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 a framework for the NJIB to adjust loan amounts based on project costs and allows for the use of proceeds from bond refunds to increase loan funds for project sponsors. The bill emphasizes the importance of these loans in facilitating critical transportation infrastructure development while aiming to reduce financing costs for New Jersey's counties and municipalities. The act is set to take effect immediately and will expire on July 1, 2025.