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 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 Senate. (Pixabay)
“This legislation is critical for approving and financing important environmental infrastructure projects that protect our state’s drinking water and waterways,” said Bateman. “The low interest loans authorized by this package of bills will create jobs in New Jersey and preserve and protect the environment—which is so critical to our quality of life. Ultimately, providing an affordable financial strategy to upgrade infrastructure throughout the state will protect the public health of every New Jerseyan.”
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 localities obtain affordable funding to reinvest in clean water services, as well as other important infrastructure initiatives,” said Corrado. “Without this financing, these necessary undertakings could be postponed for years. This funding will help projects be completed in a timely manner and protect the flow of clean drinking water to communities throughout New Jersey. 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.
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