This bill amends New Jersey law to enhance definitions and provisions related to infrastructure projects, particularly in aviation, marine, and environmental sectors. It introduces the "Community Hazard Assistance Mitigation Program" under the New Jersey Infrastructure Bank, which will fund hazard mitigation and resilience projects by state and local governments and nonprofit organizations. The bill outlines the powers of the Infrastructure Bank, including the ability to issue bonds and notes for financing these projects, while ensuring compliance with existing fiscal control laws. It also establishes two special funds for short-term loans for clean water, drinking water, and transportation projects, with eligibility tied to project priority lists submitted by relevant state commissioners.

Additionally, the bill amends the "Disaster Relief Emergency Financing Program Fund" to create subaccounts for environmental and transportation projects, detailing funding sources and the authority of the trust to issue bonds for emergency loans. It streamlines the process for disbursing loans for infrastructure projects in the aftermath of a state of emergency, specifying that funds can only be allocated for projects addressing damages from terrorism, seismic activity, or severe weather. The bill also establishes the Community Hazard Mitigation Assistance Program Revolving Loan Fund, providing loans and financial assistance for hazard mitigation projects, with provisions for loan forgiveness based on income levels. Overall, the bill aims to improve the state's capacity to manage and fund critical infrastructure projects that enhance public safety and resilience against hazards.

Statutes affected:
Introduced: 58:11B-5, 58:11B-6, 58:11B-9, 58:11B-9.5, 58:11B-10.8, 58:11B-20.4
Advance Law: 58:11B-3, 58:11B-5, 58:11B-6, 58:11B-9, 58:11B-9.5, 58:11B-10.8, 58:11B-20.4
Pamphlet Law: 58:11B-3, 58:11B-5, 58:11B-6, 58:11B-9, 58:11B-9.5, 58:11B-10.8, 58:11B-20.4