ASSEMBLY, No. 4057

STATE OF NEW JERSEY

214th LEGISLATURE

 

INTRODUCED MAY 19, 2011

 


 

Sponsored by:

Assemblyman  NELSON T. ALBANO

District 1 (Cape May, Atlantic and Cumberland)

Assemblyman  MATTHEW W. MILAM

District 1 (Cape May, Atlantic and Cumberland)

Assemblywoman  LINDA STENDER

District 22 (Middlesex, Somerset and Union)

Assemblyman  JERRY GREEN

District 22 (Middlesex, Somerset and Union)

Assemblyman  JOSEPH CRYAN

District 20 (Union)

Assemblyman  DAVID W. WOLFE

District 10 (Monmouth and Ocean)

Assemblywoman  DIANNE C. GOVE

District 9 (Atlantic, Burlington and Ocean)

 

Co-Sponsored by:

Assemblyman Chivukula, Assemblywoman Watson Coleman, Assemblymen Wilson, Gusciora, Rumpf, Holzapfel, Malone, Rible, Carroll, Assemblywoman Vandervalk, Assemblymen Chiusano, A.M.Bucco, Bramnick, O'Scanlon, Rumana, Rudder, Delany, Dancer, DiCicco, Assemblywoman N.Munoz, Assemblyman Amodeo, Assemblywoman McHose, Assemblyman DiMaio, Assemblywoman Coyle, Assemblyman Thompson, Assemblywoman Handlin, Assemblymen Peterson, Schroeder, Russo, Senators Scutari, T.Kean, Gordon, Greenstein, Kyrillos, Connors, Van Drew, Bateman, Turner and Ruiz

 

 

 

SYNOPSIS

     Authorizes New Jersey Environmental Infrastructure Trust to expend certain sums to make loans for environmental infrastructure projects for FY2012.

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act authorizing the expenditure of funds by the New Jersey Environmental Infrastructure Trust for the purpose of making loans to eligible project sponsors to finance a portion of the cost of construction of environmental infrastructure projects, supplementing P.L.1985, c.334 (C.58:11B‑1 et seq.), and making an appropriation.

 

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

 

     1.    a. The New Jersey Environmental Infrastructure Trust, established pursuant to P.L.1985, c.334 (C.58:11B‑1 et seq.), as amended and supplemented by P.L.1997, c.224 and amended by P.L.2004, c.111, is authorized to expend the aggregate sum of up to $647,997,956 and any unexpended 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, and section 1 of P.L.2010, c.62 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 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; and

     (5)   the amount appropriated to the Department of Environmental Protection for the purpose of making zero interest and principal forgiveness loans pursuant to section 3 of P.L.    , c.    (pending before the Legislature as Senate Bill No.      of 2011 and Assembly Bill No. 4055 of 2011) in connection with the project costs of a particular project sponsor, to the extent the priority ranking and an insufficiency of funding prevents the department from making the loan as provided in subsection f. of section 7 of this act.

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

     (2)   Of the sums appropriated to the trust from the "Wastewater Treatment Trust Fund" established pursuant to section 15 of the "Wastewater Treatment Bond Act of 1985," (P.L.1985, c.329) pursuant to P.L.1987, c.198, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund established pursuant to section 1 of P.L.2009, c.77 for the purposes of issuing loans or providing the State match as required for the award of the 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 the 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 the 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 the 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, and section 10 of P.L.2010, c.62 for deposit into one or more reserve funds 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 unexpended balance of all such moneys no longer utilized by the trust for reserve fund purposes.

     d.    For the purposes of this act:

     (1)   "capitalized interest" means the amount equal to interest paid on trust bonds which is funded with trust bond proceeds and the earnings thereon;

     (2)   "issuance expenses" means and includes, but need not be 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, and any other costs related to the issuance of trust bonds;

     (3)   "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);

     (4)   "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; and

     (5)   "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.

     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, and P.L.    , c.    (pending before the Legislature as Senate Bill No.    of 2011 and Assembly Bill No. 4057 of 2011).

