ASSEMBLY APPROPRIATIONS COMMITTEE
STATEMENT TO
[First Reprint]
ASSEMBLY, No. 5123
STATE OF NEW JERSEY
DATED: DECEMBER 16, 2024
The Assembly Appropriations Committee reports favorably
Assembly Bill No. 5123 (1R).
This bill would make changes to the authorization that was given
to the New Jersey Infrastructure Bank (NJIB), under P.L.2024, c.41, to
make loans for environmental infrastructure projects for State fiscal
year 2025.
P.L.2024, c.41, enacted in July 2024, authorized the NJIB to
expend up to $2.73 billion, as well as any unexpended balances from
previous authorizations, for the purposes of providing low-interest and
market-rate loans to project sponsors (primarily local governments,
public authorities, and public water utilities) for a portion of the total
costs of 240 eligible environmental infrastructure projects for fiscal
year 2025. This bill would amend the lists of environmental
infrastructure projects for which the NJIB is authorized to make loans
pursuant to P.L.2024, c.41, in order to include new projects, remove
certain projects, modify the priority of certain projects, and modify the
trust loan amounts for certain projects, as enumerated in sections 2 and
4 of the bill.
As amended by the bill, P.L.2024, c.41 would authorize the NJIB
to expend up to $2.47 billion, as well as any unexpended balances
from previous authorizations, in order to provide loans to project
sponsors for a total of 227 eligible environmental infrastructure
projects for fiscal year 2025. This would include 152 projects on the
"Storm Sandy and State Fiscal Year 2025 Clean Water Project
Eligibility List" and 67 projects on the "Storm Sandy and State Fiscal
Year 2025 Drinking Water Project Eligibility List."
FISCAL IMPACT:
This bill is not certified as requiring a fiscal note.