The bill amends various sections of P.L.2024, c.43, which pertains to the New Jersey Infrastructure Bank and its role in financing transportation infrastructure projects. Key definitions are clarified, including terms such as "bank," "capitalized interest," and "project sponsor." The New Jersey Infrastructure Bank is authorized to expend a total of $61,400,000 for loans to local government units for transportation projects, with provisions for increasing loan amounts based on specific expenses such as capitalized interest and debt service reserve fund requirements. The bill also outlines the eligibility criteria for projects and the conditions under which loans will be made, including compliance with existing laws and regulations.

Additionally, the bill allows for adjustments to loan amounts based on final building costs and permits the bank to utilize proceeds from bond refunding to increase loan funds available to project sponsors. It emphasizes the importance of adhering to the financial plan set forth for the State Fiscal Year 2025 Transportation Infrastructure Financing Program. The act is set to take effect immediately upon approval, which occurred on January 30, 2025.