An Act authorizing the expenditure of additional 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 amending P.L.2019, c.192.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.2019, c.192 is amended to read as follows:
1. a. The New Jersey Infrastructure Bank, established pursuant to P.L.1985, c.334 (C.58:11B‑1 et seq.), is authorized to expend the aggregate sum of up to [$655.04 million] $1.7 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, and P.L.2018, c.84 as amended by P.L.2019, c.30, for the purpose of making loans, to the extent sufficient funds are available, to or on behalf of local government units or public water utilities (hereinafter referred to as "project sponsors") to finance all or a portion of the cost of construction of environmental infrastructure projects listed in sections 2 and 4 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill).
b. The trust is authorized to increase the aggregate sums specified in subsection a. of this section by:
(1) the amounts of capitalized interest , administrative expenses associated with any federal funding programs, if applicable, and the bond issuance expenses as provided in subsection b. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill);
(2) the amounts of reserve capacity expenses and debt service reserve fund requirements as provided in subsection c. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill);
(3) the interest earned on amounts deposited for project costs pending their distribution to project sponsors as provided in subsection d. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill);
(4) the amounts of the loan origination fee as provided in subsection e. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill); 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.2019, c.193 , as amended by P.L. , c. (pending before the Legislature as Senate Bill No. 4201 and Assembly Bill No. of 2019), in connection with the project costs of a particular project sponsor, to the extent the priority ranking or an insufficiency of funding prevent the department from meeting program demand as provided in subsection f. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill).
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, 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, and section 10 of P.L.2019, c.192 , as amended by P.L. , c. (pending before the Legislature as this bill), for deposit into one or more reserve funds or accounts established by the trust pursuant to section 11 of P.L.1985, c.334 (C.58:11B‑11), the trust shall transfer to the respective fund of origin the uncommitted balance of all such moneys no longer utilized by the trust for such purposes.
d. For the purposes of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill):
(1) "capitalized interest" means the amount equal to interest paid on trust bonds which is funded with trust bond proceeds and the earnings thereon;
(2) "debt service reserve fund expenses" means the debt service reserve fund costs associated with reserve capacity expenses, water supply projects for which the project sponsors are public water utilities as provided in section 9 of P.L.1985, c.334 (C.58:11B-9), other drinking water projects not eligible for, or interested in, State or federal debt service reserve funds pursuant to the "Water Supply Bond Act of 1981," P.L.1981, c.261 as amended and supplemented by P.L.1997, c.223, and any clean water projects not eligible for, or interested in, State or federal debt service reserve funds from the Clean Water State Revolving Fund;
(3) "issuance expenses" means 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;
(4) "loan origination fee" means the fee charged by the Department of Environmental Protection and financed under the trust loan to pay a portion of the costs incurred by the department in the implementation of the New Jersey Environmental Infrastructure Financing Program; and
(5) "reserve capacity expenses" means those project costs for reserve capacity not eligible for loans under rules and regulations governing zero interest loans adopted by the Commissioner of Environmental Protection pursuant to section 4 of P.L.1985, c.329 but which are eligible for loans from the trust in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27).
e. The trust is authorized to increase the loan amount in the future to compensate for a refunding of the issue, provided adequate savings are achieved, for the loans issued pursuant to P.L.1995, c.218, P.L.1996, c.87, P.L.1997, c.222, P.L.1998, c.85, P.L.1999, c.173, P.L.2000, c.93, P.L.2001, c.224, P.L.2002, c.71, P.L.2003, c.159, P.L.2004, c.110, P.L.2005, c.197, P.L.2006, c.67, P.L.2007, c.140, P.L.2008, c.67, P.L.2009, c.101, P.L.2010, c.62, P.L.2011, c.95, P.L.2012, c.38, P.L.2013, c.94, P.L.2014, c.26, P.L.2015, c.107, P.L.2016, c.31 as amended by P.L.2017, c.13, P.L.2017, c.142 as amended by P.L.2017, c.327, P.L.2018, c.84 as amended by P.L.2019, c.30, and P.L.2019, c.192 , as amended by P.L. , c. (pending before the Legislature as this bill).
(cf: P.L.2019, c.192, s.1)
2. Section 2 of P.L.2019, c.192 is amended to read as follows:
2. a. (1) The New Jersey Infrastructure Bank is authorized to expend funds for the purpose of making supplemental loans to or on behalf of the project sponsors listed below for the following clean water environmental infrastructure projects:
|
Project Sponsor |
Project Number |
Estimated Allowable Trust Loan Amount
|
Estimated Total Allowable Loan Amount |
|
North Hudson SA |
S340952-19-1 |
$525,000 |
$700,000 |
|
Rockaway Valley RSA |
S340821-06-1 |
$581,250 |
$775,000 |
|
Total projects: [1] 2 |
|
[$525,000] $1,106,250 |
[$700,000] $1,475,000 |
(2) The loan authorized in this subsection shall be made for the difference between the allowable loan amount required by the project based upon final building costs pursuant to subsection a. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) and the loan amount certified by the chairman of the trust in State fiscal year 2017 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 loan authorized in this subsection shall be made to or on behalf of the project sponsor listed, up to the individual amount indicated and in the priority stated, to the extent sufficient funds are available, except as a project fails to meet the requirements of section 6 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill).
(3) The loan authorized in this subsection shall have priority over the environmental infrastructure projects listed in subsection a. of section 4 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill).
b. The trust is authorized to adjust the allowable trust loan amount for the project authorized in this section to between 25 percent and 75 percent of the total allowable loan amount and such excess amounts to the extent the priority ranking or an insufficiency of funding prevent the Department of Environmental Protection from meeting program demand as provided in subsection f. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill).
(cf: P.L.2019, c.192, s.2)
3. Section 3 of P.L.2019, c.192 is amended to read as follows:
3. a. The New Jersey Infrastructure Bank is authorized to make loans to or on behalf of the project sponsors for the clean water projects listed in subsection a. of section 2 and subsection a. of section 4 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) up to the individual amounts indicated and in the priority stated, except as any such amount may be reduced by the trust pursuant to subsection a. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill), or if a project fails to meet the requirements of section 6 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill). 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] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill).
b. The trust is authorized to make loans to project sponsors for the drinking water projects listed in subsection b. of section 4 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) up to the individual amounts indicated and in the priority stated, except as any such amount may be reduced by the trust pursuant to subsection a. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill), or if a project fails to meet the requirements of section 6 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill). 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] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill).
c. The trust is authorized to make loans to local government units for clean water projects partially funded from the “Pinelands Infrastructure Trust Fund” established pursuant to section 14 of P.L.1985, c.302 for the balance of allowable project costs up to the individual amounts indicated, provided that any such amount may be reduced by the trust pursuant to subsection a. of section 7 of P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill), or if a project fails to meet the requirements of section 6 of P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill).