 

     2.    a.  (1)  The New Jersey Environmental Infrastructure 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 clean water environmental infrastructure projects:

 

 

Project Sponsor

Project Number

 Estimated Allowable Trust Loan Amount

 Estimated Total Allowable Loan Amount

Bayonne MUA

S340399-30-1

$686,445

$915,260

Bergen County UA

S340386-05-1

$973,907

$1,298,542

Gloucester County UA

S340902-06-1

$240,000

$320,000

Hudson County IA

S340098-01-1

$2,628,632

$3,504,842

Jersey City MUA

S340928-06-1

$1,350,120

$1,800,160

Newark City

S340815-05-1

$7,225,725

$9,634,300

Total:

6

$13,104,829

$17,473,104

 

     (2)   The loans authorized in this subsection shall be made for the difference between the allowable loan amounts required by these projects based upon final building costs pursuant to subsection a. of section 7 of this act and the loan amounts certified by the chairman of the trust in State fiscal years State fiscal years 2006, 2008, 2010, and 2011, 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). The loans authorized in this subsection shall be made to or on behalf of the project sponsors listed, up to the individual amounts indicated and in the priority stated, to the extent sufficient funds are available, except as a project fails to meet the requirements of section 6 of this act.

     (3)   The loans authorized in 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 Allowable  Loan Amount

Dover Town

1409001-002-1

$193,234

$257,645

Lakewood Township MUA

1514002-002/6/7/8/9/10-1

$1,817,937

$2,423,916

Ocean Township

1520001-001-1

$225,330

$300,440

Total:

3

$2,236,501

$2,982,001

 

     (2)   The loans authorized in this subsection shall be made for the difference between the allowable loan amounts required by these projects based upon final building costs pursuant to subsection a. of section 7 of this act and the loan amounts certified by the chairman of the trust in State fiscal years 2009, 2010, and 2011 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). The loans authorized in this subsection shall be made to or on behalf of the project sponsors listed, up to the individual amounts indicated and in the priority stated, to the extent sufficient funds are available, except as a project fails to meet the requirements of section 6 of this act.

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

     c.     The trust is authorized to adjust the allowable trust loan amount for projects authorized in this section to between 25% and 75% of the total allowable loan amount.

 

     3.    a. The New Jersey Environmental Infrastructure Trust 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 subsections a. and b. of section 4 of this act up to the individual amounts indicated and in the priority stated, except as 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 subsection b., c., d., e. or f. of section 7 or 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 2 and subsection c. of section 4 of this act up to the individual amounts indicated and in the priority stated, except as 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 subsection b., c., d., e. or f. of section 7 or section 8 of this act.

 

     4.    a. The following environmental infrastructure projects shall be known and may be cited as the "State Fiscal Year 2012 Clean Water Project Priority List":

 

