Bipartisan Legislation that would expand the authority of the New Jersey Infrastructure Bank (NJIB) to issue loans or grants for infrastructure projects cleared the Senate Transportation Committee today.
The New Jersey Infrastructure Bank would be able to issue grants and loans for projects related to the COVID emergency under legislation sponsored by Sen. Kip Bateman and advanced by the Senate Transportation Committee. (SenateNJ.com)
Senator Kip Bateman (R-16) sponsors the bill, S-3190, along with Senator Bob Smith, the Democrat chair of the Senate Environment and Energy Committee.
“The pandemic taught us that the State must be prepared to respond to all types of emergencies, and projects to combat a viral outbreak are complicated and costly,” said Bateman. “By authorizing the NJIB to provide emergency relief or disaster loans in the event of pandemic or other crisis will help us maintain essential clean water and transportation projects. Just as it has been following severe storms like Sandy in the past, the NJIB will be an invaluable asset in mitigating damage and protecting New Jersey.”
Under the bill, the Infrastructure Bank would also be authorized to finance the construction of aviation and marine infrastructure projects.
Currently, NJIB can only disburse funds for emergency short-term loans to local government units for costs associated with environmental projects.
“Projects financed in part by the Infrastructure Bank strengthen our State and help fuel the economy,” Bateman said. “This legislation will enhance NJIB’s ability to ensure people are on the job and projects are moving toward completion.”
The NJIB is an independent State financing authority that issues revenue bonds to finance low interest loans to finance the construction of environmental and transportation infrastructure improvements.
Related Facebook Post: