SENATE, No. 4098

STATE OF NEW JERSEY

220th LEGISLATURE

 

INTRODUCED NOVEMBER 27, 2023

 


 

Sponsored by:

Senator  LINDA R. GREENSTEIN

District 14 (Mercer and Middlesex)

Senator  JEAN STANFIELD

District 8 (Atlantic, Burlington and Camden)

 

Co-Sponsored by:

Senator Pou

 

 

 

 

SYNOPSIS

     Amends lists of environmental infrastructure projects approved for long-term funding by DEP under FY 2024 environmental infrastructure funding program.

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act concerning the financing of environmental infrastructure projects in Fiscal Year 2024 and amending P.L.2023, c.120.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.  Section 1 of P.L.2023, c.120 is amended to read as follows:

     1.  a.  (1) There is appropriated to the department from the "Clean Water State Revolving Fund," established pursuant to section 1 of P.L.2009, c.77, an amount equal to the federal fiscal year 2023 capitalization grant made available to the State for clean water project loans and technical assistance pursuant to the "Water Quality Act of 1987," 33 U.S.C. s.1251 et seq., and any amendatory and supplementary acts thereto (hereinafter referred to as the "Federal Clean Water Act") and such sums as are made available to the department from the "Clean Water State Revolving Fund" from funds made available pursuant to the federal "Infrastructure Investment and Jobs Act," Pub.L. 117-58, for clean water project loans and technical assistance.

     (2) There is appropriated to the department from the "Interim Environmental Financing Program Fund," established by the New Jersey Infrastructure Bank pursuant to subsection d. of section 9 of P.L.1985, c.334 (C.58:11B-9), such amounts as may be necessary to supplement the sums appropriated from the Clean Water State Revolving Fund for the purposes of clean water project loans and technical assistance and providing the State match as may be required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.

     (3) There is appropriated to the department from the "Disaster Relief Emergency Financing Program Fund," established by the New Jersey Infrastructure Bank pursuant to section 1 of P.L.2013, c.93 (C.58:11B-9.5), such amounts as may be necessary to supplement the sums appropriated from the Clean Water State Revolving Fund for the purposes of clean water project loans and technical assistance and providing the State match as may be required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.

     (4) There is appropriated to the department from the "Drinking Water State Revolving Fund," established pursuant to section 1 of P.L.1998, c.84, an amount equal to the federal fiscal year 2023 capitalization grant made available to the State for drinking water projects pursuant to the "Safe Drinking Water Act Amendments of 1996," Pub.L. 104-182, and any amendatory and supplementary acts thereto (hereinafter referred to as the "Federal Safe Drinking Water Act") and such sums as are made available to the department from the "Drinking Water State Revolving Fund" from funds made available pursuant to the federal "Infrastructure Investment and Jobs Act," Pub.L. 117-58, for drinking water project loans and technical assistance.

     The department is authorized to transfer from the Clean Water State Revolving Fund to the Drinking Water State Revolving Fund, pursuant to the "Water Infrastructure Funding Transfer Act," Pub.L.116-63, additional amounts as may be necessary to address a threat to public health, and an amount equal to the maximum amount authorized to be transferred is appropriated to the department for those purposes. 

     The department is authorized to transfer from the Clean Water State Revolving Fund to the Drinking Water State Revolving Fund an amount up to the maximum amount authorized to be transferred pursuant to the Federal Safe Drinking Water Act to meet present and future needs for the financing of eligible drinking water projects, and an amount equal to that maximum amount is appropriated to the department for those purposes.

     The department is authorized to transfer from the Drinking Water State Revolving Fund to the Clean Water State Revolving Fund an amount up to the maximum amount authorized to be transferred pursuant to the Federal Clean Water Act to meet present and future needs for the financing of eligible clean water projects, and an amount equal to that maximum amount is appropriated to the department for those purposes.

     Notwithstanding any provision of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), to the contrary, the department is authorized to utilize funds from the Clean Water State Revolving Fund for the purposes of the Drinking Water State Revolving Fund, and may charge interest on loans made with such invested funds to the extent permitted by the Federal Clean Water Act and the Federal Safe Drinking Water Act. 

     (5) There is appropriated to the department the unappropriated balances from the Clean Water State Revolving Fund, including the balances from the Federal Disaster Relief Appropriations Act, and any repayments of loans and interest therefrom, as may be available on or before June 30, 2024, for the purposes of clean water project loans and technical assistance and providing the State match as may be required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act. 

     (6) There is appropriated to the department the unappropriated balances from the "Wastewater Treatment Fund," established pursuant to section 15 of the "Wastewater Treatment Bond Act of 1985," P.L.1985, c.329, and any repayments of loans and interest therefrom, as may be available on or before June 30, 2024, for the purposes of clean water project loans and providing the State match as may be required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.

     (7) There is appropriated to the department the unappropriated balances from the "1992 Wastewater Treatment Fund," established pursuant to section 27 of the "Green Acres, Clean Water, Farmland and Historic Preservation Bond Act of 1992," P.L.1992, c.88, and any repayments of loans and interest therefrom, as may be available on or before June 30, 2024, for the purposes of clean water project loans and providing the State match as may be required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.

     (8) There is appropriated to the department the unappropriated balances from the "2003 Water Resources and Wastewater Treatment Fund," established pursuant to subsection a. of section 19 of the "Dam, Lake, Stream, Flood Control, Water Resources, and Wastewater Treatment Project Bond Act of 2003," P.L.2003, c.162, and any repayments of loans and interest therefrom, as may be available on or before June 30, 2024, for the purposes of clean water project loans and providing the State match as may be required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.

     (9) There is appropriated to the department the unappropriated balances from the "Pinelands Infrastructure Trust Fund," established pursuant to section 14 of the "Pinelands Infrastructure Trust Bond Act of 1985," P.L.1985, c.302, and any repayments of loans and interest therefrom, as may be available on or before June 30, 2024, for the purposes of clean water project loans and drinking water project loans and providing the State match as may be required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act and for drinking water projects pursuant to the Federal Safe Drinking Water Act.

     (10) There is appropriated to the department the unappropriated balances from the "Stormwater Management and Combined Sewer Overflow Abatement Fund," established pursuant to the "Stormwater Management and Combined Sewer Overflow Abatement Bond Act of 1989," P.L.1989, c.181, and any repayments of loans and interest therefrom, as may be available on or before June 30, 2024, for the purposes of clean water project loans and providing the State match as may be required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.

     (11) There is appropriated to the department the unappropriated balances from the Drinking Water State Revolving Fund and any repayments of loans and interest therefrom, including the balances from the Federal Disaster Relief Appropriations Act as may be available on or before June 30, 2024, for the purposes of drinking water project loans. 

