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 aimed at environmental infrastructure projects in municipalities located in coastal areas. 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 environmental resilience. The bill amends Section 9 of P.L.1985, c.334 (C.58:11B-9) to enable the trust to provide loans and assistance to local government units, public water utilities, and private entities for various environmental projects, while also establishing special funds like the "Interim Environmental Financing Program Fund" for short-term loans.

Furthermore, the bill specifies the conditions under which these loans can be issued, including the requirement for projects to be included on an Interim Environmental Financing Program Project Priority List, which must be approved by the State Treasurer. It also outlines the procedures for short-term supplemental loans under the Interim Transportation Financing Program, limiting their duration to no more than three fiscal years following the loan closing. Only projects listed on the approved priority list are eligible for funding, and 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