Legislation sponsored by Senator Kristin Corrado (R-40) and Senator Kip Bateman (R-16) that would approve and provide affordable loans to local governments and public water utilities for environmental infrastructure projects through the New Jersey Infrastructure Bank has passed the State Senate.
Sens. Kristin Corrado and Kip Bateman’s legislation that would approve and provide affordable loans to local governments and public water utilities for environmental infrastructure projects through the NJ Infrastructure Bank has passed the Senate. (Pixabay)
“Superstorm Sandy has had a devastating and lasting impact on the quality of our water pipes, sewer systems, and storm water infrastructure,” Bateman said. “In my area, for example, the funding slated for Somerville Borough and Raritan Township’s Municipal Utilities Authority will keep the water resources in our communities safe, without putting an additional burden on local property taxpayers. Providing an affordable financial strategy to upgrade critical infrastructure statewide will protect the public health of New Jerseyans and the overall environment of the Garden State.”
Senator Bateman’s bipartisan legislation, S-3819 /A-5456 would authorize the New Jersey Infrastructure Bank (NJIB) to provide loans with an interest rate at or below the prevailing market rate to local governments, public authorities, or public water utilities for a portion of the total costs of 117 eligible environmental infrastructure projects. These eligible projects are primarily included in the “Storm Sandy and State Fiscal Year 2020 Clean Water Project Priority List” and the “State Fiscal Year 2020 Drinking Water Project Priority List.”
The NJIB is an independent State Financing Authority responsible for providing and administering low interest rate loans to qualified municipalities, counties, regional authorities, and water purveyors in New Jersey. The bank provides funding for water quality infrastructure projects that enhance ground and surface water resources, ensure the safety of drinking water supplies, protect the public health and make possible responsible and sustainable economic development.
Senator Corrado’s resolution, SCR-168/ACR-233, would approve the Fiscal Year 2020 financial plan of the New Jersey Infrastructure Bank. This plan includes financing of clean water and drinking water projects on the eligibility lists developed by the Department of Environmental Protection.
“From the reservoirs that hold our drinking water to the pipes that bring it into our neighborhoods and homes, our environmental infrastructure has such a significant impact in our day-to-day lives,” Corrado said. “Inaction has costly consequences. Approving the State Infrastructure Bank will help our local communities obtain affordable funding to reinvest in clean water services. This is a win-win for New Jersey.”
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