Bipartisan legislation sponsored by Senator Kip Bateman that would authorize the New Jersey Infrastructure Bank (NJIB) to finance aviation and marine infrastructure projects was signed into law today by Governor Murphy.
Bipartisan legislation sponsored by Sen. Kip Bateman that would authorize the New Jersey Infrastructure Bank to finance aviation and marine infrastructure projects was signed into law by Gov. Murphy. (SenateNJ.com)
“I am pleased that this legislation was signed today. The NJIB can be an invaluable asset in mitigating the impact of the pandemic and protecting New Jersey,” said Bateman (R-16). “Coronavirus taught us that the State must be prepared to respond to emergencies of all types, and projects to control a viral outbreak are complicated and costly. Authorizing the NJIB to provide emergency relief or disaster loans in the event of a public health emergency or other crisis will help us maintain essential clean water and transportation projects.”
Previously, NJIB could disburse funds for emergency short-term loans to local government units for costs associated with environmental projects.
Under the legislation, A-5057/S-3190, the Infrastructure Bank also would be authorized to finance the construction of aviation and marine infrastructure projects.
“This law will enhance NJIB’s ability to ensure workers are on the job and projects are moving toward completion,” added Bateman. “Projects financed in part by the Infrastructure Bank help strengthen our State and fuel the economy.”
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.
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