The bill proposes significant amendments to the New Jersey Infrastructure Bank (I-Bank) enabling act, specifically enhancing the definitions and operational capabilities of the I-Bank. A key insertion is the term "cross-investment," which allows the I-Bank to invest funds from one financing program into obligations of another program, thereby increasing its financial flexibility. The bill also expands the I-Bank's authority to invest in various obligations and securities, including bonds related to cross-investments, and introduces a cap on the total outstanding principal amount of bonds at $5 billion for disaster relief financing and another $5 billion for other purposes. Additionally, it mandates that the I-Bank report to the Joint Budget Oversight Committee before issuing refunding bonds, ensuring greater oversight.

Moreover, the bill broadens the eligibility for loans and assistance from the I-Bank to include public water utilities and private individuals for projects related to wastewater treatment and water supply. It establishes two special funds for short-term loans for clean water and transportation projects, while also outlining conditions for these loans, including State Treasurer approval and project priority lists. The bill clarifies that the I-Bank can issue bonds without needing consent from state departments and that these financial instruments will not constitute a debt of the state. Overall, the amendments aim to enhance the I-Bank's operational efficiency, financial management, and compliance with regulatory oversight.

Statutes affected:
Introduced: 58:11B-3, 58:11B-5, 58:11B-6, 58:11B-9