ACR167

Sponsored by:

Assemblyman WILLIAM B. SAMPSON, IV

District 31 (Hudson)

Assemblyman WILLIAM F. MOEN, JR.

District 5 (Camden and Gloucester)

Assemblywoman SHAVONDA E. SUMTER

District 35 (Bergen and Passaic)

Co-Sponsored by:

Assemblywomen Piperno and Eulner

SYNOPSIS

Approves updated FY2023 Financial Plan of NJ Infrastructure Bank.

CURRENT VERSION OF TEXT

As introduced.

A Concurrent Resolution approving updated Fiscal Year 2023 Financial Plan of the New Jersey Infrastructure Bank.

Whereas, The New Jersey Infrastructure Bank, a State financing authority established pursuant to P.L.1985, c.334 (C.58:11B-1 et seq.), is authorized to make loans to, and to guarantee debt incurred by, eligible program participants for the construction of environmental infrastructure projects, including clean water, drinking water, stormwater management, and nonpoint source pollution projects; and

Whereas, The New Jersey Infrastructure Bank is required, pursuant to sections 21 and 22 of P.L.1985, c.334 (C.58:11B-21 and C.58:11B-22), to submit to the Legislature a financial plan designed to implement the financing of the clean water, stormwater management, and nonpoint source pollution projects on the project eligibility list developed by the Commissioner of Environmental Protection and approved by the Legislature for funding during the forthcoming State Fiscal Year; and

Whereas, The New Jersey Infrastructure Bank is further required, pursuant to sections 25 and 26 of P.L.1997, c.224 (C.58:11B-21.1 and C.58:11B-22.1), to submit to the Legislature a financial plan designed to implement the financing of the drinking water supply projects on the project eligibility list developed by the Commissioner of Environmental Protection and approved by the Legislature for funding during the forthcoming State Fiscal Year; and

Whereas, The New Jersey Infrastructure Bank is authorized, pursuant to section 27 of P.L.1997, c.224 (C.58:11B-22.2), to submit to the Legislature a consolidated financial plan designed to implement the financing of the clean water projects on the project eligibility list developed pursuant to section 20 of P.L.1985, c.334 (C.58:11B-20), and the drinking water projects on the project eligibility list developed pursuant to section 24 of P.L.1997, c.224 (C.58:11B-20.1), and approved by the Legislature for funding during the forthcoming State Fiscal Year; and

Whereas, The New Jersey Infrastructure Bank seeks to amend its FY2023 consolidated financial plan, in order to reflect necessary changes since May 2022, including consolidating certain appropriations for principal forgiveness loans for emerging contaminant projects, adding appropriations to the Department of Environmental Protection provided under the federal "American Rescue Plan Act," Pub.L. 117-2, for principal forgiveness loans for certain types of projects, providing that additional funding may be used for principal forgiveness loans for certain drinking water systems for lead service line replacement projects, modifying interest rates for certain loans and projects, and providing flexibility to adjust administrative fees downward if necessary for Internal Revenue Service regulatory purposes; now, therefore,

Be It Resolved by the General Assembly of the State of New Jersey (the Senate concurring):

1. The Fiscal Year 2023 Financial Plan of the New Jersey Infrastructure Bank, submitted to the Secretary of the Senate and the Clerk of the General Assembly on or before May 15, 2022 in accordance with the requirements of sections 21 and 22 of P.L.1985, c.334 (C.58:11B-21 and C.58:11B-22) and sections 25 through 27 of P.L.1997, c.224 (C.58:11B-21.1, C.58:11B-22.1, and C.58:11B-22.2), and subsequently amended in October 2022, is hereby approved.

STATEMENT

This concurrent resolution would approve the updated Fiscal Year 2023 Financial Plan of the New Jersey Infrastructure Bank (NJIB).

On June 16, 2022, the Legislature passed Assembly Concurrent Resolution No. 149, which approved the original FY2023 consolidated financial plan of the NJIB. However, the NJIB is seeking to amend the plan, in order to reflect necessary changes since May 2022, including: consolidating certain appropriations for principal forgiveness loans for emerging contaminant projects; adding appropriations provided to the Department of Environmental Protection under the federal "American Rescue Plan Act," Pub.L. 117-2 for principal forgiveness loans for certain types of projects; providing that additional funding may be used for principal forgiveness loans for certain drinking water systems for lead service line replacement projects; modifying interest rates for certain loans and projects; and providing flexibility to adjust administrative fees downward if necessary for Internal Revenue Service regulatory purposes.

This concurrent resolution would approve the changes made to the financial plan.