The New Jersey Senate advanced bipartisan legislation today sponsored by Senator Jean Stanfield that would approve the updated Fiscal Year 2023 Financial Plan of the New Jersey Infrastructure Bank (NJIB).
The New Jersey Senate advanced legislation sponsored by Sen. Jean Stanfield that would approve the updated FY2023 Financial Plan of the NJIB. (Pixabay)
“Without the modified financing provided by this bill, these expensive, but necessary environmental infrastructure projects could be postponed for years,” said Stanfield (R-8). “This funding will make sure everything is completed in a timely manner and will protect the flow of clean drinking water to communities throughout the state.”
On June 16, 2022, the Legislature passed ACR-149, which approved the original FY2023 financial plan of the NJIB. However, the NJIB is seeking to amend the plan in order to reflect necessary changes.
Stanfield’s legislation, SCR-127, would approve the changes, which include modifying interest rates for certain loans and projects and providing additional funding for lead service line replacement projects.
“Environmental infrastructure project loans include millions in funding for clean water projects for the Evesham MUA, Medford Lakes, and Pemberton Township in the 8th District,” added Stanfield. “The updated financial plan authorized by this legislation will not only create jobs in New Jersey, but will preserve and protect the environment—which is so critical to our quality of life.”