
$6,600,000 |
$8,800,000 |
|
Wanaque Valley RSA |
S340780-05 |
$8,625,000 |
$11,500,000 |
|
Gloucester County UA |
S340902-15 |
[$8,625,000] $10,875,000 |
[$11,500,000] $14,500,000 |
|
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 |
|
Bergen County UA |
S340386-26 |
$2,250,000 |
$3,000,000 |
|
East Orange City |
S340686-09a |
$465,378 |
$620,504 |
|
Elizabeth City |
S340686-09b |
$4,879,407 |
$6,505,876 |
|
Hillside Township |
S340686-09c |
$681,323 |
$908,430 |
|
Irvington Township |
S340686-09d |
$1,689,260 |
$2,252,347 |
|
Newark City |
S340686-09e |
$1,022,282 |
$1,363,042 |
|
South Orange Village |
S340686-09f |
$488,105 |
$650,806 |
|
Summit City |
S340686-09g |
$889,742 |
$1,186,322 |
|
Union Township |
S340686-09h |
$1,837,001 |
$2,449,335 |
|
West Orange Township |
S340686-09i |
$1,189,072 |
$1,585,429 |
|
Rutgers, The State University of New Jersey |
S340500-01 |
$28,125,000 |
$37,500,000 |
|
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 |
S340821-08 |
$11,625,000 |
$15,500,000 |
|
Wildwood City |
S340664-06 |
[$11,784,758] $12,000,000 |
[$15,713,010] $16,000,000 |
|
New Jersey Water Supply Authority |
S340421-02 |
$71,250,000 |
$95,000,000 |
|
Camden County MUA |
S340640-36 |
$11,625,000 |
$15,500,000 |
|
Long Branch SA |
S340336-09 |
$4,200,000 |
$5,600,000 |
|
[Stafford Township |
S340946-08 |
$2,625,000 |
$3,500,000] |
|
Stafford Township |
S340946-07 |
$3,750,000 |
$5,000,000 |
|
Stafford Township |
S340946-08 |
$2,625,000 |
$3,500,000 |
|
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 RSA |
S340911-03 |
$495,000 |
$660,000 |
|
Vernon Township |
S340745-03 |
[$1,875,000] $2,271,750 |
[$2,500,000] $3,029,000 |
|
Delran Township |
S340794-10 |
$1,575,000 |
$2,100,000 |
|
Hopatcong Borough |
S340488-07 |
$60,000 |
$80,000 |
|
Delanco SA |
S340956-03 |
$1,186,500 |
$1,582,000 |
|
Tuckerton Borough |
S340034-05 |
$2,475,000 |
$3,300,000 |
|
Bergen County UA |
S340386-25 |
$3,000,000 |
$4,000,000 |
|
Monmouth County Bayshore Outfall Authority |
S340325-04 |
$2,625,000 |
$3,500,000 |
|
Monmouth County Bayshore Outfall Authority |
S340325-04a |
$2,625,000 |
$3,500,000 |
|
Camden County Municipal UA |
S340640-30 |
$5,625,000 |
$7,500,000 |
|
Atlantic County UA |
S340809-30 |
$7,575,000 |
$10,100,000 |
|
Toms River MUA |
S340145-08 |
$1,018,800 |
$1,358,400 |
|
Two Rivers Water Reclamation Authority |
S340117-09 |
$3,150,000 |
$4,200,000 |
|
[Northwest Bergen County UA |
S340700-19 |
$6,099,338 |
$8,132,450] |
|
Two Rivers Reclamation Authority |
S340117-10 |
$2,475,000 |
$3,300,000 |
|
Two Rivers Water Reclamation Authority |
S340117-10a |
$66,015,000 |
$88,020,000 |
|
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 |
[$5,625,000] $5,700,000 |
[$7,500,000] $7,600,000 |
|
Parsippany Troy Hills Township |
S340886-05 |
[$8,800,125] $8,873,141 |
[$11,733,500] $11,830,855 |
|
Mount Laurel Township MUA |
S340943-07 |
$2,400,000 |
$3,200,000 |
|
Berkeley Township SA |
S340969-14 |
$2,625,000 |
$3,500,000 |
|
North Brunswick Township |
S340888-03 |
$2,475,000 |
$3,300,000 |
|
North Brunswick Township |
S340888-04 |
$1,912,500 |