Project Sponsor

Project Number

 Estimated Allowable Trust Loan Amount

 Estimated Total Allowable Loan Amount

Newark City

S340815-21

$7,423,500

$9,898,000

Elizabeth City

S340942-11

$7,351,500

$9,802,000

Elizabeth City

S340942-13

$8,430,000

$11,240,000

Elizabeth City

S340942-14

$2,176,500

$2,902,000

Jersey City MUA

S340928-09

$1,987,350

$2,649,800

Ocean County UA

S340372-45

$3,764,342

$5,019,123

North Hudson SA

S340952-17

$1,712,625

$2,283,500

North Hudson SA

S340952-18

$405,439

$540,585

Linden Roselle SA

S340299-07

$11,098,380

$14,797,840

Phillipsburg Town

S340874-05

$1,346,250

$1,795,000

Frenchtown Borough

S340331-01

$10,224,375

$13,632,500

Raritan Township MUA

S340485-05

$299,063

$398,750

Bordentown SA

S340219-03

$1,682,100

$2,242,800

Clinton Town

S340924-04

$1,142,250

$1,523,000

Bergen County UA

S340386-11

$11,887,500

$15,850,000

Atlantic County UA

S340809-22

$1,139,483

$1,519,311

Rockaway Valley RSA

S340821-05

$3,711,000

$4,948,000

Maple Shade Township

S340710-07

$1,226,250

$1,635,000

Milltown Borough

S340102-02

$1,084,817

$1,446,422

Camden County MUA

S340640-10

$37,537,500

$50,050,000

Cape May County MUA

S340661-17

$289,275

$385,700

Old Bridge MUA

S340945-10

$3,641,250

$4,855,000

Princeton Borough

S340656-07A

$1,391,234

$1,854,978

Princeton Township

S340656-07B

$1,787,414

$2,383,218

Burlington Township

S340712-09

$1,033,125

$1,377,500

Cinnaminson SA

S340170-04

$1,277,730

$1,703,640

Ocean Township

S340112-02

$632,576

$843,434

Stone Harbor Borough

S340722-04

$6,355,521

$8,474,028

Cranford Township

S340858-01

$707,775

$943,700

Ocean County UA

S340372-46

$3,100,829

$4,134,438

Ocean County UA

S340372-47

$1,806,413

$2,408,551

Cape May County MUA

S340661-15

$349,125

$465,500

Cape May County MUA

S340661-16

$199,500

$266,000

Cape May County MUA

S340661-18

$498,750

$665,000

Old Bridge MUA

S340945-11

$1,616,250

$2,155,000

Raritan Township MUA

S340485-06

$875,438

$1,167,250

Roselle Borough

S340332-01

$2,141,250

$2,855,000

Hamilton Township MUA

S340903-03

$878,220

$1,170,960

Maywood Borough

S340226-01

$1,336,756

$1,782,341

Midland Park Borough

S340227-01

$519,750

$693,000

Long Beach Township

S340023-04

$2,135,835

$2,847,780

Seaside Park Borough

S340083-02

$2,849,632

$3,799,509

Cape May County MUA

S340661-19

$349,125

$465,500

Cape May County MUA

S340661-20

$199,500

$266,000

Pleasantville City

S340752-01

$975,919

$1,301,225

Old Bridge MUA

S340945-08

$6,730,500

$8,974,000

NW Bergen County UA

S340700-09

$4,354,500

$5,806,000

Willingboro Township

S340132-03

$2,032,500

$2,710,000

Newark City

S340815-12

$13,680,665

$18,240,886

Atlantic County UA

S340809-18

$1,665,000

$2,220,000

Gloucester Township

S340364-07

$1,185,938

$1,581,250

Gloucester Township

S340364-08

$525,975

$701,300

Berkeley Township

S340969-10

$528,308

$704,410

Berkeley Township

S340969-11

$286,838

$382,450

Galloway Township

S340892-03

$95,943

$127,924

Little Falls Township

S340716-06

$766,575

$1,022,100

Mount Holly Township

S340817-05

$142,463

$189,950

Linwood City

S340217-01

$587,970

$783,960

Linwood City

S340217-02

$1,469,475

$1,959,300

Highlands Borough

S340901-03

$3,218,400

$4,291,200

Bellmawr Borough

S342011-02

$7,014,568

$9,352,757

New Jersey WSA

S343054-08

$1,579,569

$2,106,092

New Jersey City U.

S340111-02

$12,213,716

$16,284,954

Cape May County MUA

S342017-03

$6,645,000

$8,860,000

Cape May County MUA

S340661-21

$780,000

$1,040,000

Camden County MUA

S340640-12

$3,397,500

$4,530,000

Raritan Township MUA

S340485-08

$1,202,340

$1,603,120

Hanover SA

S340388-04

$5,344,500

$7,126,000

Stafford Township

S344100-01

$3,398,438

$4,531,250

Brick Township

S344030-01

$795,845

$1,061,126

Manchester Township

S344070-01

$625,387

$833,849

Little Egg Harbor Township

S344060-01

$2,378,906

$3,171,875

Hightstown Borough

S340915-03

$618,765

$825,020

Lakehurst Borough

S344150-01

$392,588

$523,450

Seaside Park Borough

S344200-01

$511,125

$681,500

Jackson Township

S344050-01

$1,875,569

$2,500,759

Lacey Township

S344140-01

$245,101

$326,801

Ocean County

S344080-01

$12,546,699

$16,728,932

Toms River Township

S344110-01

$1,560,563

$2,080,750

Howell Township

S344040-01

$3,263,708

$4,351,610

Berkeley Township

S344020-01

$380,625

$507,500

Point Pleasant Borough

S344210-01

$239,250

$319,000

Barnegat Township

S344130-01

$282,750

$377,000

Beachwood Borough

S344010-01

$757,444

$1,009,925

Millstone Township

S344160-01

$271,875

$362,500

Point Pleasant Beach Borough

S344190-01

$255,563

$340,750

Long Beach Township

S344170-01

$918,938

$1,225,250

Ocean Gate Borough

S344180-01

$1,837,875

$2,450,500

Pine Beach Borough

S344090-01

$331,688

$442,250

Bay Head Borough

S344120-01

$187,594

$250,125

Hightstown Borough

S340915-04

$47,981

$63,975

Cranford Township

S340858-06

$707,775

$943,700

Gloucester County UA

S340902-08

$922,500

$1,230,000

Clifton City

S340844-01

$242,894

$323,978

Ewing-Lawrence SA

S340391-09

$1,495,634

$1,994,178

Montclair Township

S340837-02

$904,373

$1,205,830

South Plainfield Borough

S340408-01

$264,075

$352,100

Hightstown Borough

S340915-02

$295,125

$393,500

Kearny MUA

S340259-09

$1,641,900

$2,189,200

Clifton City

S340844-04

$1,332,017

$1,776,022

Middletown Township

S340097-01

$2,767,500

$3,690,000

Harrington Park Borough

S340223-01

$283,943

$378,590

Weehawken Township

S343077-01

$8,625,000

$11,500,000

North Bergen MUA

S340652-11

$1,544,430

$2,059,240

Total:

