ASSEMBLY, No. 4968

STATE OF NEW JERSEY

221st LEGISLATURE

INTRODUCED OCTOBER 21, 2024

 

 

Sponsored by:

Assemblyman CLINTON CALABRESE

District 36 (Bergen and Passaic)

 

 

 

 

SYNOPSIS

Modifies list of transportation infrastructure projects eligible to receive loans from NJ Infrastructure Bank for FY2025.

 

CURRENT VERSION OF TEXT

As introduced.

An Act concerning the expenditure of funds by the New Jersey Infrastructure Bank to finance a portion of the cost of certain transportation infrastructure projects and amending P.L.2024, c.43.

 

Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

1. Section 1 of P.L.2024, c.43 is amended to read as follows:

1. As used in [this act] P.L.2024, c.43, as amended by P.L.    , c.     (pending before the Legislature as this bill):

Bank means the New Jersey Infrastructure Bank, established pursuant to section 4 of P.L.1985, c.334 (C.58:11B-4).

Capitalized interest means an amount equal to the interest paid on bank transportation bonds that is funded with bank transportation bond proceeds and the earnings thereon.

Debt service reserve fund expenses means the debt service reserve fund costs associated with reserve capacity expenses.

Issuance expenses means any costs related to the issuance of bank transportation bonds, including, but not limited to, the costs of financial document printing, bond insurance premiums or other credit enhancement, underwriters discount, verification of financial calculations, the services of bond rating agencies and trustees, the employment of accountants, attorneys, financial advisors, loan servicing agents, registrars, and paying agents.

Loan origination fee means the fee charged by the bank to pay a portion of the costs incurred by the bank and the Department of Transportation in the implementation of the New Jersey Transportation Infrastructure Financing Program.

Project sponsor means a local government unit receiving a loan from the bank pursuant to [this act] P.L.2024, c.43, as amended by P.L.    , c.     (pending before the Legislature as this bill).

Reserve capacity expenses means those project costs for reserve capacity that are eligible for loans from the bank in accordance with the requirements of subsection g. of section 9 of P.L.1985, c.334 (C.58:11B-9) and any policy statements relating to the Transportation Infrastructure Financing Program to be set forth in the State Fiscal Year 2025 Transportation Infrastructure Financing Program Financial Plan.

(cf: P.L.2024, c.43, s.1)

 

2. Section 2 of P.L.2024, c.43 is amended to read as follows:

2. a. The New Jersey Infrastructure Bank is authorized to expend the aggregate sum of [$53,883,706] $61,400,000 or such amounts as can be supported through balances in the State Transportation Infrastructure Bank Fund, established pursuant to section [39] 34 of P.L.2016, c.56 (C.58:11B-10.4), and via direct appropriation through the State transportation capital program 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 transportation infrastructure projects listed in section 4 of [this act] P.L.2024, c.43, as amended by P.L.    , c.     (pending before the Legislature as this bill).

b. The bank is authorized to increase the aggregate sums specified in subsection a. of this section for the banks costs to acquire lending capital, including:

(1) the amounts of capitalized interest, interest accrued pursuant to a short-term or temporary loan made to a project sponsor pursuant to the Interim Transportation Financing Program, and the bond issuance expenses, as provided in subsection b. of section 7 of [this act] P.L.2024, c.43, as amended by P.L.    , c.     (pending before the Legislature as this bill);

(2) the amounts of reserve capacity expenses and debt service reserve fund requirements, as provided in subsection c. of section 7 of [this act] P.L.2024, c.43, as amended by P.L.    , c.     (pending before the Legislature as this bill);

(3) the amounts of the loan origination fee, as provided in subsection d. of section 7 of [this act] P.L.2024, c.43, as amended by P.L.    , c.     (pending before the Legislature as this bill); and

(4) the amounts of the debt service reserve or guarantees provided to local government units from the Economic Development and Infrastructure Improvement Revolving Fund, as provided in subsection e. of section 7 of [this act] P.L.2024, c.43, as amended by P.L.    , c.     (pending before the Legislature as this bill).

(cf: P.L.2024, c.43, s.2)

 

3. Section 3 of P.L.2024, c.43 is amended to read as follows:

3. The New Jersey Infrastructure Bank is authorized to make loans to, or on behalf of, the project sponsors for the transportation projects listed in subsection a. of section 4 of [this act] P.L.2024, c.43, as amended by P.L.    , c.     (pending before the Legislature as this bill) 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 7 of [this act] P.L.2024, c.43, as amended by P.L.    , c.     (pending before the Legislature as this bill), or if a project fails to meet the requirements of section 6 of [this act] P.L.2024, c.43, as amended by P.L.    , c.     (pending before the Legislature as this bill). The bank is authorized to increase any such amount pursuant to subsection b. through subsection d. of section 7 [of this act] or section 8 of [this act] P.L.2024, c.43, as amended by P.L.    , c.     (pending before the Legislature as this bill).

(cf: P.L.2024, c.43, s.3)

4. Section 4 of P.L.2024, c.43 is amended to read as follows:

4. a. The following transportation infrastructure projects shall be known and may be cited as the State Fiscal Year 2025 Transportation Financing Program Project Eligibility List: