With the Governor’s signing today of legislation sponsored by Senator Kip Bateman and Senator Kristin Corrado, important environmental infrastructure projects across the state will move forward as planned this year.
Legislation sponsored by Sen. Kip Bateman and Sen. Kristin Corrado to help provide affordable loans for important environmental infrastructure projects was signs by the Governor. (Pixabay)
The two bills signed into law approve environmental construction initiatives and provide affordable loans to local governments and public water utilities to pay for the projects.
“This is crucial to safeguarding our state’s drinking water and waterways,” Bateman (R-16) said. “The low interest loans authorized by this package will fuel job growth in the state while preserving the environment which is so critical to the quality of life in New Jersey. 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) implements the New Jersey Environmental Infrastructure Financing Program for FY 2022 with the appropriation of certain federal and state funds to the Department of Environmental Protection.
A companion measure sponsored by Senator Corrado (A-5589/S-3813) authorizes the New Jersey Infrastructure Bank (NJIB) to provide loans, using the funds provided to the DEP by S-3812, to finance a portion of the costs of clean water and drinking water projects.
“Without affordable financing, these costly, but necessary projects could be postponed for years or delayed indefinitely,” said Corrado (R-40). “The legislation signed today will help our local communities obtain manageable funding to invest in clean water services. These loans will enable projects to be completed in a timely manner and protect the flow of clean drinking water to communities throughout the Garden State.”
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