This bill amends Section 9 of P.L.1985, c.334 (C.58:11B-9) to prioritize principal forgiveness for environmental infrastructure project loans specifically for municipalities located in coastal areas. 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 provide favorable loan terms for projects related to wastewater treatment, water supply, and stormwater management. Additionally, the bill establishes the "Interim Environmental Financing Program Fund" to facilitate short-term loans for clean water and drinking water projects, allowing the trust to receive funds from various sources, including revolving lines of credit.

Furthermore, the bill outlines the procedures for short-term supplemental loans under the Interim Transportation Financing Program, specifying that these loans must mature within a defined timeframe, with exceptions for planning and construction loans. It mandates that only projects included in the Interim Transportation Financing Program Project Priority List, which must be submitted annually to the Legislature, are eligible for funding. The trust is permitted to revise this list up to four times a fiscal year, and disbursement of funds for project activities requires written certification from the trust to ensure compliance with existing laws. Overall, the legislation aims to enhance financial support for environmental infrastructure projects in coastal municipalities, promoting resilience and sustainability in these vulnerable areas.

Statutes affected:
Introduced: 58:11B-9