     (12) There is appropriated to the department such sums as may be needed from loan repayments and interest earnings from the "Water Supply Fund," established pursuant to section 14 of the "Water Supply Bond Act of 1981," P.L.1981, c.261, for the "Drinking Water State Revolving Fund Match Accounts" contained within that fund, for the purpose of providing the State match as may be required for the award of the capitalization grants made available to the State for drinking water projects pursuant to the Federal Safe Drinking Water Act.

     (13) There is appropriated to the department from the "Interim Environmental Financing Program Fund," established by the New Jersey Infrastructure Bank pursuant to subsection d. of section 9 of P.L.1985, c.334 (C.58:11B-9), such amounts as may be available on or before June 30, 2024, and any repayments of loans and interest therefrom, as may be necessary to supplement the sums appropriated from the Drinking Water State Revolving Fund for the purposes of drinking water project loans and technical assistance and providing the State match as may be required for the award of the capitalization grants made available to the State for drinking water projects pursuant to the Federal Safe Drinking Water Act.

     (14) There is appropriated to the department from the "Disaster Relief Emergency Financing Program Fund," established by the New Jersey Infrastructure Bank pursuant to section 1 of P.L.2013, c.93 (C.58:11B-9.5), such amounts as may be necessary to supplement the sums appropriated from the Drinking Water State Revolving Fund for the purposes of drinking water project loans and providing the State match as may be required for the award of the capitalization grants made available to the State for drinking water projects pursuant to the Federal Safe Drinking Water Act.

     (15) There is appropriated to the department such amounts as may be received by the Department of Community Affairs, as the grantee from the United States Department of Housing and Urban Development Community Development Block Grant – Disaster Recovery Program (CDBG-DR), as may be available on or before June 30, 2024, for the purposes of CDBG-DR eligible clean water and drinking water project loans and providing the State match as may be required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act and drinking water projects pursuant to the Federal Safe Drinking Water Act.

     (16) There is appropriated to the department such sums as may be available on or before June 30, 2024, as repayments of drinking water project loans and any interest therefrom from the "Water Supply Fund," established pursuant to section 14 of the "Water Supply Bond Act of 1981," P.L.1981, c.261, for the purposes of drinking water project loans and providing the State match as may be required for the award of the capitalization grants made available to the State for drinking water projects pursuant to the Federal Safe Drinking Water Act.

     (17) Of the sums appropriated to the department from the "Water Supply Fund" pursuant to P.L.1999, c.174, P.L.2001, c.222, P.L.2002, c.70, and P.L.2003, c.158, the department is authorized to transfer any unexpended balances and any repayments of loans and interest therefrom as may be available on or before June 30, 2024, in such amounts as needed to the Drinking Water State Revolving Fund accounts contained within the Water Supply Fund established for the purposes of providing drinking water project loans and providing the State match as may be required for the award of the capitalization grants made available to the State for drinking water projects pursuant to the Federal Safe Drinking Water Act.

     (18) Of the sums appropriated to the department from the "1992 Wastewater Treatment Fund" pursuant to P.L.1996, c.85, P.L.1997, c.221, P.L.1998, c.84, P.L.1999, c.174, P.L.2000, c.92, P.L.2001, c.222, and P.L.2002, c.70, the department is authorized to transfer any unexpended balances and any repayments of loans and interest therefrom as may be available on or before June 30, 2024, in such amounts as needed to the Clean Water State Revolving Fund accounts contained within the 1992 Wastewater Treatment Fund for the purposes of providing clean water project loans and providing the State match as may be required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.

     (19) Of the sums appropriated to the department from the "2003 Water Resources and Wastewater Treatment Fund" pursuant to P.L.2004, c.109 and P.L.2007, c.139, the department is authorized to transfer any unexpended balances and any repayments of loans and interest therefrom as may be available on or before June 30, 2024, in such amounts as needed to the Clean Water State Revolving Fund accounts contained within the 2003 Water Resources and Wastewater Treatment Fund for the purposes of providing clean water project loans and providing the State match as may be required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.

     (20) There is appropriated to the department the sums deposited by the New Jersey Infrastructure Bank into the Clean Water State Revolving Fund, the "Wastewater Treatment Fund," the "1992 Wastewater Treatment Fund," the "Water Supply Fund," the "Stormwater Management and Combined Sewer Overflow Abatement Fund," established pursuant to the "Stormwater Management and Combined Sewer Overflow Abatement Bond Act of 1989," P.L.1989, c.181, the "2003 Water Resources and Wastewater Treatment Fund," and the Drinking Water State Revolving Fund, as appropriate, pursuant to paragraph (6) of subsection c. of section 1 of P.L.2023, c.119, as amended by P.L.    , c.    (pending before the Legislature as Senate Bill No.     of the 2022-23 session and Assembly Bill No.      of the 2022-23 session), as may be available on or before June 30, 2024, for the purposes of providing clean water project loans and drinking water project loans and providing the State match as may be required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act and for drinking water projects pursuant to the Federal Safe Drinking Water Act.

     Any such amounts shall be for the purpose of making zero interest and principal forgiveness financing loans, to the extent sufficient funds are available, to or on behalf of local government units or public water utilities (hereinafter referred to as "project sponsors") to finance a portion of the cost of the construction of clean water projects and drinking water projects listed in sections 2 and 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), and for the purpose of implementing and administering the provisions of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), to the extent permitted by the Federal Disaster Relief Appropriations Act, the Federal Clean Water Act, the Federal Safe Drinking Water Act, P.L.2009, c.77, the "Wastewater Treatment Bond Act of 1985." P.L.1985, c.329, the "Water Supply Bond Act of 1981," P.L.1981, c.261, the "Stormwater Management and Combined Sewer Overflow Abatement Bond Act of 1989," P.L.1989, c.181, the "Green Acres, Clean Water, Farmland and Historic Preservation Bond Act of 1992," P.L.1992, c.88, the "Dam, Lake, Stream, Flood Control, Water Resources, and the Wastewater Treatment Project Bond Act of 2003," P.L.2003, c.162, and any amendatory and supplementary acts thereto.

     (21) Of the $60 million appropriated to the department for the capital construction of drinking water infrastructure by the State fiscal year 2023 appropriations act, P.L.2022, c.49, plus any appropriated funds designated in State fiscal years 2021 and 2022, up to $25 million may be transferred to the New Jersey Infrastructure Bank to invest, provide debt service reserve or guarantee, or pay interest on behalf of a sponsor of a drinking water environmental infrastructure project.

