This 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. The bill amends Section 9 of P.L.1985, c.334 (C.58:11B-9) to ensure that these municipalities can access favorable loan terms for projects such as wastewater treatment systems, water supply projects, and stormwater management systems. The term "coastal area" is defined according to section 4 of P.L.1973, c.185 (C.13:19-4), and the initiative aims to enhance financing options for municipalities through the State's Water Bank program, which typically offers low-interest loans with potential principal forgiveness.

Furthermore, the legislation details the procedures for the trust to provide short-term supplemental loans under the Interim Transportation Financing Program, stipulating that these loans cannot exceed the duration of the third succeeding fiscal year after the loan closing. It specifies that only projects included 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