CHAPTER 316
(CORRECTED COPY)
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.2021, c.204.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.2021, c.204 is amended to read as follows:
1. a. The New Jersey Infrastructure Bank, established pursuant to P.L.1985, c.334 (C.58:11B‑1 et seq.) (hereinafter referred to as “the trust”), is authorized to expend the aggregate sum of up to $1.62 billion and any uncommitted balance of the aggregate expenditures authorized pursuant to section 1 of P.L.2000, c.93, section 1 of P.L.2001, c.224, section 1 of P.L.2002, c.71, section 1 of P.L.2003, c.159, section 1 of P.L.2004, c.110, section 1 of P.L.2005, c.197, section 1 of P.L.2006, c.67, section 1 of P.L.2007, c.140, section 1 of P.L.2008, c.67, section 1 of P.L.2009, c.101, section 1 of P.L.2010, c.62, section 1 of P.L.2011, c.95, section 1 of P.L.2012, c.38, section 1 of P.L.2013, c.94, section 1 of P.L.2014, c.26, section 1 of P.L.2015, c.107, section 1 of P.L.2016, c.31 as amended by P.L.2017, c.13, section 1 of P.L.2017, c.142 as amended by P.L.2017, c.327, P.L.2018, c.84 as amended by P.L.2019, c.30, section 1 of P.L.2019, c.192 as amended by P.L.2019, c.515, and P.L.2020, c.48, as amended by P.L.2021, c.22, for the purpose of making loans, to the extent sufficient funds are available, to or on behalf of local government units or public water utilities (hereinafter referred to as “project sponsors”) to finance all or a portion of the cost of construction of environmental infrastructure projects listed in sections 2 and 4 of P.L.2021, c.204, as amended by P.L.2021, c.316.
b. The trust is authorized to increase the aggregate sums specified in subsection a. of this section by:
(1) the amounts of capitalized interest, administrative expenses associated with any federal funding programs, if applicable, and the bond issuance expenses as provided in subsection b. of section 7 of P.L.2021, c.204, as amended by P.L.2021, c.316;
(2) the amounts of reserve capacity expenses and debt service reserve fund requirements as provided in subsection c. of section 7 of P.L.2021, c.204, as amended by P.L.2021, c.316;
(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 P.L.2021, c.204, by P.L.2021, c.316;
(4) the amounts of the loan origination fee as provided in subsection e. of section 7 of P.L.2021, c.204, as amended by P.L.2021, c.316;
(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.2021, c.203, as amended by P.L.2021, c.328 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 P.L.2021, c.204, as amended by P.L.2021, c.316; and
(6) any funds transferred to the trust by the department pursuant to paragraph (21) of subsection a. of section 1 of P.L.2021, c.203, as amended by P.L.2021, c.328.
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, and section 10 of P.L.2021, c.204, as amended by P.L.2021, c.316, 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 P.L.2021, c.204, as amended by P.L.2021, c.316 :
(1) “capitalized interest” means the amount equal to interest paid on trust bonds which is funded with trust bond proceeds and the earnings thereon;
(2) “debt service reserve fund expenses” means the debt service reserve fund costs associated with reserve capacity expenses, water supply projects for which the project sponsors are public water utilities as provided in section 9 of P.L.1985, c.334 (C.58:11B-9), other drinking water projects not eligible for, or interested in, State or federal debt service reserve funds pursuant to the "Water Supply Bond Act of 1981," P.L.1981, c.261 as amended and supplemented by P.L.1997, c.223, and any clean water projects not eligible for, or interested in, State or federal debt service reserve funds from the Clean Water State Revolving Fund;
(3) “issuance expenses” means any costs related to the issuance of trust bonds and includes, but is not limited to, the costs of financial document printing, bond insurance premiums or other credit enhancement, underwriters' discount, verification of financial calculations, the services of bond rating agencies and trustees, the employment of accountants, attorneys, financial advisors, loan servicing agents, registrars, and paying agents.
