The bill requires the New Jersey Department of Environmental Protection (DEP) and the New Jersey Infrastructure Bank (I-Bank) to prioritize principal forgiveness for loans issued to municipalities located in coastal areas for environmental infrastructure projects. This initiative is designed to assist these municipalities in financing essential projects related to wastewater treatment systems, water supply, and stormwater management, thereby improving their resilience to environmental challenges. The bill amends Section 9 of P.L.1985, c.334 (C.58:11B-9) to allow the trust to provide loans and assistance to local government units and public water utilities, emphasizing favorable loan terms, including principal forgiveness, to encourage investment in critical infrastructure.

Furthermore, the bill outlines the procedures for short-term supplemental loans under the Interim Transportation Financing Program, stating that these loans cannot exceed the duration of the last day of the third succeeding fiscal year following the loan closing. It specifies that only projects listed in the Interim Transportation Financing Program Project Priority List are eligible for funding, which must be submitted to the Legislature annually. The trust is permitted to revise this list up to four times a fiscal year, ensuring that only certified projects receive financial support.

Statutes affected:
Introduced: 58:11B-9