Sponsored by:
Senator RAJ MUKHERJI
District 32 (Hudson)
Senator DECLAN J. O'SCANLON, JR.
District 13 (Monmouth)
SYNOPSIS
Authorizes NJ Infrastructure Bank to expend certain sums to make loans for Community Hazard Assistance Mitigation Program projects for FY2025.
CURRENT VERSION OF TEXT
As introduced.
An Act authorizing the expenditure of funds by the New Jersey Infrastructure Bank for the purpose of making loans to eligible project sponsors to finance the cost of certain hazard mitigation and resilience projects.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. As used in this act:
Bank means the New Jersey Infrastructure Bank, established pursuant to section 4 of P.L.1985, c.334 (C.58:11B-4).
CHAMP means the Community Hazard Assistance Mitigation Program established pursuant to section 5 of P.L.2023, c.63 (C.58:11B-5a).
Loan origination fee means the fee charged by the bank to pay a portion of the costs incurred by the bank in the implementation of the Community Hazard Assistance Mitigation Program.
Project sponsor means a local government unit receiving a loan from the bank pursuant to this act.
2. a. The New Jersey Infrastructure Bank is authorized to expend the aggregate sum of $7,198,045, or such amounts as can be supported through balances in the "Community Hazard Assistance Mitigation Program Revolving Loan Fund" established pursuant to section 3 of P.L.2023, c.63 (C.58:11B-10.6), including any appropriations from the Legislature, for the purpose of making loans to, or on behalf of, local government units to finance all or a portion of the cost of construction of the projects listed in section 4 of this act.
b. The bank is authorized to increase the aggregate sum specified in subsection a. of this section by acquiring additional lending capital. The bank is authorized to utilize the following sources of funds to acquire such lending capital or for any purpose of the Community Hazard Assistance Mitigation Program:
(1) the amounts of interest earned pursuant to a loan made to a project sponsor participating in CHAMP;
(2) the interest earned on amounts deposited pending their distribution to project sponsors, as provided in subsection b. of section 6 of this act; and
(3) the amounts of the loan origination fee, as provided in subsection c. of section 6 of this act, and any other CHAMP fees.
3. The New Jersey Infrastructure Bank is authorized to make loans to, or on behalf of, the project sponsors for the hazard mitigation and resilience projects listed in subsection a. of section 4 of this act up to the individual amounts indicated and in the priority stated, except that any such amount may be reduced by the bank pursuant to subsection a. of section 6 of this act, or if a project fails to meet the requirements of section 5 of this act. The bank is authorized to increase any such amount pursuant to subsections b. and c. of section 6 of this act.
4. a. The following CHAMP projects shall be known and may be cited as the State Fiscal Year 2025 Community Hazard Assistance Mitigation Program Project Eligibility List:
|
Applicant, Project No. |
Project Description |
Estimated Total Project Amount |
Estimated Total Loan Amount |
|
Jersey City, RB0906-001 |
McGovern Park Resilience |
$5,053,524 |
$1,360,000 |
|
Hoboken City, RB0905-001 |
Southwest Park Expansion |
$13,188,272 |
$1,800,000 |
|
Stafford Township, RB1531-001 |
Elevations |
$2,532,436 |
$570,000 |
|
Bergen County Utilities Authority, RB0200-UA-001 |
Flood Mitigation of Joint Meeting Pump Station |
$5,993,832 |
$1,610,000 |
|
Rochelle Park Township, RB0254-001 |
Reconstruction of Sanitary Sewer Pump Station |
$2,595,146 |
$2,140,000 |
|
Marlboro Township, RB1330-001 |
Nolan Road Streambank Stabilization |
$1,757,775 |
$520,000 |
|
Total Projects: 6 |
|
$31,120,985 |
$8,000,000 |
b. The bank is authorized to adjust the allowable loan amount for each project authorized in this section as appropriate, provided that the total amount of loan issuance remains within available funds, and each loan is issued pursuant to the terms and conditions of the State Fiscal Year 2025 Community Hazard Assistance Mitigation Program.
5. Any loan made by the New Jersey Infrastructure Bank pursuant to this act shall be subject to the requirements of this section.
a. The chairperson, vice-chairperson, or secretary of the bank shall certify that the project complies with the applicable provisions of P.L.2023, c.63, P.L.1985, c.334, and any amendatory and supplementary acts thereto, and any rules and regulations adopted pursuant thereto, as applicable, and any policy statements relating to CHAMP set forth in the State Fiscal Year 2025 CHAMP Financial Plan. In making this certification, the chairperson, vice-chairperson, or secretary may conclusively rely on the project review conducted by the State Office of Emergen