(4) “loan origination fee” means the fee charged by the Department of Environmental Protection and financed under the trust loan to pay a portion of the costs incurred by the department in the implementation of the New Jersey Environmental Infrastructure Financing Program; and
(5) “reserve capacity expenses” means those project costs for reserve capacity not eligible for loans under rules and regulations governing zero interest loans adopted by the Commissioner of Environmental Protection pursuant to section 4 of P.L.1985, c.329 but which are eligible for loans from the trust in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27).
e. The trust is authorized to increase the loan amount in the future to compensate for a refunding of the issue, provided adequate savings are achieved, for the loans issued pursuant to P.L.1995, c.218, P.L.1996, c.87, P.L.1997, c.222, P.L.1998, c.85, P.L.1999, c.173, P.L.2000, c.93, P.L.2001, c.224, P.L.2002, c.71, P.L.2003, c.159, P.L.2004, c.110, P.L.2005, c.197, P.L.2006, c.67, P.L.2007, c.140, P.L.2008, c.67, P.L.2009, c.101, P.L.2010, c.62, P.L.2011, c.95, P.L.2012, c.38, P.L.2013, c.94, P.L.2014, c.26, P.L.2015, c.107, P.L.2016, c.31 as amended by P.L.2017, c.13, P.L.2017, c.142 as amended by P.L.2017, c.327, P.L.2018, c.84 as amended by P.L.2019, c.30, P.L.2019, c.192 as amended by P.L.2019, c.515, P.L.2020, c.48, as amended by P.L.2021, c.22, and P.L.2021, c.204, as amended by P.L.2021, c.316.
2. Section 2 of P.L.2021, c.204 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:
Estimated
Allowable Estimated
Project Project Trust Loan Total Loan
Sponsor Number Amount Amount
Camden County MUA S340640-18R $7,500,000 $10,000,000
Elizabeth City S340942-19R $206,250 $275,000
Hoboken City S340635-06R $30,000,000 $40,000,000
North Bergen MUA S340652-14R $3,750,000 $5,000,000
Ocean Twp. SA S340750-14R $750,000 $1,000,000
Plumsted Twp. S340607-03R $7,500,000 $10,000,000
Rockaway Valley RSA S340821-07R $2,250,000 $3,000,000
Franklin Twp. SA S340839-06-1 $750,000 $1,000,000
Paterson City S340850-03-1 $1,912,500 $2,550,000
Rockaway Valley RSA S340821-06-1 $581,250 $775,000
Warren Twp. SA S340964-05R $3,750,000 $5,000,000
Somerville Borough S342013-01-1 $1,387,500 $1,850,000
Total Projects: 12 $60,337,500 $80,450,000
(2) A loan authorized by this subsection shall be made for the difference between the allowable loan amount required by the project based upon final building costs pursuant to subsection a. of section 7 of P.L.2021, c.204, as amended by P.L.2021, c.316, and the loan amount certified by the chairperson, vice chairperson, or secretary of the trust in State fiscal years 2008, 2019, and 2020 and for increased allowable costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27). A loan authorized by this subsection shall be made to or on behalf of the project sponsor listed, up to the individual amount indicated and in the priority stated, to the extent sufficient funds are available, except if a project fails to meet the requirements of section 6 of P.L.2021, c.204, as amended by P.L.2021, c.316.
(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 P.L.2021, c.204, as amended by P.L.2021, c.316.
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:
Estimated
Allowable Estimated
Project Project Trust Loan Total Loan
Sponsor Number Amount Amount
Newark City 0714001-016R $2,250,000 $3,000,000
North Jersey District
Water Supply Comm. 1613001-025R $19,125,000 $25,500,000
Total Projects: 2 $21,375,000 $28,500,000
(2) A loan authorized by this subsection shall be made for the difference between the allowable loan amount required by the project based upon final building costs pursuant to subsection a. of section 7 of P.L.2021, c.204, as amended by P.L.2021, c.316, and the loan amount certified by the chairperson, vice chairperson, or secretary of the trust in State fiscal year 2021 and for increased allowable costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27). A loan authorized by this subsection shall be made to or on behalf of the project sponsor listed, up to the individual amount indicated and in the priority stated, to the extent sufficient funds are available, except if a project fails to meet the requirements of section 6 of P.L.2021, c.204, as amended by P.L.2021, c.316.
