The bill modifies the New Jersey Infrastructure Bank's (NJIB) authority to provide loans for environmental infrastructure projects for fiscal year 2025, reducing the total loan authorization from $2.73 billion to $2.47 billion while allowing for the inclusion of uncommitted balances from previous authorizations. It updates the definitions of key terms related to loan processes and specifies that loans can cover the difference between the allowable loan amount based on final building costs and the certified loan amount for specific fiscal years. The bill also establishes eligibility for local government units to receive funding from the "Pinelands Infrastructure Trust Fund" for clean and drinking water projects, allowing drinking water projects to be funded similarly to wastewater projects until new regulations are developed.

Additionally, the bill outlines the requirements for loans, including compliance certifications and repayment terms, and allows for the redirection of unexpended bond proceeds to cover costs associated with environmental infrastructure projects. It mandates the annual submission of the Interim Environmental Financing Program Project Priority List to ensure transparency and documentation. The NJIB is authorized to issue market-rate interest short-term loans for wastewater treatment and water supply projects aimed at reducing lead in publicly-owned facilities that are otherwise ineligible for funding. The act is set to take effect immediately upon passage.