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Contact: Jonathan Azzara / (609) 847-3600
November 15, 2021
Bateman and Corrado Bills to Improve and Expand Funding for Environmental Infrastructure Projects Clears Committee

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Bill Package Modifies Existing Law to Include Additional Projects

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 Senate Environment and Energy Committee.

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 Senate Environment and Energy Committee. (Pixabay)

“This legislation is crucial for approving and financing important environmental infrastructure projects that protect our state’s drinking water and waterways,” said Bateman. “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, S-4079, would alter the list of environmental infrastructure projects for which the Legislature has appropriated funds to the Department of Environmental Protection (DEP) for FY2022 to include new projects or modify the loan amounts for certain projects.

A companion bill, S-4078, is sponsored by Senator Corrado and would amend the lists of environmental infrastructure projects for which the New Jersey Infrastructure Bank (NJIB) is authorized to make loans to include new projects or modify the priority of specific projects.

“This legislation will help our local communities obtain affordable funding to reinvest in clean water services, as well as other important infrastructure initiatives,” said Corrado. “Without this financing, these expensive, but necessary undertakings could be postponed for years or delayed indefinitely. 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 Corrado’s resolution, SCR-160 would approve the updated Fiscal Year 2022 Financial Plan of the NJIB.

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.

Related Facebook Post:
https://www.facebook.com/kipbateman/posts/330629848872389

Related Tweet:
https://twitter.com/sencorrado/status/1460268737655980034

Website Post:
https://www.senatenj.com/index.php/bateman/bateman-and-corrado-bills-to-improve-and-expand-funding-for-environmental-infrastructure-projects-clears-committee/54954