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 potential 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 prioritizes funding for these projects and includes provisions for supplemental loans, enabling adjustments based on final building costs. It also allows the use of the "Pinelands Infrastructure Trust Fund" for drinking water projects, ensuring they are funded under the same regulations as wastewater projects until new regulations are established.

Additionally, the bill amends existing laws regarding the financing of drinking water projects, establishing that they will follow the same regulations as wastewater projects until specific guidelines are developed. It introduces the "Storm Sandy and State Fiscal Year 2025 Clean Water Project Eligibility List" and a separate "Storm Sandy and State Fiscal Year 2025 Drinking Water Project Eligibility List," detailing eligible projects and their estimated loan amounts. The bill grants the Infrastructure Bank the authority to adjust loan amounts based on various factors and sets a deadline of July 1, 2025, for project sponsors to execute loan agreements. It also establishes a framework for temporary loans and allows the trust to use generated funds for operating expenses, taking effect immediately upon approval.