The bill authorizes the New Jersey Infrastructure Bank (NJIB) to allocate up to $2.73 billion for loans aimed at financing environmental infrastructure projects during the fiscal year 2025. This funding will assist local government units and public water utilities, referred to as "project sponsors," in covering construction costs for these projects. The legislation also expands the types of expenses that can be included in the loan amounts, such as capitalized interest and administrative costs, thereby increasing the aggregate sums available for loans. Additionally, it outlines provisions for supplemental loans for clean water and drinking water projects, prioritizing funding based on project needs and available resources.

Furthermore, the bill appropriates up to $1.5 billion for short-term loans to project sponsors on the "Interim Environmental Financing Program Project Priority List" and supports the "Environmental Disaster Relief Emergency Financing Program Project Priority List." It grants the NJIB the authority to transfer funds between various State accounts to ensure compliance with federal funding requirements under the Clean Water Act and Safe Drinking Water Act. The bill also establishes specific requirements for loans and allows the NJIB to adjust loan amounts based on project costs, ensuring effective utilization of funds for environmental infrastructure improvements.