The Senate Environment and Energy Committee advanced bipartisan legislation sponsored by Senator Jean Stanfield that would approve the updated Fiscal Year 2024 Financial Plan of the New Jersey Infrastructure Bank (NJIB).

The Senate Environment and Energy Committee advanced bipartisan legislation sponsored by Sen. Jean Stanfield that would approve the updated Fiscal Year 2024 Financial Plan of the NJIB. (Pixabay)

“Environmental infrastructure project loans include millions in funding for clean water projects for towns in the eighth district like Evesham MUA and Medford Lakes,” said Stanfield (R-8). “The funds authorized by this legislation will not only create jobs in New Jersey, but will preserve and protect our environment—which is critical to our quality of life.”

The bill, S-3796, would authorize the NJIB to expend up to $1.782 billion to provide loans to local governments and privately-owned water companies for a portion of the costs of water infrastructure projects, for the purpose of implementing the State fiscal year 2024 New Jersey Environmental Infrastructure Financing Program (NJEIFP).

“This funding will make sure that all projects are completed in a timely manner and will protect the flow of clean drinking water to communities throughout the state,” added Stanfield.