(3) The loans for projects authorized by this subsection shall have priority over environmental infrastructure projects listed in subsection b. of section 4 of P.L.2021, c.204, as amended by P.L.2021, c.316.
c. The trust is authorized to adjust the allowable trust loan amount for the projects authorized in this section to between zero percent and 100 percent of the total allowable loan amount.
3. Section 3 of P.L.2021, c.204 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 P.L.2021, c.204, as amended by P.L.2021, c.316, 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 P.L.2021, c.204, as amended by P.L.2021, c.316, or if a project fails to meet the requirements of section 6 of P.L.2021, c.204, as amended by P.L.2021, c.316. The trust is authorized to increase any such amount pursuant to subsection b., c., d., e., or f. of section 7 of P.L.2021, c.204, as amended by P.L.2021, c.316, or pursuant to section 8 of P.L.2021, c.204, as amended by P.L.2021, c.316.
b. The trust is authorized to make loans to project sponsors for the drinking water projects listed in subsection b. of section 4 of P.L.2021, c.204, as amended by P.L.2021, c.316, 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 P.L.2021, c.204, as amended by P.L.2021, c.316, or if a project fails to meet the requirements of section 6 of P.L.2021, c.204, as amended by P.L.2021, c.316. The trust is authorized to increase any such amount pursuant to subsection b., c., d., e., or f. of section 7 of P.L.2021, c.204, as amended by P.L.2021, c.316, or pursuant to section 8 of P.L.2021, c.204, as amended by P.L.2021, c.316.
c. The trust is authorized to make loans to local government units for clean water projects partially funded from the “Pinelands Infrastructure Trust Fund” established pursuant to section 14 of P.L.1985, c.302 for the balance of allowable project costs up to the individual amounts indicated, provided that any such amount may be reduced by the trust pursuant to subsection a. of section 7 of P.L.2021, c.204, as amended by P.L.2021, c.316 , or if a project fails to meet the requirements of section 6 of P.L.2021, c.204, as amended by P.L.2021, c.316.
The following local government units are eligible for funding from the “Pinelands Infrastructure Trust Fund” and for loans from the trust in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27) for the following clean water projects:
Project Sponsor Project Number Estimated Total
Loan Amount
Pemberton Twp. Pinelands 1 $2,929,000
Manchester Twp./Jackson MUA Pinelands 2 $7,192,035
Galloway Twp. Pinelands 4 $3,493,440
Winslow Twp. Pinelands 5 $1,728,940
Total Pinelands Projects: 4 $15,343,415
4. Section 4 of P.L.2021, c.204 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 2022 Clean Water Project Eligibility List”:
Estimated
Allowable Estimated
Project Project Trust Loan Total Loan
Sponsor Number Amount Amount
Musconetcong SA S340384-09 $4,500,000 $6,000,000
Camden County MUA S340640-20 $2,250,000 $3,000,000
Newark City S340815-28 $4,500,000 $6,000,000
Newark City S340815-24 $17,250,000 $23,000,000
Hopatcong Borough S340488-08 $450,000 $600,000
Jersey City MUA S340928-24 $81,000,000 $108,000,000
Elizabeth City S340942-17 $4,875,000 $6,500,000
Camden County MUA S340640-13 $9,600,000 $12,800,000
