Authorizes NJ Infrastructure Bank to expend certain sums to make loans for environmental infrastructure projects for FY2027, the official text

SENATE, No. 4220

STATE OF NEW JERSEY

222nd LEGISLATURE

INTRODUCED MAY 11, 2026

Sponsored by:

Senator  RAJ MUKHERJI

District 32 (Hudson)

Senator  CARMEN F. AMATO, JR.

District 9 (Ocean)

Senator  NICHOLAS P. SCUTARI

District 22 (Somerset and Union)

Assemblywoman  MARISA SWEENEY

District 25 (Morris and Passaic)

Assemblyman  ROY FREIMAN

District 16 (Hunterdon, Mercer, Middlesex and Somerset)

Assemblyman  GABRIEL RODRIGUEZ

District 33 (Hudson)

Co-Sponsored by:

Senators Testa, Bramnick, Space, Singer, Pennacchio,
Holzapfel, A.M.Bucco, Steinhardt, Schepisi, Polistina, Tiver, Corrado, Henry,
Assemblymen Calabrese, Singh, Assemblywoman Brennan, Assemblymen Wainstein and
Sampson

SYNOPSIS

Authorizes NJ Infrastructure Bank to expend certain
sums to make loans for environmental infrastructure projects for FY2027.

CURRENT VERSION OF TEXT

As introduced.

An Act authorizing the expenditure of funds by the New Jersey
Infrastructure Bank for the purpose of making loans to eligible project
sponsors to finance a portion of the cost of construction of environmental
infrastructure projects, and making an appropriation.

Be It
Enacted by the Senate and General Assembly of
the State of New Jersey:

1.  a.  The New Jersey
Infrastructure Bank, established pursuant to P.L.1985, c.334 (C.58:11B-1 et
seq.) (hereinafter referred to as “the trust”), is authorized to expend the
aggregate sum of up to $3.85 billion and any uncommitted balance of the
aggregate expenditures authorized pursuant to section 1 of P.L.2000, c.93,
section 1 of P.L.2001, c.224, section 1 of P.L.2002, c.71, section 1 of
P.L.2003, c.159, section 1 of P.L.2004, c.110, section 1 of P.L.2005, c.197,
section 1 of P.L.2006, c.67, section 1 of P.L.2007, c.140, section 1 of
P.L.2008, c.67, section 1 of P.L.2009, c.101, section 1 of P.L.2010, c.62,
section 1 of P.L.2011, c.95, section 1 of P.L.2012, c.38, section 1 of
P.L.2013, c.94, section 1 of P.L.2014, c.26, section 1 of P.L.2015, c.107,
section 1 of P.L.2016, c.31, as amended by P.L.2017, c.13, section 1 of
P.L.2017, c.142, as amended by P.L.2017, c.327, P.L.2018, c.84, as amended by
P.L.2019, c.30, section 1 of P.L.2019, c.192, as amended by P.L.2019, c.515,
P.L.2020, c.48, as amended by P.L.2021, c.22, section 1 of P.L.2021, c.204, as
amended by P.L.2021, c.316, P.L.2022, c.100, as amended by P.L.2023, c.5,
P.L.2023, c.119, as amended by P.L.2023, c.343, P.L.2024, c.41, as amended by
P.L.2025, c.8, and P.L.2025, c.125, as amended by P.L.2025, c.183, for the
purpose of making loans, to the extent sufficient funds are available, to or on
behalf of local government units or public water utilities (hereinafter
referred to as “project sponsors”) to finance all or a portion of the cost of
construction of environmental infrastructure projects listed in sections 2 and
4 of this act.

b.  The trust is authorized to
increase the aggregate sums specified in subsection a. of this section by:

(1) the amounts of capitalized
interest, interest accrued pursuant to a short-term or temporary loan made to a
project sponsor pursuant to the Interim Environmental Financing Program,
administrative expenses associated with any federal funding programs, if
applicable, and the bond issuance expenses as provided in subsection b. of
section 7 of this act;

(2) the amounts of reserve
capacity expenses and debt service reserve fund requirements as provided in
subsection c. of section 7 of this act;

(3) the interest earned on
amounts deposited for project costs pending their distribution to project
sponsors as provided in subsection d. of section 7 of this act;

(4) the amounts of the loan
origination fee as provided in subsection e. of section 7 of this act;

(5) the amount appropriated to
the Department of Environmental Protection for the purpose of making
zero-interest and principal-forgiveness loans pursuant to section 3 of P.L. ,
c. (pending before the Legislature as Senate Bill No. 4221 of
the 2026-2027 session and Assembly Bill No. of the
2026-2027 session) in connection with the project costs of a particular project
sponsor, to the extent the priority ranking or an insufficiency of funding
prevent the department from meeting program demand as provided in subsection f.
of section 7 of this act; and

(6) any funds transferred to
the trust by the department pursuant to paragraph (21) of subsection a. of
section 1 of P.L. , c. (pending before
the Legislature as Senate Bill No. 4221 of the 2026-2027 session and Assembly
Bill No. of the 2026-2027 session).

c.  (1) Of the sums made
available to the trust from the “Water Supply Trust Fund” established pursuant
to subsection a. of section 15 of the “Water Supply Bond Act of 1981”
(P.L.1981, c.261), pursuant to P.L.1997, c.223, the trust is authorized to
transfer such amounts to the Department of Environmental Protection as needed
for drinking water project loans pursuant to the “Safe Drinking Water Act
Amendments of 1996,” Pub.L.104-182, and any amendatory and supplementary acts
thereto (hereinafter referred to as the “Federal Safe Drinking Water Act”),
under terms and conditions established by the Commissioner of Environmental
Protection and the trust, and approved by the State Treasurer, which loans
shall be jointly administered by the trust and department.

(2) Of the sums appropriated
to the trust from the “Wastewater Treatment Trust Fund” established pursuant to
section 15 of the “Wastewater Treatment Bond Act of 1985,” (P.L.1985, c.329),
pursuant to P.L.1987, c.198, the trust is authorized to transfer such amounts
as needed to the Clean Water State Revolving Fund established pursuant to
section 1 of P.L.2009, c.77 for the purposes of issuing loans or providing the
State match as required for the award of capitalization grants made available
to the State for clean water projects pursuant to the “Water Quality Act of
1987” (33 U.S.C. s.1251 et seq.), and any amendatory and supplementary acts
thereto (hereinafter referred to as the “Federal Clean Water Act”).

(3) Of the sums appropriated
to the trust from the “1992 Wastewater Treatment Trust Fund” established
pursuant to section 27 of the “Green Acres, Clean Water, Farmland and Historic
Preservation Bond Act of 1992” (P.L.1992, c.88), pursuant to P.L.1996, c.86,
the trust is authorized to transfer such amounts as needed to the Clean Water
State Revolving Fund for the purpose of providing the State match as required
for the award of capitalization grants made available to the State for clean
water projects pursuant to the Federal Clean Water Act.

(4) Of the sums appropriated
to the trust from the “Stormwater Management and Combined Sewer Overflow
Abatement Fund” created pursuant to section 14 of the “Stormwater Management
and Combined Sewer Overflow Abatement Bond Act of 1989,” P.L.1989, c.181,
pursuant to P.L.1998, c.87, the trust is authorized to transfer such amounts as
needed to the Clean Water State Revolving Fund for the purpose of providing the
State match as required for the award of capitalization grants made available
to the State for clean water projects pursuant to the Federal Clean Water Act.

(5) Of the sums appropriated
to the trust from the “2003 Water Resources and Wastewater Treatment Trust Fund”
established pursuant to subsection b. of section 19 of the “Dam, Lake, Stream,
Flood Control, Water Resources, and Wastewater Treatment Project Bond Act of
2003” (P.L.2003, c.162), pursuant to P.L.2004, c.110, the trust is authorized
to transfer such amounts as needed to the Clean Water State Revolving Fund for
the purpose of providing the State match as required for the award of
capitalization grants made available to the State for clean water projects
pursuant to the Federal Clean Water Act.