$2,550,000 |
|
Winslow Township |
S340895-10 |
$1,287,750 |
$1,717,000 |
|
Monroe MUA |
S340423-05 |
$225,000 |
$300,000 |
|
Scotch Plains Township |
S340512-01 |
$2,025,000 |
$2,700,000 |
|
[Burlington Township |
S340712-17 |
$750,000 |
$1,000,000] |
|
Hopewell Township |
S340282-03 |
$1,230,000 |
$1,640,000 |
|
Princeton |
S340656-11 |
$2,944,259 |
$3,925,678 |
|
Mantua Township MUA |
S340514-01 |
$2,007,375 |
$2,676,500 |
|
Mantua Township MUA |
S340514-03 |
[$1,012,500] $1,022,625 |
[$1,350,000] $1,363,500 |
|
Middlesex Borough |
S340698-03 |
$900,000 |
$1,200,000 |
|
Pennsville SA |
S340870-04 |
$1,200,000 |
$1,600,000 |
|
Red Bank Borough |
S340528-01 |
$3,375,000 |
$4,500,000 |
|
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 |
[$765,771] $1,895,000 |
[$1,021,028] $2,500,000 |
|
Haddon Heights Borough |
S340877-02 |
[$82,500] $487,500 |
[$110,000] $650,000 |
|
Emerson Borough |
S340497-01 |
$75,000 |
$100,000 |
|
Emerson Borough |
S340497-02 |
[$337,500] $525,000 |
[$450,000] $700,000 |
|
Mount Arlington Borough |
S340451-05 |
[$159,589] $412,500 |
[$212,785] $550,000 |
|
Highlands Borough |
S340901-05 |
$6,375,000 |
$8,500,000 |
|
Medford Lakes Borough |
S340319-03 |
$8,250,000 |
$11,000,000 |
|
Mendham Borough |
S340159-03 |
$2,400,000 |
$3,200,000 |
|
Hamburg Borough |
S340149-03 |
$75,000 |
$100,000 |
|
Hamburg Borough |
S340149-04 |
$303,000 |
$404,000 |
|
Long Beach Township |
S340023-07 |
$3,450,000 |
$4,600,000 |
|
Long Beach Township |
S340023-09 |
$4,923,750 |
$6,565,000 |
|
Borough of Wenonah |
S340531-01 |
$997,500 |
$1,330,000 |
|
Seaside Park Borough |
S340083-04 |
$3,000,000 |
$4,000,000 |
|
Ship Bottom Borough |
S340311-05 |
$3,750,000 |
$5,000,000 |
|
Fieldsboro Borough |
S340522-01 |
$1,200,000 |
$1,600,000 |
|
Willingboro MUA |
S340132-10 |
$13,650,000 |
$18,200,000 |
|
Passaic Valley SC |
S340689-46 |
$51,750,000 |
$69,000,000 |
|
Passaic Valley SC |
S340689-45 |
$7,657,577 |
$10,210,102 |
|
Montville Township |
S340931-04 |
$2,625,000 |
$3,500,000 |
|
Hackensack City |
S340923-15 |
$1,200,000 |
$1,600,000 |
|
Camden County MUA |
S340640-26 |
$21,150,000 |
$28,200,000 |
|
Lower Township MUA |
S340810-05 |
$22,500,000 |
$30,000,000 |
|
Mantua Township MUA |
S340514-02 |
$1,687,500 |
$2,250,000 |
|
Little Egg Harbor Township |
S340579-04 |
$1,530,000 |
$2,040,000 |
|
Gloucester Township |
S340364-11 |
$712,500 |
$950,000 |
|
Gloucester Township |
S340364-15 |
$1,087,500 |
$1,450,000 |
|
Northfield City |
S340508-02 |
$112,500 |
$150,000 |
|
Spotswood Borough |
S340510-01 |
$4,070,250 |
$5,427,000 |
|
North Hudson SA |
S340952-36 |
$675,000 |
$900,000 |
|
Sussex County MUA |
S342008-04 |
$8,250,000 |
$11,000,000 |
|
Jersey City MUA |
S340928-32 |
$9,225,000 |
$12,300,000 |
|
Atlantic City MUA |
S340439-04 |
$2,300,000 |
$3,066,667 |
|
East Orange City |
S340843-03 |
$12,825,000 |
$17,100,000 |
|
Cumberland County Improvement Authority |
S342015-04 |
$4,439,778 |
$5,919,704 |
|
Sussex County MUA |
S342008-06 |
$32,250,000 |
$43,000,000 |
|
Burlington City |
S340140-02 |
$1,950,000 |
$2,600,000 |
|
Willingboro MUA |
S340132-11 |
$7,500,000 |