Bayonne City S340399-31 $3,750,000 $5,000,000
Ocean County UA S340372-62 $3,225,000 $4,300,000
Ocean County UA S340372-63 $1,650,000 $2,200,000
Ocean County UA S340372-61 $3,975,000 $5,300,000
Hoboken City S340635-09 $375,000 $500,000
Mount Laurel Twp. MUA S340943-06 $6,000,000 $8,000,000
Jersey City S340928-30 $2,033,250 $2,711,000
North Hudson SA S340952-30 $17,400,000 $23,200,000
Riverside SA S340490-01 $630,000 $840,000
Perth Amboy City S340435-14 $1,956,000 $2,608,000
Hackensack City S340923-14 $6,000,000 $8,000,000
Somerset Raritan Valley SA S340801-09 $4,875,000 $6,500,000
Passaic Valley SC S340689-37 $91,125,000 $121,500,000
Passaic Valley SC S345200-01 $7,125,000 $9,500,000
Bergen County UA S340386-21 $5,700,000 $7,600,000
Northwest Bergen County UA S340700-18 $1,500,000 $2,000,000
Linden Roselle SA S340299-08 $20,250,000 $27,000,000
Clinton Town S340924-08 $3,075,000 $4,100,000
Gloucester County UA S340902-15 $8,625,000 $11,500,000
Stafford Twp. S344100-03 $4,200,000 $5,600,000
Allentown Borough S340567-05 $3,825,000 $5,100,000
Stony Brook RSA S340400-11 $16,500,000 $22,000,000
Evesham MUA S340838-09 $375,000 $500,000
Howell Twp. S344040-02 $11,010,000 $14,680,000
Rutgers, The State University of
New Jersey S340500-01 $27,750,000 $37,000,000
Willingboro MUA S340132-09 $6,750,000 $9,000,000
Ocean County S344080-10 $187,500 $250,000
Ocean County S344080-11 $262,500 $350,000
Rockaway Valley RSA S340821-08 $11,625,000 $15,500,000
Ocean County S344080-09 $975,000 $1,300,000
Chatham Borough S340715-07A $5,466,885 $7,289,180
Madison Borough S340715-07B $5,466,885 $7,289,180
Wildwood City S340664-06 $11,784,758 $15,713,010
New Jersey Water Supply Authority S340421-02 $64,575,000 $86,100,000
Long Branch SA S340336-09 $4,200,000 $5,600,000
Stafford Twp. S340946-07 $3,750,000 $5,000,000
Manasquan River RSA S340911-03 $495,000 $660,000
Delran Twp. S340794-10 $1,575,000 $2,100,000
Monmouth County Bayshore Outfall
Authority S340325-04 $2,625,000 $3,500,000
Camden County MUA S340640-28 $5,625,000 $7,500,000
Warren Twp. SA S340964-05 $3,750,000 $5,000,000
Atlantic County UA S340809-29 $3,000,000 $4,000,000
Lambertville MUA S340882-09 $1,350,000 $1,800,000
Atlantic County UA S340809-30 $7,575,000 $10,100,000
Lambertville MUA S340882-10 $525,000 $700,000
Toms River MUA S340145-05 $3,375,000 $4,500,000
Toms River MUA S340145-08 $1,018,800 $1,358,400
Two Rivers Water Reclamation
Authority S340117-09 $3,150,000 $4,200,000
Brick Twp. MUA S340448-11 $4,275,000 $5,700,000
Paulsboro Borough S340164-01 $2,062,500 $2,750,000
Northwest Bergen County UA S340700-15 $5,250,000 $7,000,000
Northwest Bergen County UA S340700-19 $6,099,338 $8,132,450
Franklin Twp. SA S340839-09 $5,625,000 $7,500,000
Franklin Twp. SA S340839-08 $3,150,000 $4,200,000
Mount Laurel Twp. MUA S340943-07 $2,400,000 $3,200,000
Winslow Twp. S340895-10 $1,275,000 $1,700,000
Ocean Twp. SA S340750-13 $412,500 $550,000
Scotch Plains Twp. S340512-01 $2,025,000 $2,700,000
Carteret Borough S340939-10 $4,950,000 $6,600,000
Burlington Twp. S340712-17 $750,000 $1,000,000
Somerset Raritan Valley SA S340801-07 $25,500,000 $34,000,000
Princeton S340656-11 $2,944,259 $3,925,678
Middlesex Borough S340698-02 $1,926,563 $2,568,750
Pennsville SA S340870-04 $1,200,000 $1,600,000
