The bill amends the New Jersey Infrastructure Banks enabling act to enhance the operational capabilities of the Infrastructure Bank (I-Bank) by introducing the term "cross-investment," which allows for the investment of funds from one financing program into obligations issued by another program. This amendment provides the I-Bank with greater flexibility in financial management, enabling it to invest in various obligations and securities, including bonds and notes related to cross-investments. Additionally, the bill establishes a cap on the total outstanding principal amount of bonds and obligations at $5 billion for disaster relief financing and another $5 billion for other purposes, ensuring better oversight and accountability in the I-Bank's financial decisions.

Moreover, the bill expands the types of entities eligible for loans and assistance from the I-Bank, allowing not only local government units but also public water utilities and private individuals to access funding for wastewater treatment, water supply projects, and onsite wastewater treatment systems. It establishes the Interim Environmental Financing Program Fund and the Interim Transportation Financing Program Fund to facilitate short-term loans for clean water and transportation projects. The bill also clarifies that the I-Bank can issue bonds and obligations without needing consent from state departments, while ensuring these financial instruments do not constitute a debt of the state. Overall, the amendments aim to improve the I-Bank's financial management and operational efficiency while maintaining compliance with existing laws.

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