     (22) Of the funds appropriated or reappropriated to the department for the capital construction of drinking water and clean water infrastructure by the State fiscal year 2024 appropriations act, P.L.2023, c.74, the department is authorized to utilize up to $40 million for principal forgiveness loans to disadvantaged communities for planning and design costs associated with clean water or drinking water environmental infrastructure projects.

     (23) Of the funds appropriated or reappropriated to the department for the capital construction of drinking water and clean water infrastructure by the State fiscal year 2024 appropriations act, P.L.2023, c.74, the department is authorized to utilize up to $40 million for project loans to disadvantaged communities participating in the department's technical assistance program.

     (24) There is appropriated to the department for the purposes of eligible clean water project grants such amounts as may be received by the department under the Sewer Overflow and Stormwater Reuse Grants Program, as the grantee from the United States Environmental Protection Agency and as may be available on or before June 30, 2024.

     b.  The department is authorized to make zero interest and principal forgiveness financing loans to or on behalf of the project sponsors for the environmental infrastructure projects listed in subsection a. of section 2 and subsection a. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), for clean water projects, up to the individual amounts indicated and in the priority stated, to the extent there are sufficient eligible project applications, except that any such amounts may be reduced if a project fails to meet the requirements of sections 4 or 5 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), or by the Commissioner of Environmental Protection pursuant to section 7 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill).

     (1) A maximum of $30 million in principal forgiveness, plus any appropriated but unallocated funds designated in State fiscal year 2023 for combined sewer overflow projects, shall be issued as provided in subsection a. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), to communities in combined sewer overflow sewersheds for construction projects that reduce or eliminate discharges from combined sewer overflow outfalls. The amount of principal forgiveness issued pursuant to this paragraph shall not exceed $5 million per borrower whenever practicable. For project costs up to and including $10 million, 50 percent of the principal of the loan shall be forgiven and the remaining 50 percent of the loan shall have a blended interest rate of 50 percent of the trust's market rate.  For combined sewer overflow projects that receive no principal forgiveness because principal forgiveness funds allocated to such projects are no longer available, the loan shall have a blended interest rate of 25 percent of the trust's market rate for the first $10 million in allowable costs.  For project costs greater than $10 million, the loan shall have a blended interest rate of 50 percent of the trust's market rate. 

     (2) A maximum of $30 million in principal forgiveness, plus any appropriated but unallocated funds designated in State fiscal year 2023 for combined sewer overflow projects shall be issued as provided in subsection a. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), to communities in combined sewer overflow sewersheds for construction projects that reduce or eliminate discharges from combined sewer overflow outfalls that meet "Clean Water State Revolving Fund" affordability criteria.  The amount of principal forgiveness issued pursuant to this paragraph shall not exceed $5 million per borrower whenever practicable.  For project costs up to and including $5 million, 100 percent of the principal of the loan shall be forgiven.  For project costs greater than $5 million and up to and including $10 million, the loan shall have a blended interest rate of 50 percent of the trust's market rate.  For combined sewer overflow projects that reduce or eliminate discharges from combined sewer overflow outfalls that meet "Clean Water State Revolving Fund" affordability criteria that receive no principal forgiveness because principal forgiveness funds allocated to such projects are no longer available, the loan shall have a blended interest rate of 25 percent of the trust's market rate.  For project costs greater than $10 million up to and including $20 million, the loan shall have the terms as provided in paragraph (4) of this subsection applicable to clean water projects sponsored by applicants that meet the "Clean Water State Revolving Fund" affordability criteria. 

     (3) A maximum of $6 million in principal forgiveness loans, plus any appropriated but unallocated funds designated in State fiscal year 2023 for water quality restoration projects, shall be issued as provided in subsection a. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), for water quality restoration projects.  The amount of a principal forgiveness loan issued pursuant to this paragraph shall not exceed $2.5 million per borrower whenever practicable.  For project costs up to and including $5 million, 50 percent of the principal of the loan shall be forgiven, and the remaining 50 percent of the loan shall have a blended interest rate of 50 percent of the trust's market rate.  For project costs greater than $5 million and up to and including $10 million, the loan shall have a blended interest rate of 25 percent of the trust's market rate.  For water quality restoration projects that receive no principal forgiveness because principal forgiveness funds allocated to such projects are no longer available, the loan shall have a blended interest rate of 25 percent of the trust's market rate for the first $10 million in allowable costs.  For project costs greater than $10 million, the loan shall have a blended interest rate of 50 percent of the trust's market rate.

     (4) A maximum of $36 million in principal forgiveness loans, plus any appropriated but unallocated funds designated in State fiscal year 2023, for clean water projects sponsored by applicants that meet the "Clean Water State Revolving Fund" affordability criteria as set forth by the department shall be issued as provided in subsection a. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill).  The amount of a principal forgiveness loan issued pursuant to this paragraph shall not exceed $2 million per borrower whenever practicable. For project costs up to and including $2 million, 100 percent of the principal of the loan shall be forgiven.  For project costs greater than $2 million and up to and including $4 million, the loan shall have a blended interest rate of 50 percent of the trust's market rate. For project costs greater than $4 million and up to and including $10 million, the loan shall have a blended interest rate of 25 percent of the trust's market rate.  For clean water projects sponsored by applicants that meet the "Clean Water State Revolving Fund" affordability criteria that receive no principal forgiveness because principal forgiveness funds allocated to such projects are no longer available, the loan shall have a blended interest rate of 25 percent of the trust's market rate for the first $10 million in allowable costs.  For project costs greater than $10 million, the loan shall have a blended interest rate of 50 percent of the trust's market rate.

     (5) A maximum of $18 million in principal forgiveness loans, plus any appropriated but unallocated funds designated in State fiscal year 2023, for water and energy efficiency projects shall be issued as provided in subsection a. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), to projects that address water and energy efficiency goals that meet the eligibility requirements for water and energy efficiency as defined in the United States Environmental Protection Agency's "Green Project Reserve Guidance."  The amount of a principal forgiveness loan issued pursuant to this paragraph shall not exceed $2 million per borrower whenever practicable.  For project costs up to and including $4 million, 50 percent of the principal of the loan shall be forgiven and the remaining 50 percent of the loan shall have a blended interest rate of 50 percent of the trust's market rate.  For project costs greater than $4 million and up to and including $10 million, the loan shall have a blended interest rate of 25 percent of the trust's market rate.  For water and energy efficiency projects that receive no principal forgiveness because principal forgiveness funds allocated to such projects are no longer available, the loan shall have a blended interest rate of 25 percent of the trust's market rate for the first $10 million in allowable costs.  For project costs greater than $10 million, the loan shall have a blended interest rate of 50 percent of the trust's market rate.

