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, which are vital for maintaining environmental standards and enhancing resilience against climate change. The term "coastal area" is defined according to existing law, ensuring clarity in the scope of the bill.

To facilitate this support, 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, public water utilities, and private entities for various environmental projects. It establishes special funds, including the "Interim Environmental Financing Program Fund," to enable short-term loans for clean water and drinking water projects. The bill also specifies that only projects listed in the Interim Transportation Financing Program Project Priority List are eligible for supplemental loans, with provisions for the trust to revise this list multiple times a fiscal year to ensure funding is directed to certified projects.

Statutes affected:
Introduced: 58:11B-9