This bill amends existing legislation to prioritize principal forgiveness for environmental infrastructure project loans specifically for municipalities located in coastal areas, as defined in section 4 of P.L.1973, c.185 (C.13:19-4). The New Jersey Department of Environmental Protection (DEP) and the New Jersey Infrastructure Bank (I-Bank) are responsible for implementing this priority, which aims to assist these municipalities in financing essential projects such as wastewater treatment systems, water supply projects, and stormwater management systems.

Furthermore, the bill establishes special funds, including the "Interim Environmental Financing Program Fund" and the "Interim Transportation Financing Program Fund," to facilitate short-term loans for various infrastructure projects. It sets conditions for these loans, including maturity timelines, and specifies that only projects listed in the Interim Transportation Financing Program Project Priority List are eligible for funding. The trust is permitted to revise this list up to four times a fiscal year, ensuring that funding is directed to qualified projects while maintaining effective management of resources.

Statutes affected:
Introduced: 58:11B-9