An Act authorizing the expenditure of funds by the New Jersey Infrastructure Bank for the purpose of making loans to eligible project sponsors to finance the cost to construct transportation infrastructure projects, and making an appropriation.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. As used in this act:
Bank means the New Jersey Infrastructure Bank, established pursuant to section 4 of P.L.1985, c.334 (C.58:11B-4).
Capitalized interest means an amount equal to the interest paid on bank transportation bonds that is funded with bank transportation bond proceeds and the earnings thereon.
Debt service reserve fund expenses means the debt service reserve fund costs associated with reserve capacity expenses.
Issuance expenses means any costs related to the issuance of bank transportation bonds, including, but not 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.
Loan origination fee means the fee charged by the bank to pay a portion of the costs incurred by the bank and the Department of Transportation in the implementation of the New Jersey Transportation Infrastructure Financing Program.
Project sponsor means a local government unit receiving a loan from the bank pursuant to this act.
Reserve capacity expenses means those project costs for reserve capacity that are eligible for loans from the bank in accordance with the requirements of subsection g. of section 9 of P.L.1985, c.334 (C.58:11B-9) and any policy statements relating to the Transportation Infrastructure Financing Program to be set forth in the State Fiscal Year 2025 Transportation Infrastructure Financing Program Financial Plan.
2. a. The New Jersey Infrastructure Bank is authorized to expend the aggregate sum of $53,883,706 or such amounts as can be supported through balances in the State Transportation Infrastructure Bank Fund, established pursuant to section 39 of P.L.2016, c.56 (C.58:11B-10.4), and via direct appropriation through the State transportation capital program for the purpose of making loans to, or on behalf of, local government units to finance all or a portion of the cost of construction of transportation infrastructure projects listed in section 4 of this act.
b. The bank is authorized to increase the aggregate sums specified in subsection a. of this section for the banks costs to acquire lending capital, including:
(1) the amounts of capitalized interest, interest accrued pursuant to a short-term or temporary loan made to a project sponsor pursuant to the Interim Transportation Financing Program, 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 amounts of the loan origination fee, as provided in subsection d. of section 7 of this act; and
(4) the amounts of the debt service reserve or guarantees provided to local government units from the Economic Development and Infrastructure Improvement Revolving Fund, as provided in subsection e. of section 7 of this act.
3. The New Jersey Infrastructure Bank is authorized to make loans to, or on behalf of, the project sponsors for the transportation projects listed in subsection a. of section 4 of this act up to the individual amounts indicated and in the priority stated, except that any such amount may be reduced by the bank 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 bank is authorized to increase any such amount pursuant to subsection b. through subsection d. of section 7 of this act or section 8 of this act.
4. a. The following transportation infrastructure projects shall be known and may be cited as the State Fiscal Year 2025 Transportation Financing Program Project Eligibility List:
Applicant, Project Description Estimated Total Estimated Total
Project No. Allowable State Allowable
Loan Amount Loan Amount
Bayonne City, E. 25th Street Pedestrian $1,460,615 $2,921,230
TB0901-001 Bridge Replacement
Essex County, Priority Repairs to County $2,586,269 $5,172,537
TB0700-004 Bridges - Harrison,
East Newark and Newark
Hoboken City, Sinatra Drive Redesign Project $3,194,134 $6,388,267
TB0905-001
Flemington Borough, Corcoran South Main Dewey $835,775 $1,671,550
TB1009-001 Road Improvements
Princeton, Improvement of Witherspoon $4,100,600 $8,201,200
TB1110-001 Street Phases 2 and 3
Atlantic County, Atl. Co. Rte. 629 Pedestrian & $6,085,250 $12,170,500
TB0100-001 Traffic Signal
Improvement Project
Little Ferry Borough, 2023 Road $728,917 $1,457,834
TB0230-001 Improvements Project
Raritan Township, Road Resurfacing Project 2022 $1,316,535 $2,633,070
TB1021-002
Willingboro Township, 2023 Segment Rating 4 $1,793,167 $3,586,334
TB0338-001 Roadway Project
Robbinsville Township, Improvements to $1,149,705 $2,299,409
TB1112-001 Newtown Village
Mendham Township, Mendham Township - $1,238,099 $2,476,197
TB1419-001 2023 Road Improvements
Prospect Park, Prospect Park 2023 $300,253 $600,505
TB1610-001 Transportation Projects
Robbinsville Township, Country Meadows, Brookshire $1,485,756 $2,971,512
TB1112-002 Estate and Meadowbrook Road
Plumsted Township, Plumsted Road and $666,781 $1,333,561
TB1523-001 Drainage Projects 2021
Total Projects: 14 $26,941,856 $53,883,706
b. The bank is authorized to adjust the allowable State loan amount and estimated total allowable loan amount for each project authorized in this section as appropriate, provided that the to