The following local government units are eligible for funding from the “Pinelands Infrastructure Trust Fund” and for loans from the trust in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27) for the following clean water projects:
|
Project Sponsor |
Project Number |
Estimated Total Project Cost |
|
Pemberton |
Pinelands 1 |
$2,929,000 |
|
Manchester Twp/Jackson MUA |
Pinelands 2 |
$7,192,035 |
|
Galloway |
Pinelands 4 |
$3,493,440 |
|
Winslow |
Pinelands 5 |
$1,728,940 |
|
Total Pinelands Projects: 4 |
|
$15,343,415 |
(cf: P.L.2019, c.192, s.3)
4. Section 4 of P.L.2019, c.192 is amended to read as follows:
4. a. The following environmental infrastructure projects shall be known and may be cited as the “Storm Sandy and State Fiscal Year 2020 Clean Water Project Eligibility List”:
|
Project Number |
Estimated Allowable Trust Loan Amount |
Estimated Total Loan Amount |
|
|
Camden County MUA |
S340640-17 |
$2,625,000 |
$3,500,000 |
|
Camden County MUA |
S340640-24 |
$4,875,000 |
$6,500,000 |
|
Rahway Valley SA |
S340547-14 |
$7,125,000 |
$9,500,000 |
|
Rahway Valley SA |
S340547-15 |
$1,941,389 |
$2,588,518 |
|
Camden County MUA |
S340640-22 |
$2,625,000 |
$3,500,000 |
|
Camden County MUA |
S340640-23 |
$4,200,000 |
$5,600,000 |
|
Camden County MUA |
S340640-16 |
$9,975,000 |
$13,300,000 |
|
Newark City |
S340815-24 |
$15,750,000 |
$21,000,000 |
|
Elizabeth City |
S340942-19 |
$5,775,000 |
$7,700,000 |
|
Camden County MUA |
S340640-18 |
$63,022,500 |
$84,030,000 |
|
North Bergen MUA |
S340652-14 |
$17,250,000 |
$23,000,000 |
|
Jersey City MUA |
S340928-20 |
$5,400,000 |
$7,200,000 |
|
[Bayshore RSA |
S340697-06 |
$11,325,000 |
$15,100,000] |
|
Jersey City MUA |
S340928-28 |
$2,025,000 |
$2,700,000 |
|
Jersey City MUA |
S340928-31 |
$8,294,700 |
$11,059,600 |
|
Jersey City MUA |
S340928-15 |
$30,750,000 |
$41,000,000 |
|
Jersey City MUA |
S340928-34 |
$885,885 |
$1,181,180 |
|
Elizabeth City |
S340942-17 |
$4,875,000 |
$6,500,000 |
|
Camden County MUA
|
S340640-13 |
$9,600,000 |
$12,800,000 |
|
Long Branch SA |
S340336-08 |
$1,305,525 |
$1,740,700 |
|
Ocean County UA |
S340372-59 |
$5,715,000 |
$7,620,000 |
|
Hoboken City |
S340635-07 |
$3,750,000 |
$5,000,000 |
|
[Perth Amboy City |
S340435-13 |
$637,500 |
$850,000] |
|
Hoboken City |
S340635-06 |
$52,500,000 |
$70,000,000 |
|
Hoboken City |
S340635-09 |
$375,000 |
$500,000 |
|
Mount Laurel Township MUA |
S340943-06 |
$5,400,000 |
$7,200,000 |
|
Jersey City |
S340928-30 |
$2,033,250 |
$2,711,000 |
|
North Hudson SA |
S340952-22 |
[$13,500,000] $13,875,000 |
[$18,000,000] $18,500,000 |
|
North Hudson SA |
S340952-23 |
$2,325,000 |
$3,100,000 |
|
North Hudson SA |
S340952-30 |
$17,400,000 |
$23,200,000 |
|
North Hudson SA |
S345190-01 |
$4,500,000 |
$6,000,000 |
|
Riverside SA |
S340490-01 |
$630,000 |
$840,000 |
|
Perth Amboy City |
S340435-11 |
$4,844,513 |
$6,459,351 |
|
Perth Amboy City |
S340435-14 |
$1,956,000 |
$2,608,000 |
|
Perth Amboy City |
S345220-01 |
$750,000 |
$1,000,000 |
|
Somerset Raritan Valley SA |
S340801-07 |
$25,500,000 |
$34,000,000 |
|
Passaic Valley SC |
S340689-39 |
$3,612,000 |
$4,816,000 |
|
Passaic Valley SC |
S340689-38 |
$15,750,000 |
$21,000,000 |
|
Passaic Valley SC |
S340689-30 |
$2,775,000 |
$3,700,000 |
|
Passaic Valley SC |
S340689-31 |
$3,000,000 |
$4,000,000 |
|
Passaic Valley SC |
S340689-32 |
$7,500,000 |
$10,000,000 |
|
Passaic Valley SC |
S340689-25 |
$6,825,000 |
$9,100,000 |
|
Northwest Bergen County UA |
S340700-16 |
$3,675,000 |
$4,900,000 |
|
[Jersey City MUA |
S340928-28 |
$2,025,000 |
$2,700,000 |
|
Jersey City MUA |
S340928-31 |
$8,294,700 |
$11,059,600 |
|
Gloucester City |
S340958-08 |
$1,575,000 |
$2,100,000] |
|
Linden Roselle SA |
S340299-09 |
