This bill authorizes the New Jersey Infrastructure Bank (NJIB) to allocate up to $53,883,706 in Fiscal Year 2025 for low-interest loans to local government units undertaking specific transportation infrastructure projects. The bill outlines the types of projects eligible for funding and allows the NJIB to utilize various financial resources, including loan repayments and capitalized interest, to support the New Jersey Transportation Infrastructure Financing Program (NJTIB). Additionally, it permits the NJIB to use funds generated from its operations, such as bond sales and investment revenues, to cover its operating expenses for the fiscal year.

The legislation also establishes guidelines for the NJIB's loan issuance, including requirements for project compliance and conditions for loan repayment. It specifies that any unspent bond proceeds may be redirected to cover various costs associated with the loans, such as interest and issuance expenses. The bill is set to take effect immediately and will expire on July 1, 2025, ensuring that the NJIB can continue to support critical transportation projects while promoting sustainable economic development in New Jersey.