$10,000,000 |
|
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 |
|
University Hospital |
S340500-03 |
$5,850,000 |
$7,800,000 |
|
West Deptford Township |
S340947-06 |
$3,540,000 |
$4,720,000 |
|
Ship Bottom Borough |
S340311-04 |
$2,062,500 |
$2,750,000 |
|
Total Projects: [92] 151 |
[$704,668,362] $1,128,355,117 |
[$939,557,813] $1,504,446,818 |
b. The following environmental infrastructure projects shall be known and may be cited as the "Storm Sandy and State Fiscal Year 2023 Drinking Water Project Eligibility List":
|
Project Sponsor |
Project Number |
Estimated Allowable DEP 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] |
|
Newark City |
0714001-021 |
$67,500,000 |
$90,000,000 |
|
Passaic Valley Water Commission |
1605002-002 |
$54,000,000 |
$72,000,000 |
|
Orange City |
0717001-011 |
$1,162,500 |
$1,550,000 |
|
Orange City |
0717001-013 |
$525,000 |
$700,000 |
|
Newark City |
0714001-022 |
$17,250,000 |
$23,000,000 |
|
Bloomfield Township |
0702001-003 |
$823,796 |
$1,098,395 |
|
[NJ American Water Company, Incorporated |
1345001-017 |
$7,575,000 |
$10,100,000] |
|
Trenton City |
1111001-005 |
[$179,250,000] $23,328,750 |
[$239,000,000] $31,105,000 |
|
Bloomfield Township |
0702001-004 |
$3,000,000 |
$4,000,000 |
|
Bloomfield Township |
0702001-005 |
$6,000,000 |
$8,000,000 |
|
Hopatcong Borough |
1912001-002 |
$1,050,000 |
$1,400,000 |
|
National Park Borough |
0812001-005 |
$1,350,000 |
$1,800,000 |
|
[Moorestown Township |
0322001-001 |
$18,468,750 |
$24,625,000] |
|
Brick Township MUA |
1506001-011 |
$15,667,500 |
$20,890,000 |
|
East Orange City |
0705001-014 |
$24,750,000 |
$33,000,000 |
|
Highbridge Borough |
1014001-004 |
[$1,108,404] $1,500,000 |
[$1,477,872] $2,000,000 |
|
East Greenwich |
0803001-004 |
[$1,950,000] $4,500,000 |
[$2,600,000] $6,000,000 |
|
[Lakeshore Company |
1413001-001 |
$375,000 |
$500,000] |
|
Jersey City MUA |
0906001-017 |
$1,305,180 |
$1,740,240 |
|
NJ American Water Company, Incorporated |
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] |
|
Hackettstown Municipal UA |
2108001-002 |
$757,500 |
$1,010,000 |
|
Jersey City MUA |
0906001-019 |
$5,025,000 |
$6,700,000 |
|
Wildwood City |
0514001-006 |
$4,637,403 |
$6,183,204 |
|
Lower Township MUA |
0505002-004 |
$9,000,000 |
$12,000,000 |
|
Seaside Park Borough |
1527001-004 |
$1,125,000 |
$1,500,000 |
|
[NJ American Water Company, Incorporated |
1345001-021 |
$19,758,750 |
$26,345,000] |
|
Brick Township MUA |
1506001-014 |
$2,700,000 |
$3,600,000 |
|
Hightstown Borough |
1104001-009 |
$712,500 |
$950,000 |
|
Jersey City MUA |
0906001-025 |
[$24,000,000] $26,250,000 |
[$32,000,000] $35,000,000 |
|
Perth Amboy City |
1216001-010 |
$1,238,649 |
$1,651,532 |
|
Willingboro MUA |
0338001-010 |
$5,400,000 |
$7,200,000 |
|
Jersey City MUA |
0906001-009 |
$3,750,000 |
$5,000,000 |
|
NJ American Water Company, Incorporated |
0712001-016 |
$21,210,000 |
$28,280,000 |
|
[Middlesex Water Company |
1225001-028 |
$8,400,000 |
$11,200,000] |
|
Old Bridge MUA |
1209002-005 |
$2,025,000 |
$2,700,000 |
|
Hoboken City |
0905001-002 |
$6,000,000 |
$8,000,000 |
|