Red Bank Borough S340528-01 $3,375,000 $4,500,000
Glen Ridge Borough S340861-03 $334,387 $445,849
Buena Borough MUA S340518-06 $973,500 $1,298,000
Long Beach Twp. S340023-07 $3,450,000 $4,600,000
Ship Bottom Borough S340311-05 $3,750,000 $5,000,000
Passaic Valley SC S340689-45 $7,657,577 $10,210,102
Passaic Valley SC S340689-54 $11,642,883 $15,523,844
Lower Twp. MUA S340810-05 $22,500,000 $30,000,000
Greenwich Twp. S340359-02 $1,650,000 $2,200,000
Marlboro Twp. S340268-02 $723,188 $964,250
Mantua Twp. MUA S340514-02 $1,687,500 $2,250,000
Newton Town S340449-04 $403,500 $538,000
Cranford Twp. S340858-04 $2,625,000 $3,500,000
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
Clinton Town S340924-07 $600,000 $800,000
Kearny Town S340259-12 $16,125,000 $21,500,000
Jersey City MUA S340928-32 $9,225,000 $12,300,000
Atlantic City MUA S340439-04 $2,300,000 $3,066,667
Jersey City MUA S340928-33 $6,750,000 $9,000,000
East Orange City S340843-03 $12,000,000 $16,000,000
Burlington City S340140-02 $1,950,000 $2,600,000
Raritan Twp. MUA S340485-12 $3,675,000 $4,900,000
Bloomfield Twp. S340516-01 $5,423,228 $7,230,970
Northwest Bergen County UA S340700-16 $3,675,000 $4,900,000
University Hospital S340500-03 $5,850,000 $7,800,000
Ship Bottom Borough S340311-04 $2,062,500 $2,750,000
Total Projects: 100 $731,572,751 $975,430,300
b. The following environmental infrastructure projects shall be known and may be cited as the “Storm Sandy and State Fiscal Year 2022 Drinking Water Project Eligibility List”:
Estimated
Allowable Estimated
Project Project Trust Loan Total Loan
Sponsor Number Amount Amount
NJ American Water Co., Inc. 2004002-012 $15,000,000 $20,000,000
East Windsor MUA 1101002-005 $1,500,000 $2,000,000
South Orange Village 0719001-012 $600,000 $800,000
Old Bridge MUA 1209002-005 $2,025,000 $2,700,000
NJ American Water Co., Inc. 2004002-013 $12,000,000 $16,000,000
Jersey City MUA 0906001-021 $8,250,000 $11,000,000
Lakeshore Co. 1413001-001 $375,000 $500,000
Hoboken City 0905001-002 $6,000,000 $8,000,000
Glen Ridge Borough 0708001-008 $1,929,908 $2,573,210
Brielle Borough 1308001-004 $1,845,000 $2,460,000
Moorestown Twp. 0322001-002 $11,430,000 $15,240,000
Woodbine Borough 0516001-001 $3,750,000 $5,000,000
Woodland Heights Homeowners
Association 1615022-001 $420,000 $560,000
Jersey City MUA 0906001-020 $4,965,000 $6,620,000
Newark City 0714001-018 $3,862,500 $5,150,000
Lakehurst Borough 1513001-002 $900,000 $1,200,000
Orange City 0717001-014 $1,500,000 $2,000,000
Jersey City MUA 0906001-009 $3,750,000 $5,000,000
Brielle Borough 1308001-005 $3,375,000 $4,500,000
Middlesex Water Co. 1225001-025 $42,750,000 $57,000,000
Hardyston MUA 1911006-003 $75,000 $100,000
Jersey City MUA 0906001-025 $24,000,000 $32,000,000
Hopatcong Borough 1912001-004 $75,000 $100,000
Jersey City MUA 0906001-015 $2,691,950 $3,589,266
Spotswood Borough 1224001-001 $2,582,936 $3,443,914
Trenton City 1111001-011 $15,255,000 $20,340,000
Wildwood City 0514001-006 $4,637,403 $6,183,204
Hamburg Borough 1909001-001 $63,750 $85,000
National Park Borough 0812001-005 $1,144,875 $1,526,500
NJ American Water Co., Inc. 1345001-021 $19,758,750 $26,345,000
Moorestown Twp. 0322001-001 $18,468,750 $24,625,000
National Park Borough 0812001-004 $1,275,000 $1,700,000
