This bill amends the existing law governing the New Jersey Infrastructure Bank (NJIB) to enhance its financing capabilities for transportation infrastructure projects for Fiscal Year 2025. It increases the total loan amount available from $53,883,706 to $61,400,000, thereby providing greater financial support for local government units engaged in eligible projects. The bill also updates the definitions and provisions related to the types of expenses that can be financed through loans, including capitalized interest, debt service reserve fund expenses, and loan origination fees.

Furthermore, the legislation revises the list of eligible transportation infrastructure projects, allowing for the addition of new projects and the removal of existing ones, as well as adjustments to the priority and allowable loan amounts for certain initiatives. It establishes a timeline for loan agreements, requiring project sponsors to execute agreements by July 1, 2025, to maintain eligibility for funding. Overall, the bill aims to strengthen the NJIB's role in supporting critical transportation infrastructure development in New Jersey.