New Jersey Senate Bill S3383

New Jersey 2024-2025 Regular Session

• Introduced: 6/17/24
• Refer: 6/17/24
• Report Pass: 6/26/24

Caption

Authorizes NJ Infrastructure Bank to expend certain sums to make loans for environmental infrastructure projects for FY2025.

Impact

The bill includes provisions that facilitate the continuation and improvement of critical water infrastructure within the state by appropriating substantial funds towards both existing projects and the development of new initiatives. The NJIB is empowered to manage these funds effectively, helping to improve functionality and address shortcomings in water systems, particularly in areas affected by past environmental disasters, such as Hurricane Sandy. This funding is pivotal for maintaining safe and adequate drinking water supplies across New Jersey.

Summary

Senate Bill No. 3383, introduced in the New Jersey 221st Legislature, aims to authorize the New Jersey Infrastructure Bank (NJIB) to expend up to $2.73 billion for making loans to local governments and privately-owned water companies. This funding is designated for a variety of environmental infrastructure projects under the New Jersey Environmental Infrastructure Financing Program (NJEIFP) for the fiscal year 2025. The bill specifically details funding for water discharge and treatment systems, as well as drinking water systems that have previously received loans but now require additional financial support.

Contention

Notably, the bill allocates significant amounts of funding towards projects aimed at addressing environmental concerns, though it may evoke discussions around the efficacy and transparency of funding distribution. Legislators may debate the priorities set by the NJIB regarding which projects receive funding, particularly in light of pressing local needs versus broader state-wide demands. The bill does not specify how these financial resources will be monitored and reported on, prompting potential debates over accountability in the execution of these significant investments.