The bill authorizes the New Jersey Infrastructure Bank to allocate up to $2.73 billion for loans aimed at financing environmental infrastructure projects for local government units and public water utilities. It allows for the increase of this funding through various means, including capitalized interest and administrative expenses, and specifies the allocation of funds from trust funds dedicated to clean water and drinking water projects. The bill also establishes a priority system for loan distribution and expands the scope of eligible projects by permitting the funding of drinking water projects through the "Pinelands Infrastructure Trust Fund," which was previously limited to wastewater projects.

Additionally, the bill amends existing legislation to ensure that drinking water projects funded through the Pinelands Infrastructure Trust Fund will follow the same regulations as wastewater projects until new regulations are established. It introduces two eligibility lists for funding: the "Storm Sandy and State Fiscal Year 2025 Clean Water Project Eligibility List" and the "Storm Sandy and State Fiscal Year 2025 Drinking Water Project Eligibility List," detailing specific projects and loan amounts. The bill also sets a deadline for project sponsors to execute loan agreements by July 1, 2025, and grants the Infrastructure Bank the authority to adjust loan amounts based on various factors, streamlining the financing process for critical environmental infrastructure projects while ensuring compliance with financial regulations.