     (6) A maximum of $9 million in principal forgiveness loans for emerging contaminant projects shall be issued as provided in subsection a. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), to projects that primarily address substances and microorganisms, which are known or anticipated in the environment, and which may pose newly identified or re-emerging risks to human health, aquatic life, or the environment.  The amount of a principal forgiveness loan issued pursuant to this paragraph shall not exceed $2 million per borrower whenever practicable.  For project costs up to and including $2 million, 100 percent of the principal of the loan shall be forgiven.  For project costs greater than $2 million and up to and including $4 million, the loan shall have a blended interest rate of 50 percent of the trust's market rate.  For project costs greater than $4 million and up to and including $10 million, the loan shall have a blended interest rate of 25 percent of the trust's market rate.  For emerging contaminant projects that receive no principal forgiveness because principal forgiveness funds allocated to such projects are no longer available, the loan shall have a blended interest rate of 25 percent of the trust's market rate for the first $10 million in allowable costs.  For project costs greater than $10 million, the loan shall have a blended interest rate of 50 percent of the trust's market rate.

     (7) A maximum of $4 million in principal forgiveness loans, plus any appropriated but unallocated funds designated in State fiscal year 2023, for combined sewer overflow or stormwater management projects shall be issued to finance up to 20 percent of project costs for projects that qualify for a Sewer Overflow and Stormwater Reuse grant. 100 percent of the principal of the loan shall be forgiven, and the remaining project costs shall be financed through a Sewer Overflow and Stormwater Reuse grant from the department.

     (8) Of the sums appropriated to the department by the federal "American Rescue Plan Act," Pub.L. 117-2, a maximum of $148 million in principal forgiveness loans shall be issued as provided in subsection a. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), to communities in combined sewer overflow sewersheds for construction projects that reduce or eliminate discharges from combined sewer overflow outfalls that are listed on combined sewer outfall long term control plans.  Eighty percent of the principal of the loan shall be forgiven and the remaining 20 percent of the loan shall have a blended interest rate of 50 percent of the trust's market rate.

     (9) The projects listed in subsection a. of section 2 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), and subsection a. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), that were previously identified in P.L.2022, c.99, as amended by P.L.2023, c.6, are granted continued priority status and shall be subject to the provisions of P.L.2022, c.99, as amended by P.L.2023, c.6, provided such projects receive short-term funding prior to June 30, 2023.

     c.  The department is authorized to make zero interest and principal forgiveness financing loans to or on behalf of the project sponsors for the environmental infrastructure projects listed in subsection b. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), for drinking water projects, up to the individual amounts indicated and in the priority stated, provided:

     (1) up to $4 million of Drinking Water State Revolving Fund loans, plus any appropriated but unallocated funds designated in State fiscal year 2023 for drinking water systems serving populations of up to 10,000 residents, shall be available for drinking water systems serving populations of up to 10,000 residents wherein principal forgiveness shall not exceed $500,000 in the aggregate and shall not exceed 50 percent of the total loan amount per project sponsor in an amount not to exceed $1 million per project sponsor;

     (2) up to $5 million in principal forgiveness loans shall be available for drinking water systems that serve fewer than 1,000 persons, have been assisted by the Community Engineering Corps, and do not meet credit eligibility requirements of the Water Bank Financing Program credit policy.  A loan issued pursuant to this paragraph shall have 100 percent principal forgiveness for a loan amount of up to $1 million per applicant;

     (3) a maximum of $13 million of principal forgiveness loans shall be available for drinking water projects that primarily address emerging contaminants, for which principal forgiveness may be authorized for up to 100 percent of the total fund loan amount of up to $2 million per applicant;

     (4) up to $7 million of the sums appropriated to the department from the federal "Infrastructure Investment and Jobs Act," Pub. L. 117-58, may be issued for principal forgiveness for drinking water projects other than those to address emerging contaminants or lead that meet the affordability criteria of the department.  The amount of a principal forgiveness loan issued pursuant to this paragraph shall not exceed $2 million per borrower whenever practicable.  For project costs up to and including $2 million, 100 percent of the principal of the loan shall be forgiven.  For project costs greater than $2 million and up to and including $4 million, the loan shall have a blended interest rate of 50 percent of the trust's market rate. For project costs greater than $4 million and up to and including $10 million, the loan shall have a blended interest rate of 25 percent of the trust's market rate;

     (5) up to $25 million plus any appropriated but unallocated funds designated in State fiscal year 2023, and up to $10 million of the sums appropriated to the department by the federal "Infrastructure Investment and Jobs Act," Pub.L. 117-58, may be issued for principal forgiveness loans for drinking water systems that meet the department's affordability criteria pursuant to the State's lead service line replacement program to finance lead service line replacements, for which principal forgiveness shall not exceed 50 percent of the total loan amount of up to $10 million per water system.  For project costs up to and including $10 million, 50 percent of the principal of the loan shall be forgiven, and the remaining 50 percent of the loan shall have a blended interest rate of 50 percent of the trust's market rate. For project costs greater than $10 million and up to and including $20 million, the loan shall have a blended interest rate of 25 percent of the trust's market rate.  For project costs greater than $20 million and up to and including $40 million, the loan shall have a blended interest rate of 50 percent of the trust's market rate. For project costs over $40 million, the loan may be financed at 100 percent of the trust's market rate, as capacity allows; and 

     (6) A maximum of $20 million of the sums appropriated to the department from the federal "American Rescue Plan Act," Pub.L. 117-2, plus any appropriated but unallocated funds designated in State fiscal year 2023, may be issued to drinking water systems for principal forgiveness loans for projects that address climate change concerns and ensure long-term drinking water resilience in New Jersey, or for projects for the installation of treatment systems to address multiple maximum contaminant level violations at one drinking water system that meets the affordability criteria of the department.  The amount of principal forgiveness issued pursuant to this paragraph shall not exceed $20 million per borrower whenever practicable.  For project costs up to and including $25 million, 80 percent of the principal of the loan shall be forgiven, and the remaining 20 percent of the loan shall have a blended interest rate of 50 percent of the trust's market rate.

     Loans may be made pursuant to this subsection to the extent there are sufficient eligible project applications and as may be required for the award of the capitalization grants made available to the State for drinking water projects pursuant to the Federal Safe Drinking Water Act.  Any such amounts may be reduced by the Commissioner of Environmental Protection pursuant to section 7 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), or if a project fails to meet the requirements of section 4 or 5 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill).

     The department is authorized to increase the maximum amounts available for principal forgiveness pursuant to this subsection or subsection b. of this section, to the extent additional funds are available.

     d.  The department is authorized to make zero interest and principal forgiveness financing loans to or on behalf of the project sponsors for the environmental infrastructure projects listed in sections 2 and 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), under the same terms, conditions and requirements set forth in this section from any unexpended balances of the amounts appropriated pursuant to section 1 of P.L.1987, c.200, section 2 of P.L.1988, c.133, section 1 of P.L.1989, c.189, section 1 of P.L.1990, c.99, section 1 of P.L.1991, c.325, section 1 of P.L.1992, c.38, section 1 of P.L.1993, c.193, section 1 of P.L.1994, c.106, section 1 of P.L.1995, c.219, section 1 of P.L.1996, c.85, section 1 of P.L.1997, c.221, section 2 of P.L.1998, c.84, section 2 of P.L.1999, c.174, section 2 of P.L.2000, c.92, sections 1 and 2 of P.L.2001, c.222, sections 1 and 2 of P.L.2002, c.70, sections 1 and 2 of P.L.2003, c.158, sections 1 and 2 of P.L.2004, c.109, sections 1 and 2 of P.L.2005, c.196, sections 1 and 2 of P.L.2006, c.68, sections 1 and 2 of P.L.2007, c.139, sections 1 and 2 of P.L.2008, c.68, sections 1 and 2 of P.L.2009, c.102, sections 1 and 2 of P.L.2010, c.63, sections 1 and 2 of P.L.2011, c.93, sections 1 and 2 of P.L.2012, c.43, sections 1 and 2 of P.L.2013, c.95, sections 1 and 2 of P.L.2014, c.25, sections 1 and 2 of P.L.2015, c.108, sections 1 and 2 of P.L.2016, c.32, as amended by P.L.2017, c.14, sections 1 and 2 of P.L.2017, c.143, as amended by P.L.2017, c.326, sections 1 and 2 of P.L.2018, c.85, as amended by P.L.2018, c.137 and P.L.2019, c.12, sections 1 and 2 of P.L.2019, c.193, as amended by P.L.2019, c.514, P.L.2020, c.49, as amended by P.L.2021, c.21, P.L.2021, c.203, as amended by P.L.2021, c.328, [and] P.L.2022, c.99, as amended by P.L.2023, c.6, and P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), including amounts resulting from the low bid and final building cost reductions authorized pursuant to section 6 of P.L.1987, c.200, section 7 of P.L.1988, c.133, section 6 of P.L.1989, c.189, section 6 of P.L.1990, c.99, section 6 of P.L.1991, c.325, section 6 of P.L.1992, c.38, section 6 of P.L.1993, c.193, section 6 of P.L.1994, c.106, section 6 of P.L.1995, c.219, section 6 of P.L. 1996, c.85, section 6 of P.L.1997, c.221, section 7 of P.L.1998, c.84, section 6 of P.L.1999, c.174, section 6 of P.L.2000, c.92, section 6 of P.L.2001, c.222, section 6 of P.L.2002, c.70, section 6 of P.L.2003, c.158, section 6 of P.L.2004, c.109, section 6 of P.L.2005, c.196, section 6 of P.L.2006, c.68, section 6 of P.L.2007, c.139, section 6 of P.L.2008, c.68, section 7 of P.L.2009, c.102, section 6 of P.L.2010, c.63, section 6 of P.L.2011, c.93, section 6 of P.L.2012, c.43, section 6 of P.L.2013, c.95, section 7 of P.L.2014, c.25, section 7 of P.L.2015, c.108, section 7 of P.L.2016, c.32, as amended by P.L.2017, c.14, section 7 of P.L.2017, c.143 as amended by P.L.2017, c.326, section 7 of P.L.2018, c.85, as amended by P.L.2018, c.137 and P.L.2019, c.12, section 7 of P.L.2019, c.193, as amended by P.L.2019, c.514, section 7 of P.L.2020, c.49, as amended by P.L.2021, c.21, P.L.2021, c.203, as amended by P.L.2021, c.328, [and] P.L.2022, c.99, as amended by P.L.2023, c.6, and P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), and from any repayments of loans and interest from the Clean Water State Revolving Fund, the "Wastewater Treatment Fund," the "Water Supply Fund," the "1992 Wastewater Treatment Fund," the "2003 Water Resources and Wastewater Treatment Fund," and amounts deposited therein during State fiscal year 2023 and State fiscal year 2024 pursuant to the provisions of section 16 of P.L.1985, c.329, and section 2 of P.L.2009, c.77 and any amendatory and supplementary acts thereto, including any Clean Water State Revolving Fund Accounts contained within the "Wastewater Treatment Fund," and from any repayment of loans and interest from the Drinking Water State Revolving Fund.

     e.  The department is authorized to make zero interest and principal forgiveness Sandy financing loans to or on behalf of the project sponsors for the Sandy environmental infrastructure projects listed in subsection a. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), for clean water projects, in a manner consistent with the Federal Disaster Relief Appropriations Act, up to the individual amounts indicated, except that any such amount may be reduced by the Commissioner of Environmental Protection pursuant to section 7 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), or if a project fails to meet the requirements of section 4, 5, or 7 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), provided a maximum of $300 million shall be provided for Sandy financing loans for clean water projects to provide financial assistance to communities affected by the Storm Sandy, and for projects whose purpose is to reduce flood damage risk and vulnerability or to enhance resiliency to rapid hydrologic change or a natural disaster.

     f.  The department is authorized to increase the aggregate sums specified in subsections b. and c. of this section by the amount of interest accrued pursuant to a short-term or temporary loan made to a project sponsor pursuant to the Interim Environmental Financing Program.

     g.  For the purposes of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill):

     "Department" means the Department of Environmental Protection.

     "Federal Disaster Relief Appropriations Act" means the "Disaster Relief Appropriations Act, 2013," Pub.L.113-2, and any amendatory and supplementary acts thereto.

     "Sandy financing" means grants, zero interest loans or principal forgiveness loans provided by the Department of Environmental Protection from funds made available to the State for clean water or drinking water projects, or clean water or drinking water project match, pursuant to the Federal Disaster Relief Appropriations Act.

     "Technical assistance" means all services and assistance provided for the benefit of eligible project sponsors, including, but not limited to, public engagement services, technical assistance and expertise, and community education, for the purposes of identifying and pursuing a clean water or drinking water project, as described in the financial plan developed pursuant to section 21 of P.L.1985, c.334 (C.58:11B-21) or section 25 of P.L.1997, c.224 (C.58:11B-21.1).