(6)  Of the sums appropriated
to the trust from repayments of loans deposited in any account, including the “Clean
Water State Revolving Fund,” “Wastewater Treatment Fund,” the “1992 Wastewater
Treatment Fund,” the “Water Supply Fund,” the “Stormwater Management and
Combined Sewer Overflow Abatement Fund” or the “Drinking Water State Revolving
Fund,” as appropriate, pursuant to sections 11 and 12 of P.L.1995, c.219,
sections 11 and 12 of P.L.1996, c.85, sections 11 and 12 of P.L.1997, c.221,
sections 12 and 13 of P.L.1998, c.84, section 11 of P.L.1999, c.174, section 11
of P.L.2000, c.92, section 11 of P.L.2001, c.222, section 11 of P.L.2002, c.70,
section 11 of P.L.2003, c.158, section 11 of P.L.2004, c.109, section 11 of
P.L.2005, c.196, section 11 of P.L.2006, c.68, section 10 of P.L.2007, c.140,
section 10 of P.L.2008, c.67, section 10 of P.L.2009, c.101, section 10 of
P.L.2010, c.62, section 10 of P.L.2011, c.95, section 10 of P.L.2012, c.38,
section 10 of P.L.2013, c.94, section 10 of P.L.2014, c.26, section 10 of
P.L.2015, c.107, section 10 of P.L.2016, c.31, section 10 of P.L.2017, c.142,
as amended by section 10 of P.L.2017, c.327, section 10 of P.L.2018, c.84, as
amended by P.L.2019, c.30, section 10 of P.L.2019, c.192, as amended by section
10 of P.L.2019, c.515, section 10 of P.L.2020, c.48, as amended by P.L.2021,
c.22, section 10 of P.L.2021, c.204, as amended by P.L. 2021, c.316, section 10
of P.L.2022, c.100, as amended by P.L.2023, c.5, section 10 of P.L.2023, c.119,
as amended by P.L.2023, c.343, P.L.2024, c.41, as amended by P.L.2025, c.8, P.L.2025,
c.125, as amended by P.L.2025, c.183, and section 10 of this act, for deposit
into one or more reserve funds or accounts established by the trust pursuant to
section 11 of P.L.1985, c.334 (C.58:11B-11), the trust shall transfer to the
respective fund of origin the uncommitted balance of all such moneys no longer
utilized by the trust for such purposes.

d.  For the purposes of this
act:

“Capitalized interest” means
the amount equal to interest paid on trust bonds which is funded with trust
bond proceeds and the earnings thereon;

“Debt service reserve fund
expenses” means the debt service reserve fund costs associated with reserve
capacity expenses, water supply projects for which the project sponsors are
public water utilities as provided in section 9 of P.L.1985, c.334
(C.58:11B-9), other drinking water projects not eligible for, or interested in,
State or federal debt service reserve funds pursuant to the “Water Supply Bond
Act of 1981,” P.L.1981, c.261 as amended and supplemented by P.L.1997, c.223,
and any clean water projects not eligible for, or interested in, State or
federal debt service reserve funds from the Clean Water State Revolving Fund;

“Issuance expenses” means any
costs related to the issuance of trust bonds and includes, but is not limited
to, the costs of financial document printing, bond insurance premiums or other
credit enhancement, underwriters’ discount, verification of financial
calculations, the services of bond rating agencies and trustees, and the
employment of accountants, attorneys, financial advisors, loan servicing agents,
registrars, and paying agents;

“JMEUC” means the Joint
Meeting of Essex and Union Counties.

“Loan origination fee” means
the fee charged by the Department of Environmental Protection and financed
under the trust loan to pay a portion of the costs incurred by the department
in the implementation of the New Jersey Environmental Infrastructure Financing
Program; and

“Reserve capacity expenses”
means those project costs for reserve capacity not eligible for loans under
rules and regulations governing zero-interest loans adopted by the Commissioner
of Environmental Protection pursuant to section 4 of P.L.1985, c.329, but which
are eligible for loans from the trust in accordance with the rules and
regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334
(C.58:11B-27).

e.   The trust is authorized
to increase the loan amount in the future to compensate for a refunding of the
issue, provided adequate savings are achieved, for the loans issued pursuant to
P.L.1995, c.218, P.L.1996, c.87, P.L.1997, c.222, P.L.1998, c.85, P.L.1999,
c.173, P.L.2000, c.93, P.L.2001, c.224, P.L.2002, c.71, P.L.2003, c.159,
P.L.2004, c.110, P.L.2005, c.197, P.L.2006, c.67, P.L.2007, c.140, P.L.2008,
c.67, P.L.2009, c.101, P.L.2010, c.62, P.L.2011, c.95, P.L.2012, c.38,
P.L.2013, c.94, P.L.2014, c.26, P.L.2015, c.107, P.L.2016, c.31, as amended by
P.L.2017, c.13, P.L.2017, c.142, as amended by P.L.2017, c.327, P.L.2018, c.84,
as amended by P.L.2019, c.30, P.L.2019, c.192, as amended by P.L.2019, c.515,
P.L.2020, c.48, as amended by P.L.2021, c.22, P.L.2021, c.204, as amended by
P.L.2021, c.316, P.L.2022, c.100, as amended by P.L.2023, c.5, P.L.2023, c.119,
as amended by P.L.2023, c.343, section 10 of P.L.2024, c.41, as amended by
P.L.2025, c.8., P.L.2025, c.125, as amended by P.L.2025, c.182, and section 10
of this act.

2.  a.  (1) The New Jersey
Infrastructure Bank is authorized to expend funds for the purpose of making
supplemental loans to or on behalf of the project sponsors listed below for the
following clean water environmental infrastructure projects:

Project Sponsor

Project Number

Estimated Allowable Trust Loan
Amount

Estimated Total Loan Amount

Camden County Municipal
Utilities Authority

S340640-32R

$15,000,000

$20,000,000

Camden County Municipal
Utilities Authority

S340640-33R

$9,075,000

$12,100,000

Elizabeth City

S340942-20R

$4,350,000

$5,800,000

Hoboken City

S340635-08R

$7,875,000

$10,500,000

Jersey City Municipal Utilities
Authority

S340928-37R

$32,775,000

$43,700,000

North Bergen Municipal Utilities
Authority

S340652-16R

$13,200,000

$17,600,000

North Hudson Sewer Authority

S340952-37R

$2,550,000

$3,400,000

North Hudson Sewer Authority

S340952-40R

$3,750,000

$5,000,000

North Hudson Sewer Authority

S340952-42R

$17,925,000

$23,900,000

Passaic Valley Sewerage Commission

S340689-51R

$45,600,000

$60,800,000

Passaic Valley Sewerage Commission

S340689-37R

$24,000,000

$32,000,000

Ridgefield Park Village

S340688-06R

$1,425,000

$1,900,000

Total Projects: 12

$177,525,000

$236,700,000

(2) A loan authorized by this
subsection shall be made to or on behalf of the project sponsor listed, up to
the individual amount indicated, to the extent sufficient funds are available,
except if a project fails to meet the requirements of section 6 of this act.

(3) The loans for projects
authorized by this subsection shall have priority over the environmental
infrastructure projects listed in subsection a. of section 4 of this act.

b.  (1) The trust is
authorized to expend funds for the purpose of making supplemental loans to or
on behalf of the project sponsors listed below for the following drinking water
environmental infrastructure projects:

Project Sponsor

Project Number

Estimated Allowable Trust Loan
Amount

Estimated Total Loan Amount

Brick Township Municipal Utilities
Authority

1506001-011R

$2,812,500

$3,750,000

Camden City

0408001-001R

$9,750,000

$13,000,000

East Orange City

0705001-014R

$1,500,000

$2,000,000

New Brunswick City

1214001-005R

$56,778,750

$75,705,000

Total Projects: 4

$70,841,250

$94,455,000

(2) A loan authorized by this
subsection shall be made to or on behalf of the project sponsor listed, up to
the individual amount indicated, to the extent sufficient funds are available,
except if a project fails to meet the requirements of section 6 of this act.

(3) The loans for projects
authorized by this subsection shall have priority over environmental
infrastructure projects listed in subsection b. of section 4 of this act.

c.  The trust is authorized to
adjust the allowable trust loan amount for the projects authorized in this
section to between zero percent and 100 percent of the total allowable loan
amount.

3.  a.  The New Jersey
Infrastructure Bank is authorized to make loans to or on behalf of the project
sponsors for the clean water projects listed in subsection a. of section 2 and
subsection a. of section 4 of this act up to the individual amounts indicated
and in the priority stated, except that any such amount may be reduced by the
trust pursuant to subsection a. of section 7 of this act, or if a project fails
to meet the requirements of section 6 of this act.  The trust is authorized to
increase any such amount pursuant to subsections b., c., d., e., or f. of
section 7 of this act, or pursuant to section 8 of this act.

b.  The trust is authorized to
make loans to project sponsors for the drinking water projects listed in
subsection b. of section 4 of this act up to the individual amounts indicated
and in the priority stated, except that any such amount may be reduced by the
trust pursuant to subsection a. of section 7 of this act, or if a project fails
to meet the requirements of section 6 of this act.  The trust is authorized to
increase any such amount pursuant to subsections b., c., d., e., or f. of
section 7 of this act or pursuant to section 8 of this act.

c.  The trust is authorized to
make loans to local government units for clean water and drinking water
projects partially funded from the “Pinelands Infrastructure Trust Fund”
established pursuant to section 14 of P.L.1985, c.302 for the balance of
allowable project costs up to the individual amounts indicated, provided that
any such amount may be reduced by the trust pursuant to subsection a. of
section 7 of this act, or if a project fails to meet the requirements of
section 6 of this act.  There is appropriated to the trust from the “Pinelands
Infrastructure Trust Fund” established pursuant to section 14 of the “Pinelands
Infrastructure Trust Bond Act of 1985,” P.L.1985, c.302, an amount sufficient
to implement the provisions of this subsection.

The following local government
units are eligible for funding from the “Pinelands Infrastructure Trust Fund”
and for loans from the trust in accordance with the rules and regulations
adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27)
for the following clean water and drinking water projects:

Project Sponsor

Project Number

Estimated Total Loan Amount

Pemberton Twp.

Pinelands 1

$2,929,000

Manchester Twp./Jackson MUA

Pinelands 2

$7,192,035

Galloway Twp.

Pinelands 4

$3,493,440

Winslow Twp.

Pinelands 5

$1,728,940

Total Pinelands Projects: 4

$15,343,415

d.  Notwithstanding the
provisions of any applicable law or regulation to the contrary, drinking water
projects may be funded by the “Pinelands Infrastructure Trust Fund” established
pursuant to section 14 of the “Pinelands Infrastructure Trust Bond Act of
1985,” P.L.1985, c.302.  Drinking water projects financed by the Pinelands
Infrastructure Trust Fund shall be funded in accordance with the regulations
applicable to the financing of wastewater projects by the Pinelands
Infrastructure Trust Fund unless and until regulations specific to the
financing of drinking water projects are promulgated.

4.  a.  The following
environmental infrastructure projects shall be known and may be cited as the “Storm
Sandy and State Fiscal Year 2027 Clean Water Project Eligibility List”:

Project Sponsor

Project Number

Estimated Allowable Trust Loan
Amount

Estimated Total Loan Amount

Oakland Borough

S340418-06

$5,790,000

$7,720,000

Rahway Valley Sewerage
Authority

S340547-17

$4,500,000

$6,000,000

Rahway Valley Sewerage Authority

S340547-18

$5,625,000

$7,500,000

Mendham Borough

S340159-04

$4,125,000

$5,500,000

Newark City

S340815-25

$750,000

$1,000,000

Berkeley Heights Township

S340385-05

$5,625,000

$7,500,000

Camden County Municipal
Utilities Authority

S340640-32

$26,925,000

$35,900,000

Montgomery Township

S340130-03

$21,750,000

$29,000,000

Newton Town

S340449-09

$5,250,000

$7,000,000

Montgomery Township

S340130-05

$14,812,500

$19,750,000

Camden City

S340366-14

$7,027,500

$9,370,000

Jersey City Municipal Utilities
Authority

S340928-37

$37,651,862

$50,202,482

Middlesex County Utilities
Authority

S340699-18

$15,750,000

$21,000,000

Middlesex County
Utilities Authority

S340699-21

$26,625,000

$35,500,000

Middlesex County
Utilities Authority

S340699-17

$19,500,000

$26,000,000

North Bergen Municipal
Utilities Authority

S340652-16

$46,500,000

$62,000,000

Hoboken City

S340635-08

$28,500,000

$38,000,000

Paterson City

S340850-07

$3,000,000

$4,000,000

Elizabeth City

S340942-20

$17,250,000

$23,000,000

Elizabeth City

S345070-01

$3,000,001

$4,000,001

Camden County Municipal
Utilities Authority

S340640-33

$21,750,000

$29,000,000

Kearny Town

S340259-11

$12,750,000

$17,000,000

Ridgefield Park Village

S340688-06

$9,150,000

$12,200,000

Paterson City

S340850-08

$900,000

$1,200,000

Bayshore Regional Sewer Authority

S340697-07

$23,625,000

$31,500,000

Ocean County Utilities
Authority

S340372-64

$37,500,000

$50,000,000

Bayshore Regional Sewer
Authority

S340697-09

$3,847,350

$5,129,800

North Hudson Sewer
Authority

S340952-42

$40,125,000

$53,500,000

North Hudson Sewer
Authority

S340952-40

$17,625,000

$23,500,000

North Hudson Sewer
Authority

S340952-37

$9,750,000

$13,000,000

North Hudson Sewer
Authority

S340952-39

$13,500,000

$18,000,000

Perth Amboy City

S340435-22

$5,250,000

$7,000,000

Verona Township

S340533-05

$1,875,000

$2,500,000

Hackensack City

S340923-16

$10,500,000

$14,000,000

Millville City

S340921-09

$8,250,000

$11,000,000

Ship Bottom Borough

S340311-06

$2,212,500

$2,950,000

Passaic Valley Sewerage
Commission

S340689-37

$91,125,000

$121,500,000

Passaic Valley Sewerage Commission

S340689-44

$18,000,000

$24,000,000

Passaic Valley Sewerage
Commission

S345200-01

$7,500,000

$10,000,000

Passaic Valley Sewerage
Commission

S340689-51

$92,437,500

$123,250,000

Passaic Valley Sewerage Commission

S340689-49

$222,102,676

$296,136,901

Passaic Valley Sewerage Commission

S340689-33

$80,250,000

$107,000,000

Mount Laurel Township
Municipal Utilities Authority

S340943-08

$5,400,000

$7,200,000

Pennsville Sewerage
Authority

S340870-05

$7,500,000

$10,000,000

Beach Haven Borough

S344220-01

$2,700,000

$3,600,000

Stony Brook Regional Sewer
Authority

S340400-12

$17,400,000

$23,200,000

Ocean County Utilities Authority

S340372-78

$862,500

$1,150,000

Bergen County Utilities
Authority

S340386-23

$45,000,000

$60,000,000

Camden County Municipal
Utilities Authority

S340640-44

$1,275,000

$1,700,000

Linden Roselle Sewer
Authority

S340299-08

$20,250,000

$27,000,000

Flemington Borough

S340440-06

$1,102,500

$1,470,000

Elizabeth City (JMEUC)

S340686-11b

$4,800,000

$6,400,000

Newark City (JMEUC)

S340686-11g

$1,042,500

$1,390,000

East Orange City (JMEUC)

S340686-11a

$508,500

$678,000

Union Township (JMEUC)

S340686-11k

$1,837,500

$2,450,000

Irvington Township (JMEUC)

S340686-11d

$1,687,500

$2,250,000

West Orange Township (JMEUC)

S340686-11l

$1,200,000

$1,600,000

Maplewood Township (JMEUC)

S340686-11e

$712,500

$950,000

Hillside Township (JMEUC)

S340686-11c

$711,000

$948,000

Summit City (JMEUC)

S340686-11j

$900,000

$1,200,000

Millburn Township (JMEUC)

S340686-11f

$650,250

$867,000

South Orange Village
Township (JMEUC)

S340686-11i

$531,000

$708,000

Roselle Park Borough (JMEUC)

S340686-11h

$390,000

$520,000

Berkeley Township

S344020-03

$1,612,500

$2,150,000

Bergen County Utilities
Authority

S340386-26

$4,500,000

$6,000,000

Camden County Municipal
Utilities Authority

S340640-37

$31,800,000

$42,400,000

East Orange City (JMEUC)

S340686-12a

$1,800,000

$2,400,000

Elizabeth City (JMEUC)

S340686-12b

$20,625,000

$27,500,000

Hillside Township (JMEUC)

S340686-12c

$2,700,000

$3,600,000

Irvington Township (JMEUC)

S340686-12d

$7,050,000

$9,400,000

Maplewood Township (JMEUC)

S340686-12e

$2,767,500

$3,690,000

Millburn Township (JMEUC)

S340686-12f

$2,460,000

$3,280,000

Newark City (JMEUC)

S340686-12g

$4,125,000

$5,500,000

Roselle Park Borough (JMEUC)

S340686-12h

$1,267,500

$1,690,000

South Orange Village
Township (JMEUC)

S340686-12i

$1,875,000

$2,500,000

Summit City (JMEUC)

S340686-12j

$3,600,000

$4,800,000

Union Township (JMEUC)

S340686-12k

$7,650,000

$10,200,000

West Orange Township (JMEUC)

S340686-12l

$4,875,000

$6,500,000

Bergen County Utilities
Authority

S340386-13

$63,750,000

$85,000,000

East Orange City (JMEUC)

S340686-08a

$1,443,750

$1,925,000

Elizabeth City (JMEUC)

S340686-08b

$16,188,750

$21,585,000

Hillside Township (JMEUC)

S340686-08c

$2,141,250

$2,855,000

Irvington Township (JMEUC)

S340686-08d

$5,538,750

$7,385,000

Maplewood Township (JMEUC)

S340686-08e

$2,178,750

$2,905,000

Millburn Township (JMEUC)

S340686-08f

$1,942,500

$2,590,000

Newark City (JMEUC)

S340686-08g

$3,262,500

$4,350,000

Roselle Park Borough (JMEUC)

S340686-08h

$1,020,000

$1,360,000

South Orange Village Township (JMEUC)

S340686-08i

$1,515,000

$2,020,000

Summit (JMEUC) City

S340686-08j

$2,842,500

$3,790,000

Union Township (JMEUC)

S340686-08k

$6,022,500

$8,030,000

West Orange Township (JMEUC)

S340686-08l

$3,847,500

$5,130,000

Lambertville Municipal
Utilities Authority

S340882-11

$1,575,000

$2,100,000

Lakehurst Borough

S340150-01

$1,200,000

$1,600,000

Landis Sewerage
Authority

S340461-07

$2,250,000

$3,000,000

Rockaway Valley Regional Sewer
Authority

S340821-11

$10,125,000

$13,500,000

Cumberland County
Utilities Authority

S340550-09

$10,500,000

$14,000,000

Seaside Heights Borough

S340236-02

$4,125,000

$5,500,000

South Monmouth Regional Sewer
Authority

S340377-08

$1,725,000

$2,300,000

Passaic Valley Sewerage
Commission

S340689-57

$32,175,000

$42,900,000

East Orange City (JMEUC)

S340686-13a

$339,750

$453,000

Elizabeth City (JMEUC)

S340686-13b

$3,210,000

$4,280,000

Hillside Township (JMEUC)

S340686-13c

$480,000

$640,000

Irvington Township (JMEUC)

S340686-13d

$1,147,500

$1,530,000

Maplewood Township (JMEUC)

S340686-13e

$487,500

$650,000

Millburn Township (JMEUC)

S340686-13f

$435,000

$580,000

Newark City (JMEUC)

S340686-13g

$712,500

$950,000

Roselle Park Borough (JMEUC)

S340686-13h

$255,000

$340,000

South Orange Village
Township (JMEUC)

S340686-13i

$355,500

$474,000

Summit City (JMEUC)

S340686-13j

$618,750

$825,000

Union Township (JMEUC)

S340686-13k

$1,237,500

$1,650,000

West Orange Township (JMEUC)

S340686-13l

$810,000

$1,080,000

Hamilton Township

S340898-06

$3,037,500

$4,050,000

South Monmouth Regional
Sewer Authority

S340377-07

$2,827,500

$3,770,000

Long Branch Sewerage Authority

S340336-11

$1,837,500

$2,450,000

Maple Shade Township

S340710-06

$1,612,500

$2,150,000

Metuchen Borough

S340360-02

$6,750,000

$9,000,000

Newton Town

S340449-08

$2,737,500

$3,650,000

Stafford Township

S340946-11

$10,050,000

$13,400,000

Stafford Township

S340946-12

$6,000,000

$8,000,000

Vernon Township

S340745-03

$2,271,750

$3,029,000

Little Egg Harbor
Municipal Utilities Authority

S340579-05

$3,150,000

$4,200,000

Hightstown Borough

S340915-08

$1,875,000

$2,500,000

Tuckerton Borough

S340034-06

$900,000

$1,200,000

Pleasantville City

S340752-04

$3,246,413

$4,328,550

Middlesex County
Utilities Authority

S340699-20

$11,250,000

$15,000,000

Woodbridge Township

S340433-13

$6,375,000

$8,500,000

Middlesex County
Utilities Authority

S340699-16

$20,250,000

$27,000,000

Monmouth County
Bayshore Outfall Authority

S340325-04

$2,062,500

$2,750,000

Monmouth County
Bayshore Outfall Authority

S340325-04a

$2,062,500

$2,750,000

Camden County Municipal
Utilities Authority

S340640-30

$5,625,000

$7,500,000

Camden County Municipal Utilities
Authority

S340640-34

$13,350,000

$17,800,000

Rockaway Valley
Regional Sewer Authority

S340821-10

$6,375,000

$8,500,000

Toms River Municipal
Utilities Authority

S340145-10

$4,732,500

$6,310,000

Toms River Municipal
Utilities Authority

S340145-07

$6,750,000

$9,000,000

Two Rivers Water
Reclamation Authority

S340117-10

$2,475,000

$3,300,000

Two Rivers Water
Reclamation Authority

S340117-10a

$112,500,000

$150,000,000

Brick Township
Municipal Utilities Authority

S340448-12

$6,750,000

$9,000,000

Brick Township Municipal Utilities
Authority

S340448-15

$1,650,000

$2,200,000

Franklin Township
Sewerage Authority

S340839-11

$1,875,000

$2,500,000

Western Monmouth
Utilities Authority

S340128-08

$6,000,000

$8,000,000

Franklin Township Sewerage
Authority

S340839-10

$7,125,000

$9,500,000

Landis Sewerage
Authority

S340461-10

$2,700,000

$3,600,000

Landis Sewerage
Authority

S340461-06

$2,250,000

$3,000,000

Mount Laurel Township
Municipal Utilities Authority

S340943-09

$4,500,000

$6,000,000

Hackensack City

S340923-22

$1,987,500

$2,650,000

North Brunswick
Township

S340888-04

$2,625,000

$3,500,000

Hillside Township

S340686-10

$2,475,000

$3,300,000

Berkeley Heights
Township

S340385-08

$525,000

$700,000

Edgewater Park Sewerage
Authority

S340108-03

$2,250,000

$3,000,000

Haddon Heights Borough

S340877-02

$487,500

$650,000

Highlands Borough

S340901-05

$6,375,000

$8,500,000

Buena Borough

S340519-01

$2,700,000

$3,600,000

Wildwood Crest Borough

S340719-05

$3,075,000

$4,100,000

Cape May City

S340258-03

$4,687,500

$6,250,000

Gibbsboro Borough

S340871-04

$1,125,000

$1,500,000

Long Beach Township

S340023-10

$5,677,500

$7,570,000

Fieldsboro Borough

S340522-01

$3,750,000

$5,000,000

North Bergen Township

S340652-17

$3,225,000

$4,300,000

Passaic Valley Sewerage
Commission

S340689-46

$51,750,000

$69,000,000

Passaic Valley Sewerage
Commission

S340689-54

$16,950,000

$22,600,000

Ocean Gate Borough

S340151-02

$1,125,000

$1,500,000

Atlantic City

S340439-07

$1,575,000

$2,100,000

Camden County Municipal
Utilities Authority

S340640-35

$3,862,500

$5,150,000

Ocean County Utilities
Authority

S340372-65

$3,150,000

$4,200,000

Northwest Bergen County
Utilities Authority

S340700-22

$2,025,000

$2,700,000

Seaside Heights Borough

S340236-03

$2,550,000

$3,400,000

Seaside Park Borough

S340083-05

$1,275,000

$1,700,000

North Bergen Municipal
Utilities Authority

S340652-19

$975,000

$1,300,000

Boonton Town

S340265-02

$2,475,000

$3,300,000

Runnemede Borough

S340363-07

$8,250,000

$11,000,000

Cumberland County

S340438-03

$1,125,000

$1,500,000

Cumberland County

S340438-03a

$15,000,000

$20,000,000

Little Egg Harbor
Township

S340579-06

$3,000,000

$4,000,000

Gloucester Township

S340364-19

$1,500,000

$2,000,000

Gloucester Township

S340364-16

$450,000

$600,000

Gloucester Township

S340364-17

$967,649

$1,290,198

Gloucester Township

S340364-18

$1,125,000

$1,500,000

Passaic Valley Sewerage Commission

S340689-66

$17,625,000

$23,500,000

Hackensack City

S340923-25

$1,575,000

$2,100,000

Trenton City

S340416-14

$18,000,000

$24,000,000

New Brunswick City

S340437-13

$2,362,500

$3,150,000

Atlantic City Municipal
Utilities Authority

S340439-04

$2,300,000

$3,066,667

East Orange City

S340843-03

$12,825,000

$17,100,000

Sussex County Municipal
Utilities Authority

S342008-07

$5,625,000

$7,500,000

Lakewood Township Municipal
Utilities Authority

S340465-04

$6,000,000

$8,000,000

Passaic Valley Water Commission

S340322-03

$2,850,000

$3,800,000

Manchester Township

S340650-09

$3,262,500

$4,350,000

Manchester Township

S340650-10

$4,500,000

$6,000,000

Lyndhurst Township

S340426-09

$3,000,000

$4,000,000

Pine Hill Municipal
Utilities Authority

S340274-06

$1,500,000

$2,000,000

Boonton Town

S340265-03

$712,500

$950,000

Glen Ridge Borough

S340861-02

$1,575,000

$2,100,000

Bordentown City

S340219-04

$3,000,000

$4,000,000

Island Heights Borough

S340176-03

$750,000

$1,000,000

Total Projects: 194

$1,951,118,701

$2,601,491,599

b.  The following
environmental infrastructure projects shall be known and may be cited as the “State
Fiscal Year 2027 Drinking Water Project Eligibility List”:

Project Sponsor

Project Number

Estimated Allowable Trust Loan
Amount

Estimated Total Loan Amount

Passaic Valley Water
Commission

1605002-002

$41,287,500

$55,050,000

Lakewood Township
Municipal Utilities Authority

1514002-001

$11,250,000

$15,000,000

Orange City

0717001-013

$975,000

$1,300,000

New Brunswick City

1214001-001

$9,637,500

$12,850,000

New Brunswick City

1214001-005

$79,500,000

$106,000,000

Camden City

0408001-001

$55,725,000

$74,300,000

Wildwood City

0514001-007

$18,750,000

$25,000,000

Red Bank Borough

1340001-004

$9,000,000

$12,000,000

Flemington Borough

1009001-010

$300,000

$400,000

Manchester Utilities
Authority

1603001-001

$787,500

$1,050,000

Bloomfield Township

0702001-004

$3,000,000

$4,000,000

Jersey City Municipal
Utilities Authority

0906001-035

$38,587,500

$51,450,000

Merchantville
Pennsauken Water Commission

0424001-006

$7,612,500

$10,150,000

Aqua New Jersey
Incorporated

0415002-001

$6,637,500

$8,850,000

East Newark Borough

0902001-001

$1,537,500

$2,050,000

Ridgewood Village

0251001-001

$46,012,500

$61,350,000

Ridgewood Village

0251001-002

$13,500,000

$18,000,000

Ridgewood Village

0251001-003

$7,200,000

$9,600,000

Ridgewood Village

0251001-004

$9,637,500

$12,850,000

Ridgewood Village

0251001-005

$4,725,000

$6,300,000

Ridgewood Village

0251001-006

$4,725,000

$6,300,000

Belleville Township

0701001-008

$2,676,564

$3,568,752

Livingston Township

0710001-001

$9,000,000

$12,000,000

Livingston Township

0710001-002

$3,750,000

$5,000,000

Ramsey Borough

0248001-016

$2,962,500

$3,950,000

Essex Fells Borough

0706001-004

$3,750,000

$5,000,000

Essex Fells Borough

0706001-005

$3,787,500

$5,050,000

Lake Stockholm Systems,
Inc.

1911002-001

$1,725,000

$2,300,000

Aqua New Jersey
Incorporated

1911004-001

$2,250,000

$3,000,000

Newton Town

1915001-001

$3,000,000

$4,000,000

Atlantic City Municipal
Utilities Authority

0102001-013

$3,900,000

$5,200,000

Washington Township
Municipal Utilities Authority

1438004-005

$6,825,000

$9,100,000

Wildwood City

0514001-008

$2,662,500

$3,550,000

NJ American Water
Company, Inc.

2121001-001

$9,450,000

$12,600,000

Newark City

0714001-023

$17,250,000

$23,000,000

Seaside Heights Borough

1526001-002

$7,500,000

$10,000,000

Allentown Borough

1302001-006

$945,000

$1,260,000

Allentown Borough

1302001-007

$2,437,500

$3,250,000

Bloomfield Township

0702001-006

$7,387,500

$9,850,000

NJ American Water
Company, Inc.

2004002-015

$15,000,000

$20,000,000

Trenton City

1111001-013

$7,893,900

$10,525,200

Ridgewood Village

0251001-007

$13,462,500

$17,950,000

Aqua New Jersey Incorporated

2119001-002

$7,162,500

$9,550,000

Hawthorne Borough

1604001-003

$2,100,000

$2,800,000

Hawthorne Borough

1604001-004

$2,250,000

$3,000,000

Hawthorne Borough

1604001-006

$2,587,500

$3,450,000

Maple Shade Township

0319001-001

$3,600,000

$4,800,000

Margate City

0116001-003

$4,950,000

$6,600,000

Chatham Borough

1404001-001

$7,666,500

$10,222,000

Bayonne City

0901001-005

$9,375,000

$12,500,000

Hightstown Borough

1104001-013

$1,125,000

$1,500,000

Longport Borough

0115001-001

$4,650,000

$6,200,000

Passaic Valley Water
Commission

1605002-033

$3,750,000

$5,000,000

Park Ridge Borough

0247001-002

$3,187,500

$4,250,000

Jersey City Municipal
Utilities Authority

0906001-024

$13,762,500

$18,350,000

Manchester Utilities
Authority

1603001-004

$1,500,000

$2,000,000

Mount Laurel Township
Municipal Utilities Authority

0324001-004

$1,500,000

$2,000,000

Verona Township

0720001-006

$3,750,000

$5,000,000

Verona Township

0720001-007

$3,450,000

$4,600,000

Boonton Town

1401001-003

$4,875,000

$6,500,000

Old Bridge Municipal
Utilities Authority

1209002-005

$3,525,000

$4,700,000

Cape May City

0502001-005

$1,875,000

$2,500,000

Stone Harbor Borough

0510001-001

$6,262,500

$8,350,000

Newton Town

1915001-003

$750,000

$1,000,000

Seaside Heights Borough

1526001-003

$4,050,000

$5,400,000

Hightstown Borough

1104001-011

$825,000

$1,100,000

Hoboken City

0905001-004

$3,112,500

$4,150,000

Burlington City

0305001-003

$1,650,000

$2,200,000

Berkeley Township
Municipal Utilities Authority

1505323-001

$1,575,000

$2,100,000

North Brunswick
Township

1215001-008

$4,875,000

$6,500,000

Edison Township

1205001-001

$6,375,000

$8,500,000

Ship Bottom Borough

1528001-005

$1,687,500

$2,250,000

Little Egg Harbor
Municipal Utilities Authority

1516001-007

$2,625,000

$3,500,000

Clinton Town

1005001-021

$2,887,500

$3,850,000

Clinton Town

1005001-022

$1,687,500

$2,250,000

Glen Ridge Borough

0708001-010

$2,625,000

$3,500,000

North Caldwell Borough

0715001-002

$2,850,000

$3,800,000

Roosevelt Borough

1314001-003

$1,500,000

$2,000,000

Roosevelt Borough

1341001-008

$750,000

$1,000,000

Roosevelt Borough

1341001-009

$600,000

$800,000

Robbinsville Township

1112001-001

$2,062,500

$2,750,000

Evesham Municipal
Utilities Authority

0313001-004

$3,225,000

$4,300,000

Willingboro Municipal
Utilities Authority

0338001-014

$2,625,000

$3,500,000

Marlboro Township

1328002-010

$1,387,500

$1,850,000

Monroe Municipal
Utilities Authority

0811002-003

$4,875,000

$6,500,000

Ventnor City

0122001-003

$3,375,000

$4,500,000

Hawthorne Borough

1604001-005

$1,200,000

$1,600,000

Pine Hill Municipal
Utilities Authority

0428002-006

$2,325,000

$3,100,000

Point Pleasant Beach
Borough

1525001-003

$1,875,000

$2,500,000

Allamuchy Township

2101001-001

$1,125,000

$1,500,000

Ocean Gate Borough

1521001-004

$750,000

$1,000,000

Brookwood Musconetcong
River Property Owners Association

1904001-005

$1,575,000

$2,100,000

Mount Arlington Borough

1426005-001

$1,575,000

$2,100,000

Brick Township
Municipal Utilities Authority

1506001-016

$8,475,000

$11,300,000

Verona Township

0720001-008

$1,500,000

$2,000,000

Pemberton Township

0329004-001

$3,187,500

$4,250,000

Lavallette Borough

1515001-002

$4,987,500

$6,650,000

Harvey Cedars Borough

1509001-002

$2,325,000

$3,100,000

Total Projects: 98

$679,781,964

$906,375,952

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 2027 financing program.

5.  In accordance with and
subject to the provisions of sections 5, 6, and 23 of P.L.1985, c.334
(C.58:11B-5, C.58:11B-6, and C.58:11B-23), and as set forth in the financial
plan required pursuant to section 21 of P.L.1985, c.334 (C.58:11B-21), or the
financial plan required pursuant to section 25 of P.L.1997, c.224
(C.58:11B-21.1), any proceeds from bonds issued by the trust to make loans for
priority environmental infrastructure projects listed in sections 2 and 4 of
this act which are not expended for that purpose may be applied for the payment
of all or any part of the principal of, or interest and premium on, the trust
bonds whether due at stated maturity, the interest payment dates, or earlier
upon redemption.  A portion of the proceeds from bonds issued by the trust to
make loans for priority environmental infrastructure projects pursuant to this
act may be applied for the payment of capitalized interest and for the payment
of any issuance expenses; for the payment of reserve capacity expenses; for the
payment of debt service reserve fund expenses for the payment of the loan
origination fees; and for the payment of increased costs, as defined and
determined in accordance with the rules and regulations adopted by the trust
pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27).

6.  Any loan made by the New
Jersey Infrastructure Bank pursuant to this act shall be subject to the
following requirements:

a.  The chairperson, vice
chairperson, or secretary of the trust has certified that the project is in
compliance with the provisions of P.L.1977, c.224, P.L.1985, c.334, P.L.1992,
c.88, P.L.1997, c.223, P.L.1997, c.224, P.L.1997, c.225, P.L.1999, c.175, or
P.L.2003, c.162, and any amendatory and supplementary acts thereto, and any
rules and regulations adopted pursuant thereto, as applicable.  In making this
certification, the chairperson, vice chairperson, or secretary may conclusively
rely on the project review conducted by the Department of Environmental
Protection without any independent review thereof by the trust;

b.  The loan shall be
conditioned upon inclusion of the project on a project eligibility list
approved pursuant to section 20 of P.L.1985, c.334 (C.58:11B-20) or section 24
of P.L.1997, c.224 (C.58:11B-20.1);

c.  The loan shall be repaid
within a period not to exceed 30 years, 35 years for loans funded pursuant to
the federal “Water Infrastructure Finance and Innovation Act of 2014,” 33
U.S.C. s.3901 et seq., as amended and supplemented, or 45 years for combined
sewer overflow abatement projects, of the making of the loan;

d.  The loan, including any
portion thereof made by the trust pursuant to subsection f. of section 7 of
this act, shall not exceed the allowable project cost of the environmental
infrastructure facility, exclusive of capitalized interest, interest accrued
pursuant to a short-term or temporary loan made to a project sponsor pursuant
to the Interim Environmental Financing Program, administrative expenses
associated with federal funding programs, if applicable, and issuance expenses
as provided in subsection b. of section 7 of this act, reserve capacity
expenses and the debt service reserve fund expenses as provided in subsection
c. of section 7 of this act, interest earned on project costs as provided in
subsection d. of section 7 of this act, the amounts of the loan origination fee
as provided in subsection e. of section 7 of this act, refunding increases as
provided in section 8 of this act and increased costs as defined and determined
in accordance with the rules and regulations adopted by the trust pursuant to
section 27 of P.L.1985, c.334 (C.58:11B-27);

e.  The loan shall bear
interest, exclusive of any late charges or administrative fees payable to the
trust pursuant to subsection o. of section 5 of P.L.1985, c.334 (C.58:11B-5) by
the project sponsors receiving trust loans, at or below the interest rate paid
by the trust on the bonds issued to make or refund the loans authorized by this
act, adjusted for underwriting discount and original issue discount or premium,
in accordance with the terms and conditions set forth in the financial plan
required pursuant to section 21 of P.L.1985, c.334 (C.58:11B-21) or the
financial plan required pursuant to section 25 of P.L.1997, c.224
(C.58:11B-21.1);

