The bill modifies the New Jersey Infrastructure Bank's (NJIB) funding authorization for environmental infrastructure projects for fiscal year 2025, reducing the total available for loans from $2.73 billion to $2.47 billion. It updates legal references to current law and outlines conditions under which the NJIB can increase the specified aggregate sums, including provisions for capitalized interest and administrative expenses. The bill prioritizes loans for clean water and drinking water projects, establishing eligibility criteria and allowing for adjustments in loan amounts based on project costs. It also permits the transfer of funds from various trust funds to support these projects, ensuring that funding is allocated based on project needs.

Additionally, the bill revises the Interim Environmental Financing Program Project Priority List, stipulating that projects not included in this list will not qualify for short-term loans. It allows the NJIB to issue market rate interest short-term loans specifically for wastewater treatment and water supply projects aimed at reducing lead in publicly-owned facilities. The amendments aim to streamline the funding process and enhance financial support for critical environmental infrastructure projects, with a total of 227 eligible projects identified for funding, including those related to the aftermath of Storm Sandy.