Legislation sponsored by Assemblywoman Eliana Pintor Marin authorizing the New Jersey Infrastructure Bank (NJIB) to expend additional sums to make loans for environmental infrastructure projects was signed into law by Gov. Phil Murphy.
Under the bill (A4748), the NJIB is authorized to expend up to $822.9 million, and any unexpended balances from previous authorizations, to provide loans to project sponsors for a total of 134 eligible environmental infrastructure projects for Fiscal Year 2019.
The eligible projects include 84 on the "Storm Sandy and State Fiscal Year 2019 Clean Water Project Eligibility List" and 47 projects on the "Storm Sandy and State Fiscal Year 2019 Drinking Water Project Eligibility List.”
The NJIB is also authorized to make supplemental loans to three clean water environmental infrastructure projects.
"An investment in our environmental infrastructure is an investment in our future," Pintor Marin said. "That's why I'm so proud Gov. Phil Murphy signed my bill into law boosting funding for loans for construction of projects that enhance our environmental infrastructure. Safe drinking water, sustainable economic development, and continued Superstorm Sandy recovery projects will all be made possible by this critical investment. These projects will help make New Jersey a cleaner and more sustainable place to live."
Assemblyman Nicholas Chiaravalloti, Assemblyman Annette Quijano, and Sen. Linda Greenstein were primary sponsors of the legislation, which had bi-partisan support.