104

$282,778,102

$377,037,571

 

     b.    The following environmental infrastructure projects shall be known and may be cited as the "State Fiscal Year 2012 Clean Water Barnegat Bay Watershed Project Priority List":

 

Project Sponsor

Project Number

 Estimated Allowable Trust Loan Amount

 Estimated Total Allowable Loan Amount

Equipment

 

Bay Head Borough

BBE1

$187,594

$250,125

Long Beach Township

BBE2

$271,875

$362,500

Point Pleasant Beach Borough

BBE3

$255,563

$340,750

Seaside Park Borough

BBE4

$511,125

$681,500

Equipment Subtotal: 4

$1,226,157

$1,634,875

Non-Equipment

 

Stafford Township

BBB1

$1,087,500

$1,450,000

Stafford Township

BBB2

$271,875

$362,500

Ocean County

BBB3

$791,060

$1,054,747

Toms River Township

BBB4

$1,305,000

$1,740,000

Ocean County

BBB5

$928,691

$1,238,254

Ocean County

BBB6

$629,523

$839,364

Ocean County

BBB7

$372,990

$497,320

Manchester Township

BBB8

$218,621

$291,495

Manchester Township

BBB9

$146,608

$195,477

Ocean County

BBB10

$325,643

$434,191

Jackson Township

BBB11

$1,010,967

$1,347,956

Howell Township

BBB12

$1,108,366

$1,477,821

Howell Township

BBB13

$1,054,865

$1,406,486

Howell Township

BBB14

$437,825

$583,766

Ocean County

BBB15

$743,133

$990,844

Brick Township

BBB16

$795,845

$1,061,126

Ocean County

BBB17

$1,239,975

$1,653,300

Little Egg Harbor Township

BBB18

$1,005,938

$1,341,250

Ocean County

BBB19

$433,019

$577,358

Ocean County

BBB20

$905,276

$1,207,034

Howell Township

BBB21

$662,653

$883,537

Little Egg Harbor Township

BBB22

$451,313

$601,750

Ocean County

BBB23

$310,862

$414,483

Ocean County

BBB24

$330,395

$440,526

Ocean County

BBB25

$419,188

$558,917

Pine Beach Borough

BBB26

$65,250

$87,000

Ocean County

BBB27

$493,778

$658,370

Ocean County

BBB28

$298,789

$398,385

Ocean County

BBB29

$322,872

$430,496

Ocean County

BBB30

$298,789

$398,385

Ocean County

BBB31

$462,342

$616,456

Jackson Township

BBB32

$437,079

$582,772

Berkeley Township

BBB33

$108,750

$145,000

Little Egg Harbor Township

BBB34

$405,094

$540,125

Ocean County

BBB35

$243,785

$325,047

Ocean County

BBB36

$298,789

$398,385

Ocean County

BBB37

$411,829

$549,105

Beachwood Borough

BBB38

$340,388

$453,850

Manchester Township

BBB39

$109,022

$145,363

Ocean County

BBB40

$183,689

$244,918

Jackson Township

BBB41

$427,523

$570,031

Ocean County

BBB42

$308,669

$411,558

Manchester Township

BBB43

$93,824

$125,099

Ocean County

BBB44

$178,841

$238,455

Ocean County

BBB45

$177,466

$236,621

Ocean County

BBB46

$202,997

$270,663

Manchester Township

BBB47

$27,731

$36,975

Manchester Township

BBB48

$29,580

$39,440

Non-Equipment Subtotal: 48

$22,914,007

$30,552,001

Total:  52

$24,140,164

$32,186,876

 

     c.     The following environmental infrastructure projects shall be known and may be cited as the "State Fiscal Year 2012 Drinking Water Project Priority List":

 

Project Sponsor

Project Number

 Estimated Allowable Trust Loan Amount

 Estimated Total Allowable Loan Amount

Winslow Township

0436007-007

$2,819,018

$3,758,690

Monroe Township

1213002-001

$3,537,719

$4,716,959

Pemberton Township

0329004-002

$162,743

$216,990

Sea Village Marina

0108021-002

$816,938

$1,089,250

Newark City

0714001-016

$6,688,950

$8,918,600

Newark City

0714001-017

$1,056,075

$1,408,100

Atlantic City MUA

0102001-005

$6,003,075

$8,004,100

Aqua New Jersey Inc.

