Legislation sponsored by Senator Kip Bateman (R-16) and Senator Kristin Corrado (R-40) that would approve and provide affordable loans to local governments and public water utilities for environmental infrastructure projects through the New Jersey Infrastructure Bank was approved by the New Jersey Senate.
Sens. Kip Bateman and Kristin Corrado’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 cleared the New Jersey Senate. (Pixabay)
“This legislation is crucial for approving and financing important environmental infrastructure projects that protect our state’s drinking water and waterways,” Bateman said. “In fact, the low interest loans authorized by this package of bills will not only create jobs in New Jersey, but will preserve and protect the environment—which is so critical to our quality of life. Ultimately, providing an affordable financial strategy to upgrade critical infrastructure throughout the state will protect the public health of all New Jerseyans.”
Senator Bateman’s bipartisan legislation, A-5588/S-3812, would appropriate certain federal and state funds to the Department of Environmental Protection (DEP) for the purpose of implementing the State Fiscal Year 2022 New Jersey Environmental Infrastructure Financing Program (NJEIFP).
A companion bill, A-5589/S-3813, is sponsored by Senator Corrado and would authorize the New Jersey Infrastructure Bank (NJIB) to execute loans—using the funds provided to the DEP in A-5588/S-3812—to finance a portion of the costs of clean water and drinking water projects.
“This legislation will help our local communities obtain affordable funding to reinvest in clean water services. Without this financing, these expensive, but necessary undertakings could be postponed for years or delayed indefinitely,” said Corrado. “This funding will help projects be completed in a timely manner and protect the flow of clean drinking water to communities throughout New Jersey. This is a no-brainer—everyone in the Garden State will benefit greatly from these bills.”
The final bill in the package, Senator Bateman’s resolution, ACR-213/SCR-151, would approve the Fiscal Year 2022 financial plan of the NJIB. This plan includes financing of clean water and drinking water projects on the eligibility lists developed by the DEP.
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.
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