On August 10, Governor Murphy signed into law S-2645, which makes various changes to New Jersey Infrastructure Bank's enabling act. The League supports this Legislation. Specifically, the law provides that each bond, note, or other obligation issued by the New Jersey Infrastructure Bank (NJIB) for a combined sewer overflow project would mature not later than 45 years, as opposed to 30 years for other environmental infrastructure projects. In addition, a line of credit loan for an environmental infrastructure project or transportation infrastructure project would mature the sooner of: either the last day of the fifth succeeding fiscal year following the closing date of the line of credit loan, or the last day of the third succeeding fiscal year following the date of construction certification following the closing date of the line of credit loan. The law also permits the DEP Commissioner to add drinking water projects to the priority list for funding under the “Water Supply Bond Act of 1981.” The law also clarifies that the longterm loan repayment schedule for each transportation infrastructure project, and requires a final maturity date of not more than 31 years following completion of the project. P.L. 2018, c. 75, which the League supported, took effect immediately.
Contact: Lori Buckelew, Senior Legislative Analyst, email@example.com, 609-695-3481 x112.