ASSEMBLY ENVIRONMENT AND SOLID WASTE COMMITTEE

STATEMENT TO

ASSEMBLY, No. 5456

with committee amendments

STATE OF NEW JERSEY

DATED:  JUNE 10, 2019

      The Assembly Environment and Solid Waste Committee reports favorably and with committee amendments Assembly Bill No. 5456.

      This bill, as amended, authorizes the New Jersey Infrastructure Bank (NJIB) (formerly the New Jersey Environmental Infrastructure Trust) to expend up to $655.04 million 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 117 eligible environmental infrastructure projects.  The eligible projects are those included in the “Storm Sandy and State Fiscal Year 2020 Clean Water Project Priority List” and the “State Fiscal Year 2020 Drinking Water Project Priority List,” as well as one clean water environmental infrastructure projects that received a loan in the past and which now requires a supplemental loan in order to meet actual costs.

      In addition to the use of prior unused allocations, this bill also permits the NJIB to use any loan repayments received to date, and the amounts for capitalized interest, bond issuance expenses and related amounts, to fund the State Fiscal Year 2020 New Jersey Environmental Infrastructure Financing Program.

COMMITTEE AMENDMENTS

      The committee amendments to this bill correct the total allowable loan amount authorized by the bill and add the bill number of the legislation currently pending in the Senate.