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 updates the definitions and terms related to the financing process, including the definition of "project sponsor" and the types of expenses eligible for loans. The aggregate sum available for loans is increased from $53,883,706 to $61,400,000, with provisions allowing for adjustments based on project costs and financial considerations. The NJIB is also authorized to use proceeds from the refunding of transportation bonds to boost loan amounts for project sponsors.

Key changes include the insertion of new legal language that clarifies the conditions for loan issuance, including compliance with regulations and the necessity for projects to be on an approved eligibility list. The bill also outlines repayment conditions and applicable interest rates for the loans. Overall, the legislation aims to broaden the scope of projects eligible for funding, thereby improving the NJIB's support for local government units in financing transportation infrastructure improvements, with the act taking effect immediately upon passage.