$1,575,000 |
$2,100,000 |
|
Linden Roselle SA |
S340299-08 |
$12,750,000 |
$17,000,000 |
|
Roxbury Township |
S340381-07 |
$5,625,000 |
$7,500,000 |
|
Raritan Township MUA |
S340485-12 |
$3,675,000 |
$4,900,000 |
|
Stafford Township |
S344100-03 |
$4,200,000 |
$5,600,000 |
|
Stony Brook RSA |
S340400-10 |
$4,275,000 |
$5,700,000 |
|
[Ocean County |
S344080-09 |
$975,000 |
$1,300,000] |
|
JMEUC - East Orange City |
S340686-09a |
$465,378 |
$620,504 |
|
JMEUC - Elizabeth City |
S340686-09b |
$4,879,407 |
$6,505,876 |
|
JMEUC - Hillside Township |
S340686-09c |
$681,323 |
$908,430 |
|
JMEUC - Irvington Township |
S340686-09d |
$1,689,260 |
$2,252,347 |
|
JMEUC - Newark City |
S340686-09e |
$1,022,282 |
$1,363,042 |
|
JMEUC - South Orange Village Township |
S340686-09f |
$488,105 |
$650,806 |
|
JMEUC - Summit City |
S340686-09g |
$889,742 |
$1,186,322 |
|
JMEUC - Union Township |
S340686-09h |
$1,837,001 |
$2,449,335 |
|
JMEUC - West Orange Township |
S340686-09i |
$1,189,072 |
$1,585,429 |
|
Howell Township |
S344040-02 |
$11,010,000 |
$14,680,000 |
|
Rutgers University |
S340500-01 |
$27,750,000 |
$37,000,000 |
|
Little Egg Harbor Township |
S344060-02 |
[$3,187,500] $3,375,000 |
[$4,250,000] $4,500,000 |
|
Ocean County |
S344080-10 |
$187,500 |
$250,000 |
|
Ocean County |
S344080-11 |
$262,500 |
$350,000 |
|
Rockaway Valley RSA |
S340821-07 |
$6,150,000 |
$8,200,000 |
|
Ocean County |
S344080-09 |
$975,000 |
$1,300,000 |
|
Western Monmouth UA |
S340128-06 |
$9,825,000 |
$13,100,000 |
|
Point Pleasant Beach Borough |
S344190-02 |
[$2,250,000] $2,362,500 |
[$3,000,000] $3,150,000 |
|
[Lakewood Township MUA |
S340465-03 |
$1,080,000 |
$1,440,000 |
|
Kearny MUA |
S340259-07 |
$4,875,000 |
$6,500,000 |
|
Tuckerton Borough |
S340034-03 |
$1,053,905 |
$1,405,206] |
|
New Jersey Water Supply Authority |
S340421-02 |
$56,250,000 |
$75,000,000 |
|
Long Branch SA |
S340336-09 |
$4,200,000 |
$5,600,000 |
|
Manasquan River RSA |
S340911-03 |
$495,000 |
$660,000 |
|
Montclair Township |
S340837-04 |
$1,275,000 |
$1,700,000 |
|
[Middlesex County UA |
S340699-13 |
$30,000,000 |
$40,000,000 |
|
Atlantic County UA |
S340809-24 |
$375,000 |
$500,000 |
|
Rockaway Valley RSA |
S340821-06 |
$6,000,000 |
$8,000,000] |
|
Middlesex County UA |
S340699-12 |
$66,000,000 |
$88,000,000 |
|
Middlesex County UA |
S340699-14 |
$8,250,000 |
$11,000,000 |
|
Monmouth County Bayshore Outfall Authority |
S340325-04 |
$2,250,000 |
$3,000,000 |
|
Toms River MUA |
S340145-06 |
$565,650 |
$754,200 |
|
Ocean County UA |
S340372-60 |
$652,500 |
$870,000 |
|
Brick Township MUA |
S340448-11 |
[$3,958,723] $4,275,000 |
[$5,278,297] $5,700,000 |
|
Northwest Bergen County UA |
S340700-15 |
$5,250,000 |
$7,000,000 |
|
Northwest Bergen County UA |
S340700-18 |
$1,500,000 |
$2,000,000 |
|
Northwest Bergen County UA |
S340700-19 |
$6,099,338 |
$8,132,450 |
|
Western Monmouth UA |
S340128-05 |
[$5,850,000] $5,887,500 |
[$7,800,000] $7,850,000 |
|
Old Bridge MUA |
S340945-14 |
$2,467,500 |
$3,290,000 |
|
Franklin Township SA |
S340839-07 |
$1,875,000 |
$2,500,000 |
|
Franklin Township SA |
S340839-08 |
$3,150,000 |
$4,200,000 |
|
Montclair Township |
S340837-03 |
$1,275,000 |
$1,700,000 |
|
Ocean Township SA |
S340750-13 |
$412,500 |
$550,000 |
|
Ocean Township SA |
S340750-14 |
$1,875,000 |
$2,500,000 |
|
Ocean Township SA |
S340750-12 |
[$3,075,000] $3,375,000 |
[$4,100,000] $4,500,000 |
|
Ocean County UA |
S340372-58 |
$3,323,250 |
$4,431,000 |
|
[Burlington Township |
S340712-16 |
$720,000 |
$960,000] |
|
Vernon Township |
S340745-03 |
$82,500 |
$110,000 |
|
West Deptford Township |
S340947-05 |
$1,061,250 |
$1,415,000 |
|
Princeton |
S340656-11 |
$2,944,259 |
$3,925,678 |
|
Warren Township SA |
S340964-05 |
$8,100,000 |
$10,800,000 |
|
Middlesex Borough |
S340698-02 |
$1,926,563 |
$2,568,750 |
|
North Haledon Borough |
S340229-02 |