     "Trust" means the New Jersey Infrastructure Bank created pursuant to section 4 of P.L.1985, c.334 (C.58:11B-4).

(cf:  P.L.2023, c.120, s.1)

 

     2.  Section 2 of P.L.2023, c.120 is amended to read as follows:

     2.  a.  (1) The department is authorized to expend funds for the purpose of making supplemental zero interest loans to or on behalf of the project sponsors listed below for the following clean water environmental infrastructure projects:

 

Project Sponsor

Project Number

Estimated Allowable DEP Loan Amount

Estimated Total Loan Amount

[Clinton Town

S340924-07R

$600,000

$800,000]

Hoboken City

S340635-06R

$30,000,000

$40,000,000

Jersey City MUA

S340928-15R

$2,625,000

$3,500,000

Newark City

S340815-24R

$15,750,000

$21,000,000

North Bergen MUA

S340652-14R

$6,150,000

$8,200,000

Ocean Township SA

S340750-14R

$1,500,000

$2,000,000

Passaic Valley SC

S340689-40R

$1,125,000

$1,500,000

Paterson City

S340850-03-1

$1,912,500

$2,550,000

Plumsted Township

S340607-03R

$7,500,000

$10,000,000

Rutgers University

S340500-01R

$3,150,000

$4,200,000

Somerville Borough

S342013-01-1

$1,387,500

$1,850,000

Total Projects: [11] 10

[$71,700,000] $71,100,000

[$95,600,000] $94,800,000

 

     (2) The loans authorized in this subsection shall be made for the difference between the allowable loan amounts required by these projects based upon final building costs pursuant to section 7 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), and the loan amounts certified by the Commissioner of Environmental Protection in State fiscal years 2008, [2017, 2018,] 2019, 2020, 2021, 2022, and 2023 and for increased allowable costs as defined and determined in accordance with the rules and regulations adopted by the department pursuant to section 4 of P.L.1985, c.329.  The loans authorized in this subsection shall be made to or on behalf of the project sponsors listed, up to the individual amounts indicated and in the priority stated, to the extent sufficient funds are available, except as a project fails to meet the requirements of section 4, 5, or 7 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill).

     (3) The zero interest loans for the projects authorized in this subsection shall have priority over projects listed in subsection a. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill).

     b.  (1) The department is authorized to expend funds for the purpose of making supplemental loans to or on behalf of the project sponsors listed below for the following drinking water environmental infrastructure projects:

 

Project Sponsor

Project Number

Estimated Allowable DEP Loan Amount

Estimated Total Loan Amount

National Park Borough

0812001-004R

$750,000

$1,000,000

North Jersey District WSC

1613001-025R

$19,125,000

$25,500,000

Total Projects: 2

$19,875,000

$26,500,000

 

     (2) The loans authorized in this subsection shall be made for the difference between the allowable loan amount required by these projects based upon final building costs pursuant to section 7 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), and the loan amounts certified by the Commissioner of Environmental Protection in State fiscal years [2017, 2019 and] 2020 and 2022 and for increased allowable costs as defined and determined in accordance with the rules and regulations adopted by the department pursuant to section 5 of P.L.1981, c.261.  The loans authorized in this subsection shall be made to or on behalf of the project sponsors listed, up to the individual amounts indicated and in the priority stated, to the extent sufficient funds are available, except as a project fails to meet the requirements of section 4, 5, or 7 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill).

     (3) The zero interest loans for the projects authorized in this subsection shall have priority over projects listed in subsection b. of section 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill).

     c.  The department is authorized to adjust the allowable department loan amount for projects authorized in this section to between zero percent and 100 percent of the total allowable loan amount, and, if the department loan amount is adjusted to 100 percent of the total allowable loan amount, the loan shall be provided pursuant to the terms and conditions of the financing program year in which the construction loan component of the project was certified by the department, and for which the trust issued an interim financing program loan for the project, or, in the absence of an interim financing program loan, the terms and conditions of the State fiscal year 2024 financing program.

(cf:  P.L.2023, c.120, s.2)

 

     3.  Section 3 of P.L.2023, c.120 is amended to read as follows:

     3.  a.  (1) The following environmental infrastructure projects shall be known and may be cited as the "Storm Sandy and State Fiscal Year 2024 Clean Water Project Eligibility List":

 

Project Sponsor

Project Number

Estimated Allowable DEP Loan Amount

Estimated Total Loan Amount

Musconetcong  SA

S340384-09

$4,650,000

$6,200,000

Oakland Borough

S340418-06

$5,790,000

$7,720,000

Rahway Valley SA

S340547-17

[$4,350,000] $4,500,000

[$5,800,000] $6,000,000

Mendham Borough

S340159-04

$2,625,000

$3,500,000

Camden County MUA

S340640-29

$9,525,000

$12,700,000

Montgomery Township

S340130-03

[$16,500,000] $21,750,000

[$22,000,000] $29,000,000

Newark City

S340815-26

$3,300,000

$4,400,000

Camden City

S340366-15

$9,997,500

$13,330,000

Camden City

S230366-14

$7,027,500

$9,370,000

Camden City

S340366-07

$7,500,000

$10,000,000

[Camden City

S340366-15

$9,997,500

$13,330,000]

Middlesex County UA

S340699-18

$14,250,000

$19,000,000

Middlesex County UA

S340699-17

$19,500,000

$26,000,000

Jersey City MUA

S340928-40

$6,000,000

$8,000,000

Jersey City MUA

S340928-21

$9,750,000

$13,000,000

Jersey City MUA

S340928-24

$93,750,000

$125,000,000

Elizabeth City

S340942-20

[$7,725,000] $17,250,000

[$10,300,000] $23,000,000

Elizabeth City

S345070-01

$3,000,001

$4,000,001

Camden County MUA

S340640-33

$21,750,000

$29,000,000

Bayonne City

S340399-31

$3,750,000

$5,000,000

Kearny Town

S340259-11

$12,750,000

$17,000,000

Long Branch SA

S340336-08

$1,305,525

$1,740,700

Bayshore RSA

S340697-07

$23,625,000

$31,500,000

Ocean County UA

S340372-64

$37,500,000

$50,000,000

Mount Laurel Township MUA

S340943-06

$7,875,000

$10,500,000

North Hudson SA

S340952-40

$17,625,000

$23,500,000

North Hudson SA

S340952-33

$20,250,000

$27,000,000

North Hudson SA

S340952-39

$13,500,000

$18,000,000

[Riverside SA

S340490-01

$630,000

$840,000]

