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, as well as funds from the Department of Environmental Protection. The legislation specifies a list of projects eligible for funding, including six clean water and two drinking water projects, and permits supplemental loans for projects that exceed previously certified amounts due to rising costs. Additionally, it establishes priorities for loan distribution and allows for adjustments to allowable loan amounts.

Furthermore, the bill amends existing laws 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 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 legislation also sets a deadline of July 1, 2025, for project sponsors to execute loan agreements and grants the Infrastructure Bank expanded authority to adjust loan amounts based on various factors. Additionally, it establishes a Disaster Relief Emergency Financing Program and allows the trust to use generated funds for operating expenses, thereby streamlining the financing process for critical environmental infrastructure projects in New Jersey.