f.  The loan shall be subject
to all other terms and conditions as the trust shall determine to be consistent
with the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.) and any rules and
regulations adopted pursuant thereto, and with the financial plan required by
section 21 of P.L.1985, c.334 (C.58:11B-21) or the financial plan required
pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1);

g.  Notwithstanding any
provision of this act or a financial plan of the trust for State fiscal years
2018 through 2022 developed pursuant to section 21 of P.L.1985, c.334
(C.58:11B-21) or section 25 of P.L.1997, c.224 (C.58:11B-21.1) to the contrary,
a loan for an environmental infrastructure project listed in section 2 or 3 of
this act that is partially funded from the proceeds of bonds issued by the
trust to the United States Environmental Protection Agency pursuant to the
federal “Water Infrastructure Finance and Innovation Act of 2014,” 33 U.S.C.
s.3901 et seq., shall be subject to terms and conditions regulating the
blending of federal and other funds that are consistent with those provisions
of Section III of the applicable financial plan of the trust for State fiscal
year 2027 that reference the federal “Water Infrastructure Finance and
Innovation Act of 2014”; and

h.  The eligibility lists and
authorization for the making of loans pursuant to this act shall expire on July
1, 2027, and any project sponsor which has not executed and delivered a loan
agreement with the trust for a loan authorized in this act shall no longer be
entitled to that loan.

7.  a.  The New Jersey
Infrastructure Bank is authorized to reduce the individual amount of loan funds
made available to or on behalf of project sponsors pursuant to sections 2 and 4
of this act based upon final building costs defined in and determined in
accordance with rules and regulations adopted by the trust pursuant to section
27 of P.L.1985, c.334 (C.58:11B-27) or rules and regulations adopted by the
Commissioner of Environmental Protection pursuant to section 4 of P.L.1985,
c.329, section 11 of P.L.1977, c.224 (C.58:12A-11) or section 5 of P.L.1981,
c.261.  The trust is authorized to use any such reduction in the loan amount
made available to a project sponsor to cover that project sponsor’s increased
costs due to differing site conditions or other allowable expenses as defined
and determined in accordance with the rules and regulations adopted by the
trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27).

b.  The trust is authorized to
increase each loan amount authorized in sections 2 and 4 of this act by the
amount of capitalized interest, interest accrued pursuant to a short-term or
temporary loan made to a project sponsor pursuant to the Interim Environmental
Financing Program, issuance expenses, and administrative expenses associated
with federal funding programs, if applicable, allocable to each loan made by
the trust pursuant to this act.

c.  The trust is authorized to
increase each loan amount authorized in sections 2 and 4 of this act by the
amount of reserve capacity expenses and by the debt service reserve fund
expenses associated with the costs identified in paragraphs (3) and (4) of
subsection d. of section 1 of this act.

d.  The trust is authorized to
increase each loan amount authorized in sections 2 and 4 of this act by the
interest earned on amounts deposited for project costs pending their
distribution to project sponsors.

e.  The trust is authorized to
increase each loan amount authorized in sections 2 and 4 of this act by the
loan origination fee.

f.  The trust is authorized to
increase each loan amount authorized in sections 2 and 4 of this act by the
amount appropriated to the Department of Environmental Protection for the
purpose of making the corresponding zero-interest loan pursuant to section 3 of
P.L. , c. (pending before the
Legislature as Senate Bill No. 4221 of the 2026-2027 session and Assembly Bill
No. of the 2026-2027 session) in connection with the
project costs of the project sponsor, to the extent the priority ranking or an
insufficiency of funding prevents the department from meeting program demand,
and for lead abatement projects ineligible for department loans under the
Federal Clean Water Act and Safe Drinking Water Act.

8.  The New Jersey
Infrastructure Bank is authorized to increase the individual amount of loan
funds made available to project sponsors by the trust pursuant to P.L.1989,
c.190, P.L.1990, c.97, P.L.1991, c.324, P.L.1992, c.37, P.L.1993, c.192,
P.L.1994, c.105, P.L.1995, c.218, P.L.1996, c.87, P.L.1997, c.222, P.L.1998,
c.85, P.L.1999, c.173, P.L.2000, c.93, P.L.2001, c.224, P.L.2002, c.71,
P.L.2003, c.159, P.L.2004, c.110, P.L.2005, c.197, P.L.2006, c.67, P.L.2007,
c.140, P.L.2008, c.67, P.L.2009, c.101, P.L.2010, c.62, P.L.2011, c.95,
P.L.2012, c.38, P.L.2013, c.94, P.L.2014, c.26, P.L.2015, c.107, P.L.2016,
c.31, as amended by P.L.2017, c.13, P.L.2017, c.142, as amended by P.L.2017,
c.327, P.L.2018, c.84, as amended by P.L.2019, c.30, P.L.2019, c.192, as
amended by P.L.2019, c.515, P.L.2020, c.48, as amended by P.L.2021, c.22,
P.L.2021, c.204, as amended by P.L.2021, c.316, P.L.2022, c.100, as amended by
P.L.2023, c.5, P.L.2023, c.119, as amended by P.L.2023, c.343, P.L.2024, c.41,
as amended by P.L.2025, c.8, P.L.2025, c.125, as amended by P.L.2025, c.183, or
this act, provided that adequate savings are achieved, to compensate for a
refunding of trust bonds issued to make loans authorized by the aforementioned
acts.

9.  The expenditure of funds
authorized pursuant to this act is subject to the provisions of P.L.1977, c.224
(C.58:12A-1 et al.), P.L.1985, c.329, P.L.1985, c.334 (C.58:11B-1 et seq.) as
amended and supplemented by P.L.1997, c.224, P.L.1992, c.88, P.L.1989, c.181,
P.L.1997, c.223, P.L.1997, c.225, P.L.1999, c.175, or P.L.2003, c.162, the
rules and regulations adopted pursuant thereto, and the Federal Safe Drinking
Water Act, as appropriate.

10.  a.  There is appropriated
to the New Jersey Infrastructure Bank, as needed to make short-term or
temporary loans, from funds deposited in any account, including the “Wastewater
Treatment Fund,” the “1992 Wastewater Treatment Fund,” the “Water Supply Fund,”
the “2003 Water Resources and Wastewater Treatment Trust Fund,” the “Stormwater
Management and Combined Sewer Overflow Abatement Fund,” the “Clean Water State
Revolving Fund,” the “Drinking Water State Revolving Fund,” or the funds
transferred to the trust by the department pursuant to paragraph (21) of
subsection a. of section 1 of P.L. ,
c. (pending before the Legislature as Senate Bill No. 4221 of
the 2026-2027 session and Assembly Bill No. of the
2026-2027 session), as appropriate, and from any net earnings received from the
investment and reinvestment of such deposits, an amount of up to $2 billion, to
the extent funds are available, consisting of:

(1) The uncommitted balance
currently on deposit as of July 1, 2026 in the special fund (hereinafter
referred to as the “Interim Environmental Financing Program Fund”) created and
established by the trust for the short-term or temporary loan financing or
refinancing program (hereinafter referred to as the “Interim Environmental
Financing Program”) authorized pursuant to subsection d. of section 9 of
P.L.1985, c.334 (C.58:11B-9), which balance previously had been appropriated to
the trust for such purpose pursuant to section 11 of P.L.2019, c.192, less any
Interim Environmental Financing Program Fund amounts appropriated to the
Department of Environmental Protection to supplement the sums appropriated from
the Clean Water State Revolving Fund for clean water projects pursuant to the
Federal Clean Water Act and from the Drinking Water State Revolving Fund for
drinking water projects pursuant to the Federal Safe Drinking Water Act,
provided that at no time shall funds committed pursuant to this section exceed
funds required by the Department of Environmental Protection to meet long-term
obligations; and

