The Senate Environment Committee has approved legislation (S-1825) sponsored by Senate Republican Leader Tom Kean (R-21) that authorizes the New Jersey Environmental Infrastructure Trust to provide funding to 107 water infrastructure projects statewide. The legislation is part of a package of bills that will provide approximately $705 million in financing from the Trust to 133 environmental infrastructure projects.
“Today’s action will ensure that critical infrastructure projects that protect New Jersey’s drinking water will have funding to proceed,” said Kean. “It’s important that we continue to provide the means to enhance and protect the water supplies that we all depend upon.”
The New Jersey Environmental Infrastructure Trust uses a combination of State and federal funds to provide low-interest loans to local governments, public authorities and public water utilities for a portion of the total cost of infrastructure projects that ensure the safety of drinking water supplies. Allocations from the Trust are approved annually by the Legislature.
The projects that would be approved for financing through S-1825 include:
- $38,314,750 in supplemental loans to project sponsors of nine existing clean water projects;
- $20,861,113 in supplemental loans to project sponsors for seven existing drinking water projects;
- $312,734,500 for loans to 54 projects identified on the State FY 2009 Clean Water Project Priority List; and
- $68,142,000 for loans to 37 projects identified on the State FY 2009 Drinking Water Priority List.
“The New Jersey Environmental Infrastructure Trust has been an invaluable source of funding for clean water projects for more than 20 years,” added Kean. “This legislation will ensure that water flowing from the taps in our homes remains safe and clean.”
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July 1, 2008
