Sponsored by:
Assemblyman ROY FREIMAN
District 16 (Hunterdon, Mercer, Middlesex and Somerset)
Assemblywoman SHANIQUE SPEIGHT
District 29 (Essex)
Assemblywoman PAMELA R. LAMPITT
District 6 (Burlington and Camden)
SYNOPSIS
Authorizes NJ Infrastructure Bank to expend certain sums to make loans for transportation infrastructure projects for FY2022.
CURRENT VERSION OF TEXT
As introduced.
An Act authorizing the expenditure of funds by the New Jersey Infrastructure Bank for the purpose of making loans to eligible project sponsors to finance the cost to construct transportation infrastructure projects, and making an appropriation.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. The New Jersey Infrastructure Bank, established pursuant to P.L.1985, c.334 (C.58:11B-1 et seq.), is authorized to expend the aggregate sum of $68,349,007 or such amounts as can be supported through balances in the State Transportation Infrastructure Bank Fund, established pursuant to section 34 of P.L.2016, c.56 (C.58:11B-10.4), and via direct appropriation through the State transportation capital program for the purpose of making loans to or, on behalf of, local government units to finance all or a portion of the cost of construction of transportation infrastructure projects listed in sections 3 of this act.
b. The bank is authorized to increase the aggregate sums specified in subsection a. of this section for the bank s costs to acquire lending capital, specifically:
(1) the amounts of capitalized interest and the bond issuance expenses as provided in subsection b. of section 6 of this act;
(2) the amounts of reserve capacity expenses and debt service reserve fund requirements as provided in subsection c. of section 6 of this act;
(3) the interest earned on amounts deposited for project costs pending their distribution to project sponsors as provided in subsection d. of section 6 of this act;
(4) the amounts of the loan origination fee as provided in subsection e. of section 6 of this act.
c. For the purposes of this act:
bank means the New Jersey Infrastructure Bank, established pursuant to section 4 of P.L.1985, c.334 (C.58:11B-4);
capitalized interest means an amount equal to interest paid on bank transportation bonds which is funded with bank transportation bond proceeds and the earnings thereon;
debt service reserve fund expenses means the debt service reserve fund costs associated with reserve capacity expenses,
issuance expenses means any costs related to the issuance of bank transportation bonds and includes, but is not limited to, the costs of financial document printing, bond insurance premiums or other credit enhancement, underwriters' discount, verification of financial calculations, the services of bond rating agencies and trustees, the employment of accountants, attorneys, financial advisors, loan servicing agents, registrars, and paying agents.
loan origination fee means the fee charged by the bank to pay a portion of the costs incurred by the bank and the Department of Transportation in the implementation of the New Jersey Transportation Infrastructure Financing Program;
project sponsor means a local government unit receiving a loan from the bank pursuant to this act; and
reserve capacity expenses means those project costs for reserve capacity which are eligible for loans from the bank in accordance with the requirements of subsection g. of section 9 of P.L.1985, c.334 (C.58:11B-9) and any policy statements relating to the Transportation Bank Infrastructure Financing Program to be set forth in the State fiscal year 2022 Transportation Infrastructure Financing Program Financial Plan.
2. The New Jersey Infrastructure Bank is authorized to make loans to or on behalf of the project sponsors for the transportation projects listed in subsection a. of section 3 of this act up to the individual amounts indicated and in the priority stated, except that any such amount may be reduced by the bank pursuant to subsection a. of section 6 of this act, or if a project fails to meet the requirements of section 5 of this act. The bank is authorized to increase any such amount pursuant to subsection b. through subsection e. of section 6 or section 7 of this act.
3. a. The following
transportation infrastructure projects shall be known and may be cited as the
State Fiscal Year 2022 Transportation Financing Program Project Eligibility
List :
|
Applicant |
Project No. |
Total Allowable State Loan Amount |
Estimated Total Allowable Loan Amount |
|
Burlington County |
TB0300-001 |
$ 1,662,500 |
$ 3,325,000 |
|
Bayonne City |
TB0901-001 |
$ 1,460,615 |
$ 2,921,230 |
|
Cape May County |
TB0500-007 |
$ 5,050,000 |
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