1505002-001

$604,598

$806,130

Hammonton Town

0113001-004

$4,012,957

$5,350,609

Colonial Estates

0811003-002

$2,126,315

$2,835,086

Aqua New Jersey Inc.

2119001-007

$369,935

$493,246

Seaside Park Borough

1527001-002

$3,209,741

$4,279,654

NJ American Water Co.

0712001-005

$58,500,000

$78,000,000

Long Beach Township

1517001-011

$2,283,755

$3,045,007

Aqua New Jersey Inc.

0415002-007

$906,543

$1,208,724

Westville Borough

0821001-001

$209,640

$279,520

Jersey City MUA

0906001-006

$12,247,500

$16,330,000

New Jersey City U./Jersey City

0906001-005

$953,885

$1,271,847

SE Monmouth MUA

1352005-005

$6,300,124

$8,400,165

Hamilton Twp MUA

0112001-002

$1,087,500

$1,450,000

Stone Harbor Borough

0510001-005

$854,490

$1,139,320

Stone Harbor Borough

0510001-004

$572,861

$763,814

Phillipsburg RA

2119001-006

$2,175,000

$2,900,000

Woodbury City

0822001-001

$2,512,500

$3,350,000

Matawan Borough

1329001-001

$3,615,000

$4,820,000

Ocean Township

1520001-003

$542,150

$722,866

Westville Borough

0821001-002

$652,388

$869,850

Alpha Borough

2102001-001

$1,727,173

$2,302,897

Byram HOA

1904009-002

$189,375

$252,500

Middlesex Water Co.

1225001-013

$3,000,000

$4,000,000

Aberdeen Township

1330002-002

$1,089,525

$1,452,700

Byram HOA

1904009-005

$116,625

$155,500

Matawan Borough

1329001-002

$531,000

$708,000

Washington Township MUA

0818004-008

$693,825

$925,100

NJ American Water Co.

0323001-002

$5,314,125

$7,085,500

Lakehurst Borough

1513001-001

$54,863

$73,150

Byram HOA

1904009-004

$21,000

$28,000

Westville Borough

0821001-003

$110,700

$147,600

Hamilton Twp MUA

0112001-001

$296,250

$395,000

Byram HOA

1904009-001

$67,500

$90,000

Pemberton Township

0329004-003

$296,250

$395,000

Ocean Township

1520001-002

$194,100

$258,800

Mt. Olive Township

1427015-001

$726,750

$969,000

Byram HOA

1904009-003

$28,875

$38,500

Nutley Township

0716001-001

$2,307,394

$3,076,525

New Jersey WSA

1352005-004

$3,000,000

$4,000,000

Egg Harbor City

0107001-002

$8,050,778

$10,734,370

Collingswood Borough

0412001-002

$249,300

$332,400

Hightstown Borough

1104001-005

$692,430

$923,240

Kearny Town

0907001-001

$704,625

$939,500

Collingswood Borough

0412001-003

$623,250

$831,000

Lakewood Township MUA

1514002-011

$2,587,221

$3,449,628

Clinton Town

1005001-003

$763,730

$1,018,307

Pompton Lakes MUA

1609001-006

$1,857,000

$2,476,000

Clinton Town

1005001-004

$811,796

$1,082,394

Boonton Town

1401001-002

$1,607,000

$2,142,666

Collingswood Borough

0412001-004

$789,450

$1,052,600

Collingswood Borough

0412001-005

$415,500

$554,000

Total:

58

$163,738,810

$218,318,404

 

     d.    The trust is authorized to adjust the allowable trust loan amount for projects authorized in this section to between 25% and 75% of the total allowable loan amount.

