This bill authorizes the New Jersey Infrastructure Bank to allocate a total of $53,883,706 for loans to local government units to finance transportation infrastructure projects as part of the State Fiscal Year 2025 Transportation Financing Program. The bill outlines various definitions related to the financing process, including terms such as "capitalized interest," "debt service reserve fund expenses," and "loan origination fee." It also specifies the types of projects eligible for funding and the conditions under which loans will be issued, including compliance with existing laws and regulations, project eligibility, and repayment terms.

Additionally, the bill allows the Infrastructure Bank to adjust loan amounts based on project costs and to utilize funds from bond proceeds for various expenses related to the loans. It establishes a framework for the bank to manage its operating expenses and outlines the appropriations necessary for short-term loans under the Disaster Relief Emergency Financing Program. The act is set to take effect immediately and will expire on July 1, 2025, ensuring that any project sponsors must execute loan agreements by that date to secure funding.