$75,000 |
$100,000 |
|
Glen Ridge Borough |
S340861-03 |
$334,386 |
[$445,848] $445,849 |
|
Glen Ridge Borough |
S340861-04 |
[$1,392,109] $1,725,000 |
[$1,856,145] $2,300,000 |
|
Bradley Beach Borough |
S340472-01 |
$2,025,000 |
$2,700,000 |
|
Lambertville MUA |
S340882-10 |
$525,000 |
$700,000 |
|
Hamburg Borough |
S340149-03 |
$75,000 |
$100,000 |
|
Long Beach Township |
S340023-07 |
$3,450,000 |
$4,600,000 |
|
Long Beach Township |
S340023-08 |
$90,000 |
$120,000 |
|
Ship Bottom Borough |
S340311-03 |
$3,525,000 |
$4,700,000 |
|
[Atlantic County UA |
S340809-28 |
$3,075,000 |
$4,100,000 |
|
Somerset Raritan Valley SA |
S340801-08 |
$12,375,000 |
$16,500,000] |
|
Passaic Valley SC |
S340689-45 |
$7,657,577 |
$10,210,102 |
|
Plumsted Township |
S340607-03 |
$20,250,000 |
$27,000,000 |
|
Lakewood Township MUA |
S340465-02 |
$3,240,000 |
$4,320,000 |
|
Aberdeen Township |
S340869-02 |
$6,750,000 |
$9,000,000 |
|
Cumberland County |
S340438-03 |
$12,750,000 |
$17,000,000 |
|
Cranford Township |
S340858-04 |
$9,000,000 |
$12,000,000 |
|
New Jersey Water Supply Authority |
S340421-01 |
$42,600,000 |
$56,800,000 |
|
Gloucester Township |
S340364-15 |
$1,087,500 |
$1,450,000 |
|
Spotswood Borough |
S340510-01 |
$4,070,250 |
$5,427,000 |
|
Paulsboro Borough |
S340164-01 |
$2,062,500 |
$2,750,000 |
|
Bradley Beach Borough |
S340472-02 |
$1,942,538 |
$2,590,050 |
|
[Perth Amboy City |
S340435-18 |
$1,327,500 |
$1,770,000] |
|
Clinton Town |
S340924-07 |
$600,000 |
$800,000 |
|
Sussex County MUA |
S342008-04 |
$5,552,370 |
$7,403,160 |
|
Kearny Town |
S340259-12 |
$16,125,000 |
$21,500,000 |
|
Gloucester County IA |
S342016-03 |
$10,419,930 |
$13,893,240 |
|
Lakewood Township MUA |
S340465-03 |
$1,200,000 |
$1,600,000 |
|
Bloomfield Township |
S340516-01 |
$5,423,228 |
$7,230,970 |
|
North Brunswick Township |
S340888-02 |
$6,000,000 |
$8,000,000 |
|
Manchester Township |
S340650-08 |
$2,250,000 |
$3,000,000 |
|
Point Pleasant Beach Borough |
S340479-04 |
$1,447,500 |
$1,930,000 |
|
Allentown Borough |
S340567-06 |
$498,704 |
$664,938 |
|
[Gloucester County IA |
S342016-03 |
$10,419,930 |
$13,893,240 |
|
Somerville Borough |
S342013-01 |
$8,625,000 |
$11,500,000] |
|
Total Projects: [72] 122 |
|
[$290,502,860] $857,699,125 |
[$387,337,143] $1,143,598,827 |
b. The following environmental infrastructure projects shall be known and may be cited as the “State Fiscal Year 2020 Drinking Water Project Eligibility List”:
|
Project Sponsor |
Project Number |
Estimated Allowable Trust Loan Amount |
Estimated Total Loan Amount |
|
Newark City |
0714001-019 |
[$9,131,250] $9,375,000 |
[$12,175,000] $12,500,000 |
|
Trenton City |
1111001-011 |
$15,255,000 |
$20,340,000 |
|
Bloomfield Township |
0702001-003 |
$823,796 |
$1,098,395 |
|
NJ American Water Co., Inc. |
1345001-017 |
$7,575,000 |
$10,100,000 |
|
Newark City |
0714001-016 |
$10,500,000 |
$14,000,000 |
|
Moorestown Township |
0322001-001 |
$18,468,750 |
$24,625,000 |
|
Brick Township MUA |
1506001-011 |
$15,667,500 |
$20,890,000 |
|
North Jersey District Water Supply Comm. |
1613001-022 |
$12,750,000 |
$17,000,000 |
|
North Jersey District Water Supply Comm. |
1613001-025 |
[$18,000,000] $23,625,000 |
[$24,000,000] $31,500,000 |
|
East Greenwich |
0803001-004 |
$1,710,150 |
$2,280,200 |
|
Jersey City MUA |
0906001-017 |
$1,305,180 |
$1,740,240 |
|
Newark City |
0714001-018 |
$3,862,500 |
$5,150,000 |
|
[Lakehurst Borough |
1513001-002 |
$813,475 |
$1,084,633] |
|
Jersey City MUA |
0906001-019 |
$5,025,000 |
$6,700,000 |
|
NJ American Water Co., Inc. |
1345001-021 |
$19,758,750 |
$26,345,000 |
|
Netcong Borough |
1428001-007 |
$2,775,000 |
$3,700,000 |
|
Manchester Township |
1518005-002 |
$4,125,000 |
$5,500,000 |
|
Lower Township MUA |
0505002-003 |
$5,192,555 |
$6,923,406 |
|
Paulsboro Borough |
0814001-003 |
$2,100,000 |
$2,800,000 |
|