Highbridge Borough 1014001-001 $75,000 $100,000
Newark City 0714001-008 $25,647,000 $34,196,000
Farmingdale Borough 1314001-002 $680,250 $907,000
Brick Twp. MUA 1506001-011 $15,667,500 $20,890,000
Brick Twp. MUA 1506001-009 $4,446,570 $5,928,760
Clinton Town 1005001-012 $2,625,000 $3,500,000
Ship Bottom Borough 1528001-003 $7,500,000 $10,000,000
Ship Bottom Borough 1528001-004 $3,075,000 $4,100,000
Jersey City MUA 0906001-018 $7,500,000 $10,000,000
Jersey City MUA 0906001-017 $1,305,180 $1,740,240
NJ American Water Co., Inc. 1345001-017 $7,575,000 $10,100,000
Hamburg Borough 1909001-002 $825,000 $1,100,000
East Orange City 0705001-014 $24,750,000 $33,000,000
Newark City 0714001-022 $17,250,000 $23,000,000
Allentown Borough 1302001-002 $411,825 $549,100
Jersey City MUA 0906001-019 $5,025,000 $6,700,000
Clinton Town 1005001-013 $2,250,000 $3,000,000
Paulsboro Borough 0814001-003 $2,250,000 $3,000,000
Milltown Borough 1212001-005 $1,350,000 $1,800,000
Newark City 0714001-019 $9,375,000 $12,500,000
Mount Arlington Borough 1426005-001 $165,836 $250,285
Newark City 0714001-020 $13,125,000 $17,500,000
Orange City 0717001-013 $525,000 $700,000
Seaside Park Borough 1527001-004 $1,125,000 $1,500,000
Roosevelt Borough 1341001-007 $450,000 $600,000
Hampton Borough 1013001-001 $1,650,000 $2,200,000
Middlesex Water Co. 1225001-028 $8,400,000 $11,200,000
Long Beach Twp. 1517001-015 $3,119,401 $4,159,201
Bloomfield Twp. 0702001-003 $823,796 $1,098,395
Hightstown Borough 1104001-010 $1,331,759 $1,775,678
East Greenwich 0803001-004 $1,950,000 $2,600,000
Clinton Town 1005001-010 $1,320,000 $2,640,000
Total Projects: 64 $389,824,939 $520,675,753
c. The trust is authorized to adjust the allowable trust loan amount for projects authorized in this section to between zero percent and 100 percent of the total allowable loan amount. If the trust loan amount is adjusted to 100 percent of the total allowable loan amount, the loan shall be provided pursuant to the terms and conditions of the financing program year in which the construction loan component of the project was certified by the department and in which the trust issued an interim financing program loan or, in the absence of an interim financing program loan, the terms and conditions of the State fiscal year 2022 financing program.
5. Section 5 of P.L.2021, c.204 is amended to read as follows:
5. In accordance with and subject to the provisions of sections 5, 6, and 23 of P.L.1985, c.334 (C.58:11B‑5, 58:11B‑6, and 58:11B‑23), and as set forth in the financial plan required pursuant to section 21 of P.L.1985, c.334 (C.58:11B‑21), or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1), any proceeds from bonds issued by the trust to make loans for priority environmental infrastructure projects listed in sections 2 and 4 of P.L.2021, c.204, as amended by P.L.2021, c.316, 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 P.L.2021, c.204, as amended by P.L.2021, c.316, may be applied for the payment of capitalized interest and for the payment of any issuance expenses; for the payment of reserve capacity expenses; for the payment of debt service reserve fund expenses for the payment of the loan origination fees; and for the payment of increased costs, as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27).