Clinton Town |
1005001-010 |
$1,320,000 |
$2,640,000 |
|
Spotswood Borough |
1224001-001 |
$2,582,936 |
$3,443,914 |
|
Point Pleasant Borough |
1525001-002 |
$2,100,000 |
$2,800,000 |
|
Glen Ridge Borough |
0708001-008 |
$2,025,000 |
$2,700,000 |
|
Tuckerton Borough |
1532002-007 |
$1,275,000 |
$1,700,000 |
|
Jersey City MUA |
0906001-020 |
$4,965,000 |
$6,620,000 |
|
Jersey City MUA |
0906001-021 |
$8,250,000 |
$11,000,000 |
|
Ship Bottom Borough |
1528001-003 |
$7,500,000 |
$10,000,000 |
|
Allentown Borough |
1302001-004 |
$1,746,720 |
$2,328,960 |
|
Jersey City MUA |
0906001-015 |
$2,691,950 |
$3,589,266 |
|
Brick Township MUA |
1506001-008 |
$4,912,500 |
$6,550,000 |
|
[Middlesex Water Company |
1225001-025 |
$42,750,000 |
$57,000,000 |
|
Brick Township MUA |
1506001-009 |
$4,446,570 |
$5,928,760] |
|
Ship Bottom Borough |
1528001-004 |
$3,150,000 |
$4,200,000 |
|
East Windsor MUA |
1101002-005 |
$1,500,000 |
$2,000,000 |
|
Clinton Town |
1005001-012 |
$2,625,000 |
$3,500,000 |
|
Farmingdale Borough |
1314001-002 |
$680,250 |
$907,000 |
|
Roosevelt Borough |
1341001-007 |
$750,000 |
$1,000,000 |
|
[NJ American Water Company, Incorporated |
2004002-013 |
$12,000,000 |
$16,000,000] |
|
Clinton Town |
1005001-013 |
$2,250,000 |
$3,000,000 |
|
Washington Township MUA |
1438004-001 |
$3,750,000 |
$5,000,000 |
|
Winslow Township |
0436007-010 |
$2,868,750 |
$3,825,000 |
|
Mount Arlington Borough |
1426005-001 |
[$165,836] $1,575,000 |
[$250,285] $2,100,000 |
|
Hopatcong Borough |
1912001-004 |
$75,000 |
$100,000 |
|
Highbridge Borough |
1014001-001 |
$75,000 |
$100,000 |
|
Total Projects: [53] 55 |
[$571,518,944] $406,216,884 |
[$762,934,428] $542,502,511 |
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 2023 financing program.
(cf: P.L.2022, c.100, s.4)
5. Section 5 of P.L.2022, c.100 is amended to read as follows:
5. In accordance with and subject to the provisions of sections 5, 6, and 23 of P.L.1985, c.334 [(C.58:11B 5, C.58:11B 6, and C.58:11B 23)] (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)] (C.58:11B-21), or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1), any proceeds from bonds issued by the trust to make loans for priority environmental infrastructure projects listed in sections 2 and 4 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), which are not expended for that purpose may be applied for the payment of all or any part of the principal of, or interest and premium on, the trust bonds whether due at stated maturity, the interest payment dates, or earlier upon redemption. A portion of the proceeds from bonds issued by the trust to make loans for priority environmental infrastructure projects pursuant to [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), may be applied for the payment of capitalized interest and for the payment of any issuance expenses; for the payment of reserve capacity expenses; for the payment of debt service reserve fund expenses for the payment of the loan origination fees; and for the payment of increased costs, as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 [(C.58:11B 27)] (C.58:11B-27).