(2) such other amounts to be
deposited in the Interim Environmental Financing Program Fund, in an aggregate
amount that does not exceed at any time, the amount appropriated, provided that
the amount so reappropriated and appropriated to the trust for deposit in the
Interim Environmental Financing Program Fund shall be utilized by the trust to
make short-term or temporary loans pursuant to the Interim Environmental
Financing Program to any one or more of the project sponsors, for the
respective projects thereof, identified in the interim environmental financing
project priority list (hereinafter referred to as the “Interim Environmental
Financing Program Project Priority List”) in the form provided to the
Legislature by the Commissioner of Environmental Protection.

b.      The Interim
Environmental Financing Program Project Priority List shall be submitted to the
Secretary of the Senate and the Clerk of the General Assembly at least once
each fiscal year.  The Secretary of the Senate and the Clerk of the General
Assembly shall cause the date of submission to be entered upon the Senate
Journal and the Minutes of the General Assembly, respectively.  Any
environmental infrastructure project or the project sponsor thereof not
identified in the Interim Environmental Financing Program Project Priority List
shall not be eligible for a short-term or temporary loan from the Interim
Environmental Financing Program Fund.

c.  The trust may issue market
rate interest short-term temporary loans for wastewater treatment and water
supply projects on the Interim Environmental Financing Program Project Priority
List for the reduction of lead in publicly-owned facilities otherwise
ineligible to receive funding for that purpose pursuant to subsection a. of
this section.

11.  a.  There is appropriated
to the New Jersey Infrastructure Bank for deposit in an environmental
subaccount of the special fund created and established by the trust for the
short-term or temporary Disaster Relief Emergency Financing Program loan financing
or refinancing program (hereinafter referred to as the “Disaster Relief
Emergency Financing Program”) authorized pursuant to subsection a. of section 1
of P.L.2013, c.93 (C.58:11B-9.5) such sums as needed consisting of:

(1) sums from the “Interim
Environmental Financing Program Fund” as needed by the trust to make short-term
or temporary loans pursuant to the Disaster Relief Emergency Financing Program
to any one or more of the project sponsors, for the respective projects
thereof; and

(2) such other amounts to be
deposited in the Disaster Relief Emergency Financing Program Fund, provided
that the amount so appropriated to the trust for deposit in the Disaster Relief
Emergency Financing Program Fund shall be utilized by the trust to make
short-term or temporary loans pursuant to the Disaster Relief Emergency
Financing Program to any one or more of the project sponsors, for the
respective projects thereof.  Any environmental projects funded by the Disaster
Relief Emergency Financing Program shall be subject to the approval of the
Commissioner of Environmental Protection.

b.  The Environmental Disaster
Relief Emergency Financing Program Project Priority List shall be submitted to
the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1) at
least once in each fiscal year.  Any environmental infrastructure project or
the project sponsor thereof not identified in the Environmental Disaster Relief
Emergency Financing Program Project Priority List shall not be eligible for a
short-term or temporary loan from the Environmental Disaster Relief Emergency
Financing Program Fund.

12.  There is appropriated to
the New Jersey Infrastructure Bank, such funds as are available from the “Economic
Development and Infrastructure Improvement Revolving Fund” created pursuant to
the annual appropriations act for State fiscal year 2021, P.L.2020, c.97, to
provide a debt service reserve or guarantee to a local government unit that
meets the department’s affordability criteria, in order to satisfy
creditworthiness requirements of the New Jersey Environmental Infrastructure
Financing Program to finance an environmental infrastructure component of a
redevelopment project.

13.  Notwithstanding the
provisions of subsection b. of section 23 of P.L.1985, c.334 (C.58:11B-23) or
any other law, rule, or regulation to the contrary, the funds generated by the
operation of the trust, including, but not limited to: proceeds from the sale
of the trust’s bonds, notes, or other obligations; revenues derived from
investments by the trust; loan repayments, including interest from local
government units; any funds received from the federal government permitted to
be used for operating expenses; fees and charges levied by the trust; or any
other sources of funds permitted to be used for operating expenses may be utilized
by the trust for its annual operating expenses.

14.  Notwithstanding the
provisions of the “Administrative Procedure Act,” P.L.1968, c.410 (C.52:14B-1
et seq.) to the contrary, the trust shall not be required to adopt rules and
regulations governing the making of Disaster Relief Emergency Financing Program
loans.

15.  This act shall take
effect immediately.

STATEMENT

This bill would authorize the
New Jersey Infrastructure Bank (NJIB) to expend up to $3.85 billion to provide
loans to local governments and privately-owned water companies (project
sponsors) for a portion of the costs of water infrastructure projects, for the
purpose of implementing the State fiscal year 2027 New Jersey Environmental
Infrastructure Financing Program (NJEIFP).  A companion bill, Senate Bill No. 4221
of this session, would appropriate certain federal and State moneys to the
Department of Environmental Protection (DEP) for the purpose of partially
funding the costs of the clean water and drinking water projects enumerated by
the bill.

The bill would authorize the
NJIB to provide loans to fund the following projects:

(1) in subsection a. of
section 2 of the bill, a list of 12 projects to improve water discharge and
treatment systems that had previously received a loan and require supplemental
loans, representing $236.7 million in estimated total loan amounts;

(2) in subsection b. of
section 2 of the bill, a list of four projects to improve drinking water
systems that had previously received a loan and require supplemental loans,
representing $94.5 million in estimated total loan amounts;

(3) in subsection c. of
section 3 of the bill, four projects in the Pinelands area that are receiving
funding under the “Pinelands Infrastructure Trust Bond Act of 1985,” P.L.1985,
c.302 to improve water discharge and treatment systems, representing $15.3
million in estimated total loan amounts;

(4) in subsection a. of
section 4 of the bill, the “Storm Sandy and State Fiscal Year 2027 Clean Water
Project Eligibility List,” a list of 194 projects to improve water discharge
and treatment systems, representing $2.6 billion in estimated total loan
amounts; and

(5) in subsection b. of
section 4 of the bill, the “State Fiscal Year 2027 Drinking Water Project
Eligibility List,” a list of 98 projects to improve drinking water systems,
representing $906.4 million in estimated total loan amounts.

The bill would also
appropriate to the NJIB an amount up to $2 billion, as necessary, to make
short-term or temporary loans to project sponsors on the “Interim Environmental
Financing Program Project Priority List,” which is required to be submitted to
the Legislature by the DEP Commissioner.  The bill would also appropriate to
the NJIB the amount needed to fund project sponsors on the “Environmental
Disaster Relief Emergency Financing Program Project Priority List,” which is
also required to be submitted to the Legislature by the DEP Commissioner.  In
addition, the bill would appropriate available funds from the “Economic
Development and Infrastructure Improvement Revolving Fund” created pursuant to
the annual appropriations act for State fiscal year 2021, P.L.2020, c.97, to
provide debt service reserves or guarantees to certain local government units
for the purpose of making them eligible to receive a loan from the NJIB to
finance the environmental infrastructure component of a redevelopment project.

The bill would also authorize
the NJIB to transfer moneys between various State funds, for the purpose of
funding the NJEIFP and providing the State match for federal funding provided
under the federal laws, including the Clean Water Act and Safe Drinking Water
Act, as detailed in subsection c. of section 1 of the bill.

The bill would establish
certain requirements on loans to project sponsors made by the NJIB pursuant to
the bill, as enumerated in section 6 of the bill.  The bill would also
authorize the NJIB to decrease or increase the loan amounts it provides, subject
to certain conditions enumerated in sections 7 and 8 of the bill.  Finally, the
bill would authorize the NJIB to utilize certain moneys to fund its annual
operating expenses.