ASSEMBLY APPROPRIATIONS COMMITTEE
STATEMENT TO
[Second Reprint]
SENATE, No. 2594
STATE OF NEW JERSEY
DATED: MARCH 20, 2025
The Assembly Appropriations Committee reports favorably Senate
Bill No. 2594 (2R).
As reported, the bill appropriates $28,670,924 in 2003 and 1992
bond act monies for loans for dam restoration and repair projects and
inland waters projects, including administrative costs, for 17 projects
identified in the bill.
Of this funding: $22,431,294 is from the “2003 Dam, Lake and
Stream Project Revolving Loan Fund,” established pursuant to section
17 of the “Dam, Lake, Stream, Flood Control, Water Resources, and
Wastewater Treatment Project Bond Act of 2003,” P.L.2003, c.162;
and $6,239,630 is from the “1992 Dam Restoration and Clean Water
Trust Fund,” established pursuant to section 26 of the “Green Acres,
Clean Water, Farmland and Historic Preservation Bond Act of 1992,”
P.L.1992, c.88. These monies are made available due to project
cancellations, withdrawals, cost savings, interest earnings, and loan
repayments.
The funds from the 2003 bond act will provide 13 loans to owners
of private dams, or private lake associations or similar organizations,
as co-applicants with local government units, or to local government
units that own dams, to finance the costs of dam restoration and repair
projects undertaken by, or on behalf of, the owners of dams and to an
inland waters project. The funds from the 1992 bond act will provide
four loans to assist private lake associations or similar organizations or
owners of private dams, as co-applicants with local government units,
to meet the costs of dam restoration projects.
In addition, the bill appropriates monies that may be, or may
become, available on or before June 30, 2024, due to interest earnings
or loan repayments to the 2003 and 1992 fund, as appropriate, to fund
projects listed in the bill and additional projects authorized by law.
As reported by the committee, Senate Bill No. 2594 (2R) is
identical to Assembly Bill No. 3951 (ACS), which was also reported
by the committee on this date.
FISCAL IMPACT:
This bill is not certified as requiring a fiscal note.