6. Section 6 of P.L.2021, c.204 is amended to read as follows:
6. Any loan made by the New Jersey Infrastructure Bank pursuant to P.L.2021, c.204, as amended by P.L.2021, c.316, 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 P.L.2021, c.204, as amended by P.L.2021, c.316, shall not exceed the allowable project cost of the environmental infrastructure facility, exclusive of capitalized interest, administrative expenses associated with federal funding programs, if applicable, and issuance expenses as provided in subsection b. of section 7 of P.L.2021, c.204, as amended by P.L.2021, c.316, reserve capacity expenses and the debt service reserve fund expenses as provided in subsection c. of section 7 of P.L.2021, c.204, as amended by P.L.2021, c.316, interest earned on project costs as provided in subsection d. of section 7 of P.L.2021, c.204, as amended by P.L.2021, c.316, the amounts of the loan origination fee as provided in subsection e. of section 7 of P.L.2021, c.204, as amended by P.L.2021, c.316, refunding increases as provided in section 8 of P.L.2021, c.204, as amended by P.L.2021, c.316, 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 P.L.2021, c.204, as amended by P.L.2021, c.316, adjusted for underwriting discount and original issue discount or premium, in accordance with the terms and conditions set forth in the financial plan required pursuant to section 21 of P.L.1985, c.334 (C.58:11B‑21) or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1); and
f. The loan shall be subject to all other terms and conditions as the trust shall determine to be consistent with the provisions of P.L.1985, c.334 (C.58:11B‑1 et seq.) and any rules and regulations adopted pursuant thereto, and with the financial plan required by section 21 of P.L.1985, c.334 (C.58:11B‑21) or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1).
g. Notwithstanding any provision of P.L.2021, c.204, as amended by P.L.2021, c.316, or a financial plan of the trust for State fiscal years 2018 through 2021 developed pursuant to section 21 of P.L.1985, c.334 (C.58:11B-21) or section 25 of P.L.1997, c.224 (C.58:11B-21.1) to the contrary, a loan for an environmental infrastructure project listed in section 2 or 3 of P.L.2021, c.204, as amended by P.L.2021, c.316, that is partially funded from the proceeds of bonds issued by the trust to the United States Environmental Protection Agency pursuant to the federal "Water Infrastructure Finance and Innovation Act of 2014," 33 U.S.C. s.3901 et seq., shall be subject to terms and conditions regulating the blending of federal and other funds that are consistent with those provisions of Section III of the applicable financial plan of the trust for State fiscal year 2021 that reference the federal "Water Infrastructure Finance and Innovation Act of 2014."
h. The eligibility lists and authorization for the making of loans pursuant to P.L.2021, c.204, as amended by P.L.2021, c.316, shall expire on July 1, 2022, and any project sponsor which has not executed and delivered a loan agreement with the trust for a loan authorized in P.L.2021, c.204, as amended by P.L.2021, c.316, shall no longer be entitled to that loan.
7. Section 7 of P.L.2021, c.204 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 P.L.2021, c.204, as amended by P.L.2021, c.316, 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 P.L.2021, c.204, as amended by P.L.2021, c.316, by the amount of capitalized interest, issuance expenses, and administrative expenses associated with federal funding programs, if applicable, allocable to each loan made by the trust pursuant to P.L.2021, c.204, as amended by P.L.2021, c.316.
c. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of P.L.2021, c.204, as amended by P.L.2021, c.316, 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 P.L.2021, c.204, as amended by P.L.2021, c.316.
d. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of P.L.2021, c.204, as amended by P.L.2021, c.316, 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 P.L.2021, c.204, as amended by P.L.2021, c.316, by the loan origination fee.
f. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of P.L.2021, c.204, as amended by P.L.2021, c.316, 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.2021, c.203, as amended by P.L.2021, c.328 in connection with the project costs of the project sponsor, to the extent the priority ranking or an insufficiency of funding prevents the department from meeting program demand, and for lead abatement projects ineligible for department loans under the Federal Clean Water Act and Safe Drinking Water Act.