 

     5.    In accordance with and subject to the provisions of sections 5, 6 and 23 of P.L.1985, c.334 (C.58:11B‑5, 58:11B‑6, and 58:11B‑23) and as set forth in the financial plan required pursuant to section 21 of P.L.1985, c.334 (C.58:11B‑21), or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1), any proceeds from bonds issued by the trust to make loans for priority environmental infrastructure projects listed in sections 2 and 4 of this act which are not expended for that purpose may be applied for the payment of all or any part of the principal of and 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 Environmental Infrastructure Trust pursuant to this act shall be subject to the following requirements:

     a.     The chairman 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 rules and regulations adopted pursuant thereto, and any amendatory and supplementary acts thereto, as applicable. In making this certification, the chairman 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 priority 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 20 years 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 and issuance expenses as provided in subsection b. of section 7 of this act, reserve capacity expenses and the debt service reserve fund expenses as provided in subsection c. of section 7 of this act, interest earned on project costs as provided in subsection d. of section 7 of this act, the amounts of the loan origination fee as provided in subsection e. of section 7 of this act, refunding increases as provided in section 8 of this act and increased costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27);

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

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

     The priority lists and authorization for the making of loans pursuant to this act shall expire on July 1, 2012, 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 Environmental Infrastructure Trust 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 and issuance expenses allocable to each loan made by the trust pursuant to this act; provided that the increase for issuance expenses, excluding underwriters' discount, original issue discount or premiums, municipal bond insurance premiums and bond rating agency fees, shall not exceed 0.4% of the principal amount of trust bonds issued to make loans authorized by this act.

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

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

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

     f.     The trust is authorized to increase each loan amount authorized in sections 2 and 4 of this act by the amount appropriated to the Department of Environmental Protection for the purpose of making the corresponding zero interest loan pursuant to section 3 of P.L.    , c.    (pending before the Legislature as Senate Bill No.      of 2011 and Assembly Bill No. 4055 of 2011) in connection with the project costs of the project sponsor, to the extent the priority ranking and an insufficiency of funding prevents the department from making the loan.

 

     8.    The New Jersey Environmental Infrastructure Trust 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 or P.L.    , c.    (pending before the Legislature as Senate Bill No.    of 2011 and Assembly Bill No. 4057 of 2011), 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, and the rules and regulations adopted pursuant thereto or the Federal Safe Drinking Water Act, as appropriate.

 

     10.  a.  There is appropriated to the New Jersey Environmental Infrastructure Trust as needed from repayments of loans deposited in any account, including the "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, and from any net earnings received from the investment and reinvestment of such deposits, the sum of $200,000,000 consisting of:

     (1)   The unexpended balance of $100,000,000 currently on deposit in the special fund (hereinafter referred to as the “Interim 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 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 12 of P.L.2004, c.109, less any Interim 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

     (2)   such other amounts to be deposited in the Interim Financing Program Fund, provided that the amount so reappropriated and appropriated to the trust for deposit in the Interim Financing Program Fund shall be utilized by the trust to make short-term or temporary loans pursuant to the Interim Financing Program to any one or more of the project sponsors, for the respective projects thereof, identified in the interim financing project priority list (hereinafter referred to as the “Interim Financing Program Eligibility List”) in the form provided to the Legislature by the Commissioner of Environmental Protection.

     b.    The Interim Financing Program Eligibility List shall be submitted to the Legislature on or before June 18, 2011 on a day when both Houses are meeting. The President of the Senate and the Speaker 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 Financing Program Eligibility List shall not be eligible for a short-term or temporary loan from the Interim Financing Program Fund.

     11.  This act shall take effect immediately.

 

 

STATEMENT

 

     This bill authorizes the New Jersey Environmental Infrastructure Trust (Trust) to expend up to $647,997,956 and any unexpended balances from previous authorizations to provide loans with an interest rate at or below the prevailing market rate to project sponsors (primarily local governments, public authorities or public water utilities) for a portion of the total costs of 171 eligible environmental infrastructure projects. The eligible projects are those included in the "State Fiscal Year 2012 Clean Water Project Priority List" and the "State Fiscal Year 2012 Drinking Water Project Priority List," as well as six clean water and three drinking water environmental infrastructure projects that received loans in the past and which now require supplemental loans in order to meet actual costs.

     In addition to the use of prior unused allocations, this bill also permits the Trust to use any loan repayments received to date, and the amounts for capitalized interest, bond issuance expenses and related amounts, to fund the 2011 New Jersey Environmental Infrastructure Financing Program.

     Since its creation in 1985, the Trust has provided low‑cost financing for the construction of environmental infrastructure projects that enhance and protect ground and surface water resources, ensure the safety of drinking water supplies, and make possible responsible and sustainable economic development. Since 1985 the Trust has provided more than $2 billion in loans to local government units and some private water companies to finance wastewater systems, combined sewer overflow abatement, nonpoint source pollution control and safe drinking water supplies.