The New Jersey Senate 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 NJ Senate advanced bipartisan legislation sponsored by Sen. Jean Stanfield that would approve the updated Fiscal Year 2024 Financial Plan of the NJIB. (Pixabay)

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

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