Perth Amboy City

S340435-19

$300,000

$400,000

Perth Amboy City

S345220-01

$2,437,500

$3,250,000

Hackensack City

S340923-13

$12,750,000

$17,000,000

Hackensack City

S340923-16

$10,500,000

$14,000,000

Passaic Valley SC

S340689-37

$91,125,000

$121,500,000

Passaic Valley SC

S340689-44

$18,000,000

$24,000,000

Passaic Valley SC

S340689-53

$13,650,000

$18,200,000

Passaic Valley SC

S340689-52

$50,250,000

$67,000,000

Passaic Valley SC

S345200-01

$7,500,000

$10,000,000

Passaic Valley SC

S340689-49

$222,102,676

$296,136,901

Passaic Valley SC

S340689-33

$80,250,000

$107,000,000

Pennsville SA

S340870-05

$3,000,000

$4,000,000

Beach Haven Borough

S344220-01

$2,700,000

$3,600,000

Logan Township MUA

S340123-02

$9,000,000

$12,000,000

Bergen County UA

S340386-21

$5,700,000

$7,600,000

Bergen County UA

S340386-23

[$37,500,000] $45,000,000

[$50,000,000] $60,000,000

Bergen County UA

S340386-24

$1,462,500

$1,950,000

Linden Roselle SA

S340299-08

$20,250,000

$27,000,000

Raritan Township MUA

S340485-13

$1,500,000

$2,000,000

Passaic Valley SC

S340689-50

$6,600,000

$8,800,000

Wanaque Valley RSA

S340780-05

$8,625,000

$11,500,000

Gloucester County UA

S340902-15

$10,875,000

$14,500,000

Stony Brook RSA

S340400-11

$16,500,000

$22,000,000

Evesham MUA

S340838-09

[$375,000] $562,500

[$500,000] $750,000

Bergen County UA

S340386-26

$4,500,000

$6,000,000

Ocean County

S344080-10

$187,500

$250,000

Ocean County

S344080-11

$262,500

$350,000

Rockaway Valley RSA

S340821-08

$11,625,000

$15,500,000

Wildwood City

S340664-06

$12,000,000

$16,000,000

Passaic Valley SC

S340689-57

$15,300,000

$20,400,000

New Jersey Water Supply Authority

S340421-02

$71,250,000

$95,000,000

Camden County MUA

S340640-36

$11,625,000

$15,500,000

Hamilton Township

S340898-06

$3,037,500

$4,050,000

Long Branch SA

S340336-09

$4,200,000

$5,600,000

Stafford Township

S340946-08

$2,625,000

$3,500,000

Stafford Township

S340946-09

$3,510,000

$4,680,000

Metuchen Borough

S340360-02

$6,750,000

$9,000,000

Somerville Borough

S340551-01

$2,775,000

$3,700,000

Manasquan River RSA

S340911-03

$495,000

$660,000

Stafford Township

S340946-10

$6,375,000

$8,500,000

Vernon Township

S340745-03

$2,271,750

$3,029,000

Delanco SA

S340956-03

[$1,186,500] $1,725,000

[$1,582,000] $2,300,000

Bergen County UA

S340386-25

$3,000,000

$4,000,000

Monmouth County Bayshore Outfall Authority

S340325-04

$2,625,000

$3,500,000

Monmouth County Bayshore Outfall Authority

S340325-04a

$2,625,000

$3,500,000

Camden County MUA

S340640-30

$5,625,000

$7,500,000

Rockaway Valley RSA

S340821-10

$6,375,000

$8,500,000

Toms River MUA

S340145-07

$6,750,000

$9,000,000

Toms River MUA

S340145-08

$1,018,800

$1,358,400

[Two Rivers Water Reclamation Authority

S340117-10

$2,475,000

$3,300,000]

Pleasantville City

S340752-04

$3,246,413

$4,328,550

Brick Township MUA

S340448-13

$3,450,000

$4,600,000

Northwest Bergen County UA

S340700-19

$6,099,338

$8,132,450

Franklin Township SA

S340839-09

$5,700,000

$7,600,000

Parsippany Troy Hills Township

S340886-05

$8,888,126

$11,850,835

Mount Laurel Township MUA

S340943-07

[$2,400,000] $6,000,000

[$3,200,000] $8,000,000

North Brunswick Township

S340888-03

$2,475,000

$3,300,000

North Brunswick Township

S340888-04

[$1,912,500] $2,625,000

[$2,550,000] $3,500,000

Winslow Township

S340895-10

$1,287,750

$1,717,000

Scotch Plains Township

S340512-01

$2,025,000

$2,700,000

Hopewell Township

S340282-03

$1,230,000

$1,640,000

Princeton

S340656-11

$2,944,259

$3,925,678

Mantua Township MUA

S340514-01

$2,007,375

$2,676,500

Mantua Township MUA

S340514-03

$1,022,625

$1,363,500

Berkeley Heights Township

S340385-08

$525,000

$700,000

Middlesex Borough

S340698-03

$900,000

$1,200,000

Pennsville SA

S340870-04

$1,200,000

$1,600,000

South Monmouth RSA

S340377-06

$1,725,000

$2,300,000

North Haledon Borough

S340229-02

$75,000

$100,000

North Haledon Borough

S340229-01

$1,875,000

$2,500,000

[North Haledon Borough

S340229-02

$75,000

$100,000]

