Authorizes New Jersey Infrastructure Bank to Finance Vital Improvements
Legislation sponsored by Senator Kip Bateman ensuring crucial clean water environmental infrastructure projects move forward became law today.
More than 170 important clean water infrastructure projects will be eligible for funding with the signing of Sen. Kip Bateman’s bill authorizing the NJIB to issue loans for Fiscal Year 2021 work. (Pixabay)
With the governor’s signature, A-5054/S-3211 authorizes the New Jersey Infrastructure Bank (NJIB) to expend additional sums to make loans for environmental infrastructure projects for Fiscal Year 2021.
“This funding will help vital projects proceed, protecting the flow of clean drinking water to communities throughout the state,” said Bateman (R-16). “Environmental projects, especially those for clean water and wastewater management, are necessities, and without affordable financing from the Environmental Infrastructure Trust, these expensive undertakings could be delayed indefinitely or postponed.”
Affordable loans will now be available for more than 170 environmental infrastructure construction projects through low interest and market-rate loans through NJIB.
Eligible projects include 123 from the “Storm Sandy and State Fiscal Year 2020 Clean Water Project Eligibility List” and 44 projects from the “Storm Sandy and State Fiscal Year 2020 Drinking Water Project Eligibility List.”
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