(cf: P.L.2022, c.100, s.5)
6. Section 6 of P.L.2022, c.100 is amended to read as follows:
6. Any loan made by the New Jersey Infrastructure Bank pursuant to [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), shall be subject to the following requirements:
a. The chairperson, vice chairperson, or secretary of the trust has certified that the project is in compliance with the provisions of P.L.1977, c.224, P.L.1985, c.334, P.L.1992, c.88, P.L.1997, c.223, P.L.1997, c.224, P.L.1997, c.225, P.L.1999, c.175 or P.L.2003, c.162, and any amendatory and supplementary acts thereto, and any rules and regulations adopted pursuant thereto, as applicable. In making this certification, the chairperson, vice chairperson, or secretary may conclusively rely on the project review conducted by the Department of Environmental Protection without any independent review thereof by the trust;
b. The loan shall be conditioned upon inclusion of the project on a project eligibility list approved pursuant to section 20 of P.L.1985, c.334 (C.58:11B-20) or section 24 of P.L.1997, c.224 (C.58:11B-20.1);
c. The loan shall be repaid within a period not to exceed 30 years, or 35 years for loans funded pursuant to the federal "Water Infrastructure Finance and Innovation Act of 2014," 33 U.S.C. s.3901 et seq., as amended and supplemented, or 45 years for combined sewer overflow abatement projects, of the making of the loan;
d. The loan, including any portion thereof made by the trust pursuant to subsection f. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), shall not exceed the allowable project cost of the environmental infrastructure facility, exclusive of capitalized interest, interest accrued pursuant to a short-term or temporary loan made to a project sponsor pursuant to the Interim Environmental Financing Program, administrative expenses associated with federal funding programs, if applicable, and issuance expenses as provided in subsection b. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), reserve capacity expenses and the debt service reserve fund expenses as provided in subsection c. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), interest earned on project costs as provided in subsection d. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), the amounts of the loan origination fee as provided in subsection e. of section 7 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), refunding increases as provided in section 8 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), and increased costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 [(C.58:11B 27)] (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)] (C.58:11B-5) by the project sponsors receiving trust loans, at or below the interest rate paid by the trust on the bonds issued to make or refund the loans authorized by [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), adjusted for underwriting discount and original issue discount or premium, in accordance with the terms and conditions set forth in the financial plan required pursuant to section 21 of P.L.1985, c.334 [(C.58:11B 21)] (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] (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)] (C.58:11B-21) or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1);
g. Notwithstanding any provision of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), or a financial plan of the trust for State fiscal years 2018 through 2022 developed pursuant to section 21 of P.L.1985, c.334 (C.58:11B-21) or section 25 of P.L.1997, c.224 (C.58:11B-21.1) to the contrary, a loan for an environmental infrastructure project listed in section 2 or 3 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), that is partially funded from the proceeds of bonds issued by the trust to the United States Environmental Protection Agency pursuant to the federal "Water Infrastructure Finance and Innovation Act of 2014," 33 U.S.C. s.3901 et seq., shall be subject to terms and conditions regulating the blending of federal and other funds that are consistent with those provisions of Section III of the applicable financial plan of the trust for State fiscal year [2021] 2022 that reference the federal "Water Infrastructure Finance and Innovation Act of 2014"; and
h. The eligibility lists and authorization for the making of loans pursuant to [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), shall expire on July 1, 2023, and any project sponsor which has not executed and delivered a loan agreement with the trust for a loan authorized in [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), shall no longer be entitled to that loan.
(cf: P.L.2022, c.100, s.6)
7. Section 7 of P.L.2022, c.100 is amended to read as follows:
7. a. The New Jersey Infrastructure Bank is authorized to reduce the individual amount of loan funds made available to or on behalf of project sponsors pursuant to sections 2 and 4 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), based upon final building costs defined in and determined in accordance with rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 [(C.58:11B 27)] (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)] (C.58:11B-27).
b. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), by the amount of capitalized interest, interest accrued pursuant to a short-term or temporary loan made to a project sponsor pursuant to the Interim Environmental Financing Program, issuance expenses, and administrative expenses associated with federal funding programs, if applicable, allocable to each loan made by the trust pursuant to [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill).
c. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), by the amount of reserve capacity expenses, and by the debt service reserve fund expenses associated with the costs identified in paragraphs (3) and (4) of subsection d. of section 1 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill).
d. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), by the interest earned on amounts deposited for project costs pending their distribution to project sponsors.
e. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), by the loan origination fee.
f. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2022, c.100, as amended by P.L. , c. (pending before the Legislature as this bill), by the amount appropriated to the Department of Environmental Protection for the purpose of making the corresponding zero interest loan pursuant to section 3 of P.L.2022, c.99, [(pending before the Legislature as Senate Bill No.2734 of 2022 and Assembly Bill No. 4066 of 2022)] as amended by P.L. , c. (pending before the Legislature as Senate Bill No. 3250 of 2022 and Assembly Bill No. 4834 of 2022), 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.
(cf: P.L.2022, c.100, s.7)
8. Section 8 of P.L.2022, c.100 is amended to read as follows:
8. The New Jersey Infrastructure Bank is authorized to increase the individual amount of loan funds made available to project sponsors by the trust pursuant to P.L.1989, c.190, P.L.1990, c.97, P.L.1991, c.324, P.L.1992, c.37, P.L.1993, c.192, P.L.1994, c.105, P.L.1995, c.218, P.L.1996, c.87, P.L.1997, c.222, P.L.1998, c.85, P.L.1999, c.173, P.L.2000, c.93, P.L.2001, c.224, P.L.2002, c.71, P.L.2003, c.159, P.L.2004, c.110, P.L.2005, c.197, P.L.2006, c.67, P.L.2007, c.140, P.L.2008, c.67, P.L.2009, c.101, P.L.2010, c.62, P.L.2011, c.95, P.L.2012, c.38, P.L.2013, c.94, P.L.2014, c.26, P.L.2015, c.107, P.L.2016, c.31 as amended by P.L.2017, c.13, P.L.2017, c.142 as amended by P.L.2017, c.327, P.L.2018, c.84 as amended by P.L.2019, c.30, P.L.2019, c.192 as amended by P.L.2019, c.515, P.L.2020, c.48, as amended by P.L.2021, c.22, P.L.2021, c.204, as amended by P.L.2021, c.316, or P.L.2022, c.100 [(pending before the Legislature as this bill)] , as amended by P.L. , c. (pending before the Legislature as this bill), provided that adequate savings are achieved, to compensate for a refunding of trust bonds issued to make loans authorized by the aforementioned acts.
(cf: P.L.2022, c.100, s.8)
9. Section 10 of P.L.2022, c.100 is amended to read as follows:
10. a. There is appropriated to the New Jersey Infrastructure Bank, as needed to make short-term or temporary loans, from funds deposited in any account, including the "Wastewater Treatment Fund," the "1992 Wastewater Treatment Fund," the "Water Supply Fund," the "2003 Water Resources and Wastewater Treatment Trust Fund," the "Stormwater Management and Combined Sewer Overflow Abatement Fund," the "Clean Water State Revolving Fund," the "Drinking Water State Revolving Fund," or the funds transferred to the trust by the department pursuant to paragraph (21) of subsection a. of section 1 of P.L.2022, c.99, [(pending before the Legislature as Senate Bill No.2734 of 2022 and Assembly Bill No. 4066 of 2022)] as amended by P.L. , c. (pending before the Legislature as Senate Bill No. 3250 of 2022 and Assembly Bill No. 4834 of 2022), 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, 2022 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.
(cf: P.L.2022, c.100, s.10)
10. This act shall take effect immediately.
STATEMENT
This bill would make changes to the authorization given to the New Jersey Infrastructure Bank (NJIB) to make loans for environmental infrastructure projects for Fiscal Year 2023.
In August 2022, P.L.2022, c.100 was enacted into law, which authorized the NJIB to expend up to $2.07 billion, and any unexpended balances from previous authorizations, to provide low-interest and market-rate loans to project sponsors (primarily local governments, public authorities, and public water utilities) for a portion of the total costs of 164 eligible environmental infrastructure projects for Fiscal Year 2023. This bill would amend the lists of environmental infrastructure projects for which the NJIB is authorized to make loans pursuant to P.L.2022, c.100 to include new projects, remove projects, modify the priority of certain projects, and modify the trust loan amounts for certain projects, as enumerated in subsections a. and b. of section 4 of the bill. The bill would authorize the NJIB to expend up to $2.19 billion, and any unexpended balances from previous authorizations, to provide loans to project sponsors for a total of 225 eligible environmental infrastructure projects for Fiscal Year 2022. This would include 151 projects on the "Storm Sandy and State Fiscal Year 2022 Clean Water Project Eligibility List" and 55 projects on the "Storm Sandy and State Fiscal Year 2022 Drinking Water Project Eligibility List."
The bill would also clarify that the I-Bank is authorized to use moneys in the "Pinelands Infrastructure Trust Fund" established pursuant to section 14 of the "Pinelands Infrastructure Trust Bond Act of 1985," P.L.1985, c.302, for certain projects in the Pinelands, and that those projects may include drinking water projects or clean water projects. Finally, the bill would authorize the I-Bank to increase the allowable loan amounts for certain projects, in order to account for interest that has accrued on the project's short-term loan.