8. Section 8 of P.L.2021, c.204 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, or P.L.2021, c.204, as amended by P.L.2021, c.316, provided that adequate savings are achieved, to compensate for a refunding of trust bonds issued to make loans authorized by the aforementioned acts.
9. Section 9 of P.L.2021, c.204 is amended to read as follows:
9. The expenditure of funds authorized pursuant to P.L.2021, c.204, as amended by P.L.2021, c.316, is subject to the provisions of P.L.1977, c.224 (C.58:12A-1 et al.), P.L.1985, c.329, P.L.1985, c.334 (C.58:11B‑1 et seq.) as amended and supplemented by P.L.1997, c.224, P.L.1992, c.88, P.L.1989, c.181, P.L.1997, c.223, P.L.1997, c.225, P.L.1999, c.175, or P.L.2003, c.162, the rules and regulations adopted pursuant thereto, and the Federal Safe Drinking Water Act, as appropriate.
10. Section 10 of P.L.2021, c.204 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.2021, c.203, as amended by P.L.2021, c.328, as appropriate, and from any net earnings received from the investment and reinvestment of such deposits, an amount of up to $1 billion, to the extent funds are available, consisting of:
(1) The uncommitted balance currently on deposit as of July 1, 2021 in the special fund (hereinafter referred to as the “Interim Environmental Financing Program Fund”) created and established by the trust for the short-term or temporary loan financing or refinancing program (hereinafter referred to as the “Interim Environmental Financing Program”) authorized pursuant to subsection d. of section 9 of P.L.1985, c.334 (C.58:11B-9), which balance previously had been appropriated to the trust for such purpose pursuant to section 11 of P.L.2019, c.192, less any Interim Environmental Financing Program Fund amounts appropriated to the Department of Environmental Protection to supplement the sums appropriated from the Clean Water State Revolving Fund for clean water projects pursuant to the Federal Clean Water Act and from the Drinking Water State Revolving Fund for drinking water projects pursuant to the Federal Safe Drinking Water Act, provided that at no time shall funds committed pursuant to this section exceed funds required by the Department of Environmental Protection to meet long-term obligations; and
(2) such other amounts to be deposited in the Interim Environmental Financing Program Fund, in an aggregate amount that does not exceed at any time, the amount appropriated, provided that the amount so reappropriated and appropriated to the trust for deposit in the Interim Environmental Financing Program Fund shall be utilized by the trust to make short-term or temporary loans pursuant to the Interim Environmental Financing Program to any one or more of the project sponsors, for the respective projects thereof, identified in the interim environmental financing project priority list (hereinafter referred to as the “Interim Environmental Financing Program Project Priority List”) in the form provided to the Legislature by the Commissioner of Environmental Protection.
b. The Interim Environmental Financing Program Project Priority List shall be submitted to the Secretary of the Senate and the Clerk of the General Assembly at least once each fiscal year. The Secretary of the Senate and the Clerk of the General Assembly shall cause the date of submission to be entered upon the Senate Journal and the Minutes of the General Assembly, respectively. Any environmental infrastructure project or the project sponsor thereof not identified in the Interim Environmental Financing Program Project Priority List shall not be eligible for a short-term or temporary loan from the Interim Environmental Financing Program Fund.
c. The trust may issue market rate interest short-term temporary loans for wastewater treatment and water supply projects on the Interim Environmental Financing Program Project Priority List for the reduction of lead in publicly-owned facilities otherwise ineligible to receive funding for that purpose pursuant to subsection a. of this section.
11. This act shall take effect immediately.
Approved December 21, 2021.