North Jersey District Water Supply Comm. |
1613001-033 |
$3,075,000 |
$4,100,000 |
|
Middlesex Water Co. |
1225001-029 |
$54,000,000 |
$72,000,000 |
|
Netcong Borough |
1428001-008 |
$825,000 |
$1,100,000 |
|
Middlesex Water Co. |
1225001-028 |
$8,400,000 |
$11,200,000 |
|
Wall Township |
1352003-001 |
$1,350,000 |
$1,800,000 |
|
Wall Township |
1352003-002 |
$2,775,000 |
$3,700,000 |
|
Clinton Town |
1005001-010 |
$1,086,140 |
$1,448,187 |
|
Clinton Town |
1005001-011 |
$949,355 |
$1,265,807 |
|
Glen Ridge Borough |
0708001-008 |
$1,929,908 |
$2,573,210 |
|
Netcong Borough |
1428001-009 |
$300,000 |
$400,000 |
|
Jackson Township MUA |
1511001-013 |
$15,000,000 |
$20,000,000 |
|
Berkeley Township MUA |
1505004-009 |
[$1,650,000] $1,875,000 |
[$2,200,000] $2,500,000 |
|
Jersey City MUA |
0906001-015 |
$2,691,950 |
$3,589,266 |
|
Hoboken City |
0905001-001 |
$6,375,000 |
$8,500,000 |
|
Jackson Township MUA |
1511001-010 |
$6,150,000 |
$8,200,000 |
|
[Bellmawr Borough |
0404001-006 |
$1,725,000 |
$2,300,000 |
|
Gloucester City |
0414001-022 |
$900,000 |
$1,200,000] |
|
Ship Bottom Borough |
1528001-002 |
$2,812,500 |
$3,750,000 |
|
[Tuckerton Borough |
1532002-006 |
$1,102,613 |
$1,470,150 |
|
Long Beach Township |
1517001-501 |
$1,725,000 |
$2,300,000] |
|
Middlesex Water Co. |
1225001-025 |
$42,750,000 |
$57,000,000 |
|
Evesham MUA |
0313001-001 |
$1,950,000 |
$2,600,000 |
|
Long Beach Township |
1517001-502 |
$8,625,000 |
$11,500,000 |
|
Moorestown Township |
0322001-002 |
[$10,500,000] $11,430,000 |
[$14,000,000] $15,240,000 |
|
Brick Township MUA |
1506001-009 |
$4,446,570 |
$5,928,760 |
|
Brick Township MUA |
1506001-010 |
$870,000 |
$1,160,000 |
|
Stafford Township |
1530004-019 |
$1,425,000 |
$1,900,000 |
|
[National Park Borough |
0812001-004 |
$1,275,000 |
$1,700,000] |
|
Hoboken City |
0905001-002 |
$6,000,000 |
$8,000,000 |
|
Long Beach Township |
1517001-015 |
$3,119,401 |
$4,159,201 |
|
[Old Bridge MUA |
1209002-013 |
$3,000,000 |
$4,000,000] |
|
Lakehurst Borough |
1513001-002 |
$813,475 |
$1,084,633 |
|
East Windsor MUA |
1101002-005 |
$1,500,000 |
$2,000,000 |
|
Aberdeen Township |
1330004-001 |
$2,925,000 |
$3,900,000 |
|
Spotswood Borough |
1224001-001 |
$2,582,936 |
$3,443,914 |
|
Milltown Borough |
1212001-005 |
$1,350,000 |
$1,800,000 |
|
Hightstown Borough |
1104001-010 |
$1,331,759 |
$1,775,678 |
|
Allentown Borough |
1302001-002 |
$411,825 |
$549,100 |
|
NJ American Water Co., Inc. |
2004002-013 |
$12,000,000 |
$16,000,000 |
|
Jackson Township MUA |
1511001-012 |
$8,250,000 |
$11,000,000 |
|
Marlboro Township |
1328002-003 |
$1,285,500 |
$1,714,000 |
|
Brielle Borough |
1308001-004 |
$1,845,000 |
$2,460,000 |
|
Brick Township MUA |
1506001-012 |
$4,065,000 |
$5,420,000 |
|
Hampton Borough |
1013001-001 |
$1,350,000 |
$1,800,000 |
|
Little Egg Harbor MUA |
1516001-003 |
$4,143,750 |
$5,525,000 |
|
National Park Borough |
0812001-004 |
$1,275,000 |
$1,700,000 |
|
Hopatcong Borough |
1912001-004 |
$75,000 |
$100,000 |
|
Hamburg Borough |
1909001-001 |
$63,750 |
$85,000 |
|
High Bridge Borough |
1014001-001 |
$75,000 |
$100,000 |
|
Hardyston MUA |
1911006-003 |
$75,000 |
$100,000 |
|
Total Projects: [44] 62 |
|
[$200,250,068] $395,523,000 |
[$267,000,088] $527,363,997 |
c. The trust is authorized to adjust the allowable trust loan amount for projects authorized in this section to between zero percent and 75 percent of the total allowable loan amount, and such excess amounts to the extent the priority ranking or an insufficiency of funding prevent the Department of Environmental Protection from making the loan as provided in subsection f. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill), and up to 100 percent of the total allowable loan amount for projects certified by the Department of Environmental Protection pursuant to section 1 of P.L.2013, c.93 (C.58:11B-9.5).
(cf: P.L.2019, c.192, s.4)
5. Section 5 of P.L.2019, c.192 is amended to read as follows:
5. In accordance with and subject to the provisions of sections 5, 6, and 23 of P.L.1985, c.334 (C.58:11B‑5, 58:11B‑6, and 58:11B‑23) and as set forth in the financial plan required pursuant to section 21 of P.L.1985, c.334 (C.58:11B‑21), or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1), any proceeds from bonds issued by the trust to make loans for priority environmental infrastructure projects listed in sections 2 and 4 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) which are not expended for that purpose may be applied for the payment of all or any part of the principal of 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] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) may be applied for the payment of capitalized interest and for the payment of any issuance expenses; for the payment of reserve capacity expenses; for the payment of debt service reserve fund expenses for the payment of the loan origination fees; and for the payment of increased costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27).
(cf: P.L.2019, c.192, s.5)
6. Section 6 of P.L.2019, c.192 is amended to read as follows:
6. Any loan made by the New Jersey Infrastructure Bank pursuant to [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) 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 eligibility list approved pursuant to section 20 of P.L.1985, c.334 (C.58:11B-20) or section 24 of P.L.1997, c.224 (C.58:11B-20.1);
c. The loan shall be repaid within a period not to exceed 30 years, or 45 years for combined sewer overflow abatement projects, of the making of the loan;
d. The loan, including any portion thereof made by the trust pursuant to subsection f. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill), shall not exceed the allowable project cost of the environmental infrastructure facility, exclusive of capitalized interest , administrative expenses associated with federal funding programs, if applicable, and issuance expenses as provided in subsection b. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill), reserve capacity expenses and the debt service reserve fund expenses as provided in subsection c. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill), interest earned on project costs as provided in subsection d. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill), the amounts of the loan origination fee as provided in subsection e. of section 7 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill), refunding increases as provided in section 8 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) and increased costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27);
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] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill), adjusted for underwriting discount and original issue discount or premium, in accordance with the terms and conditions set forth in the financial plan required pursuant to section 21 of P.L.1985, c.334 (C.58:11B‑21) 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 eligibility lists and authorization for the making
of loans pursuant to [this
act] P.L.2019,
c.192, as amended by P.L. , c. (pending before the Legislature as this
bill) shall expire on July 1, 2020, and any project sponsor which has not executed
and delivered a loan agreement with the trust for a loan authorized in [this act] P.L.2019,
c.192, as amended by P.L. , c. (pending before the
Legislature as this bill) shall no longer be entitled to that loan.
(cf: P.L.2019, c.192, s.6)
7. Section 7 of P.L.2019, c.192 is amended to read as follows:
7. a. The New Jersey Infrastructure Bank is authorized to reduce the individual amount of loan funds made available to or on behalf of project sponsors pursuant to sections 2 and 4 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) based upon final building costs defined in and determined in accordance with rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27) 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] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) by the amount of capitalized interest , administrative expenses associated with federal funding programs, if applicable, and issuance expenses allocable to each loan made by the trust pursuant to [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill); provided that the increase for issuance expenses, excluding underwriters' discount, original issue discount or premiums, municipal bond insurance premiums and bond rating agency fees, and administrative expenses associated with federal funding programs, if applicable, shall not exceed 0.4 percent of the principal amount of trust bonds issued to make loans authorized by [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill).
c. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) by the amount of reserve capacity expenses, and by the debt service reserve fund expenses associated with the costs identified in paragraphs (3) and (4) of subsection d. of section 1 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill).
d. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) by the interest earned on amounts deposited for project costs pending their distribution to project sponsors.
e. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) by the loan origination fee.
f. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) by the amount appropriated to the Department of Environmental Protection for the purpose of making the corresponding zero interest loan pursuant to section 3 of P.L.2019, c.193 , as amended by P.L. , c. (pending before the Legislature as Senate Bill No. 4201 and Assembly Bill No. of 2019), in connection with the project costs of the project sponsor, to the extent the priority ranking or an insufficiency of funding prevents the department from meeting program demand, and for lead abatement projects ineligible for department loans under the Federal Clean Water Act and Safe Drinking Water Act.
(cf: P.L.2019, c.192, s.7)
8. Section 8 of P.L.2019, c.192 is amended to read as follows:
8. The New Jersey Infrastructure Bank is authorized to increase the individual amount of loan funds made available to project sponsors by the trust pursuant to P.L.1989, c.190, P.L.1990, c.97, P.L.1991, c.324, P.L.1992, c.37, P.L.1993, c.192, P.L.1994, c.105, P.L.1995, c.218, P.L.1996, c.87, P.L.1997, c.222, P.L.1998, c.85, P.L.1999, c.173, P.L.2000, c.93, P.L.2001, c.224, P.L.2002, c.71, P.L.2003, c.159, P.L.2004, c.110, P.L.2005, c.197, P.L.2006, c.67, P.L.2007, c.140, P.L.2008, c.67, P.L.2009, c.101, P.L.2010, c.62, P.L.2011, c.95, P.L.2012, c.38, P.L.2013, c.94, P.L.2014, c.26, P.L.2015, c.107, P.L.2016, c.31 as amended by P.L.2017, c.13, P.L.2017, c.142 as amended by P.L.2017, c.327, P.L.2018, c.84 as amended by P.L.2019, c.30, or P.L.2019, c.192 , as amended by P.L. , c. (pending before the Legislature as this bill), provided that adequate savings are achieved, to compensate for a refunding of trust bonds issued to make loans authorized by the aforementioned acts.
(cf: P.L.2019, c.192, s.8)
9. Section 9 of P.L.2019, c.192 is amended to read as follows:
9. The expenditure of funds authorized pursuant to [this act] P.L.2019, c.192, as amended by P.L. , c. (pending before the Legislature as this bill) 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.
(cf: P.L.2019, c.192, s.9)
10. This act shall take effect immediately.
STATEMENT
This bill would authorize the New Jersey Infrastructure Bank (NJIB) to expend additional sums to make loans for environmental infrastructure projects for Fiscal Year 2020.
In July 2019, P.L.2019, c.192 was enacted into law, which authorized the NJIB to expend up to $655.04 million, and any unexpended balances from previous authorizations, to provide low-interest and market-rate loans 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 for Fiscal Year 2020. This included 72 projects from the “Storm Sandy and State Fiscal Year 2020 Clean Water Project Eligibility List” and 44 projects from the “Storm Sandy and State Fiscal Year 2020 Drinking Water Project Eligibility List.” The NJIB was also authorized under P.L.2019, c.192 to provide a supplemental loan to one clean water project that received a loan in the past and which requires a supplemental loan in order to meet actual costs.
This bill would amend the lists of environmental infrastructure projects for which the NJIB is authorized to make loans pursuant to P.L.2019, c.192 to include new projects, remove certain projects, and modify the trust loan amounts for certain projects. This bill authorizes the NJIB to expend up to $1.7 billion, and any unexpended balances from previous authorizations, to provide loans to project sponsors for a total of 186 eligible environmental infrastructure projects for Fiscal Year 2020. This would include 122 projects on the "Storm Sandy and State Fiscal Year 2020 Clean Water Project Eligibility List" and 62 projects on the "Storm Sandy and State Fiscal Year 2020 Drinking Water Project Eligibility List.” The NJIB would also be authorized to make supplemental loans to two clean water environmental infrastructure projects.
This bill would also provide loan financing from the Trust for the balance of the allowable project costs of four eligible clean water projects partially funded from the “Pinelands Infrastructure Trust Fund” established pursuant to the “Pinelands Infrastructure Trust Bond Act of 1985”, P.L.1985, c. 302.
Certain projects have been removed from the list of projects for which the NJIB is authorized to make loans either because they have already received long-term funding or because the projects will not be ready to receive funding before the end of Fiscal Year 2020 under NJIB program requirements.
Authorizes NJ Infrastructure Bank to expend additional sums to make loans for environmental infrastructure projects for FY2020.