Haddon Heights Borough

S340877-02

$487,500

$650,000

Emerson Borough

S340497-01

$75,000

$100,000

Emerson Borough

S340497-02

$525,000

$700,000

Mount Arlington Borough

S340451-05

$412,500

$550,000

Highlands Borough

S340901-05

$6,375,000

$8,500,000

Medford Lakes Borough

S340319-03

$8,250,000

$11,000,000

Mendham Borough

S340159-03

$2,775,000

$3,700,000

Hamburg Borough

S340149-03

$75,000

$100,000

Hamburg Borough

S340149-04

[$600,000] $750,000

[$800,000] $1,000,000

Long Beach Township

S340023-09

$4,923,750

$6,565,000

Borough of Wenonah

S340531-01

$997,500

$1,330,000

Clinton Township SA

S340873-04

$1,875,000

$2,500,000

Ship Bottom Borough

S340311-05

$3,750,000

$5,000,000

Fieldsboro Borough

S340522-01

[$1,200,000] $1,275,000

[$1,600,000] $1,700,000

North Bergen Township

S340652-17

$3,225,000

$4,300,000

Willingboro MUA

S340132-10

$13,650,000

$18,200,000

Passaic Valley SC

S340689-45

$7,657,577

$10,210,102

Passaic Valley SC

S340689-46

$51,750,000

$69,000,000

Passaic Valley SC

S340689-54

$16,950,000

$22,600,000

Montville Township

S340931-04

$2,625,000

$3,500,000

Hackensack City

S340923-15

$1,200,000

$1,600,000

Camden County MUA

S340640-26

$21,150,000

$28,200,000

Lower Township MUA

S340810-05

$22,500,000

$30,000,000

Newtown Town

S340449-04

$1,875,000

$2,500,000

Little Egg Harbor Township

S340579-04

$1,530,000

$2,040,000

Gloucester Township

S340364-11

$712,500

$950,000

Gloucester Township

S340364-15

$1,087,500

$1,450,000

Northfield City

S340508-02

$112,500

$150,000

Jersey City MUA

S340928-32

[$9,225,000] $11,250,000

[$12,300,000] $15,000,000

Trenton City

S340416-14

$18,000,000

$24,000,000

Atlantic City MUA

S340439-04

$2,300,000

$3,066,667

East Orange City

S340843-03

$12,825,000

$17,100,000

Cumberland County Improvement Authority

S342015-04

$4,439,778

$5,919,704

Sussex County MUA

S342008-06

$32,250,000

$43,000,000

Burlington City

S340140-02

$1,950,000

$2,600,000

Bloomfield Township

S340516-01

$5,423,228

$7,230,970

South Orange Village

S340103-02

$2,002,500

$2,670,000

Brick Township MUA

S340448-14

$1,500,000

$2,000,000

West Deptford Township

S340947-06

$3,540,000

$4,720,000

Bordentown City

S340219-04

[$2,250,000] $3,000,000

[$3,000,000] $4,000,000

Ship Bottom Borough

S340311-04

$2,062,500

$2,750,000

Total Projects: [116] 137

 

[$913,836,380] $1,563,683,971

[$1,218,448,507] $2,084,911,958

 

     (2) The department is authorized to make clean water and drinking water project loans to the following municipalities receiving funding from the "Pinelands Infrastructure Trust Fund," established pursuant to section 14 of the "Pinelands Infrastructure Trust Bond Act of 1985," P.L.1985, c.302:

 

Project Sponsor

Project Number

Estimated Total Loan Amount

Pemberton Twp.

Pinelands 1

$2,929,000

Manchester Twp./

Jackson MUA

Pinelands 2

$7,192,035

Galloway Twp.

Pinelands 4

$3,493,440

Winslow Twp.

Pinelands 5

$1,728,940

Total Pinelands Projects: 4

$15,343,415

 

     b.  The following environmental infrastructure projects shall be known and may be cited as the "Storm Sandy and State Fiscal Year 2024 Drinking Water Project Eligibility List":

 

Project Sponsor

Project Number

Estimated Allowable DEP Loan Amount

Estimated Total Loan Amount

Trenton City

1111001-011

$15,255,000

$20,340,000

Passaic Valley Water Commission

1605002-002

$54,000,000

$72,000,000

[Orange City

0717001-011

$1,162,500

$1,550,000]

Orange City

0717001-013

[$525,000] $975,000

[$700,000] $1,300,000

Newark City

0714001-022

[$17,250,000] $18,000,000

[$23,000,000] $24,000,000

Bloomfield Township

0702001-003

$823,796

$1,098,395

Red Bank Borough

1340001-004

$6,600,000

$8,800,000

Trenton City

1111001-005

$23,328,750

$31,105,000

Hopatcong Borough

1912001-002

[$1,050,000] $1,500,000

[$1,400,000] $2,000,000

Bloomfield Township

0702001-004

$3,000,000

$4,000,000

Bloomfield Township

0702001-005

$6,000,000

$8,000,000

Jersey City MUA

0906001-035

$116,250,000

$155,000,000

National Park Borough

0812001-005

$1,350,000

$1,800,000

Ridgewood Village

0251001-001

$60,000,000

$80,000,000

Belleville Township

0701001-008

$2,676,564

$3,568,752

Livingston Township

0710001-003

$13,500,000

$18,000,000

Livingston Township

0710001-001

$9,000,000

$12,000,000

Livingston Township

0710001-002

$3,750,000

$5,000,000

Waldwick Borough

0264001-003

$5,250,000

$7,000,000

Ho-Ho-Kus Borough

0228001-002

$3,000,000

$4,000,000

Essex Fells Borough

0706001-003

$7,500,000

$10,000,000

Brick Township MUA

1506001-011

$15,667,500

$20,890,000

East Orange City

0705001-014

$24,750,000

$33,000,000

High Bridge Borough

1014001-004

$1,500,000

$2,000,000

Merchantville Pennsauken Water Commission

0424001-004

$6,525,000

$8,700,000

East Greenwich

0803001-004

$4,500,000

$6,000,000

Jersey City MUA

0906001-017

$1,305,180

$1,740,240

NJ American Water Company, Incorporated

2004002-012

[$15,000,000] $71,250,000

[$20,000,000] $95,000,000

Hackettstown MUA

2108001-002

$757,500

$1,010,000

Jersey City MUA

0906001-019

$5,025,000

$6,700,000

Wildwood City

0514001-006

$4,637,403

$6,183,204

Lower Township MUA

0505002-004

$9,000,000

$12,000,000

[Seaside Park Borough

1527001-004

$1,125,000

$1,500,000]

Brick Township MUA

1506001-014

$2,700,000

$3,600,000

Hawthorne Borough

1604001-002

[$3,750,000] $7,500,000

[$5,000,000] $10,000,000

Hightstown Borough

1104001-009

$712,500

$950,000

Jersey City MUA

0906001-025

$26,250,000

$35,000,000

Willingboro MUA

0338001-010

$5,400,000

$7,200,000

Jersey City MUA

0906001-009

$3,750,000

$5,000,000

NJ American Water Company, Incorporated

0712001-016

$21,210,000

$28,280,000

Old Bridge MUA

1209002-005

[$2,025,000] $2,925,000

[$2,700,000] $3,900,000

Clinton Town

1005001-010

[$1,980,000] $3,000,000

[$2,640,000] $4,000,000

Point Pleasant Beach Borough

1525001-002

$2,625,000

$3,500,000

Jersey City MUA

0906001-020

$4,965,000

$6,620,000

Jersey City MUA

0906001-021

$8,250,000

$11,000,000

Allentown Borough

1302001-004

$1,746,720

$2,328,960

Jersey City MUA

0906001-015

$2,691,950

$3,589,266

Brick Township MUA

1506001-008

$4,912,500

$6,550,000

Stone Harbor Borough

0510001-001

$9,000,000

$12,000,000

Hightstown Borough

1104001-011

$825,000

$1,100,000

Hoboken City

0905001-003

$7,500,000

$10,000,000

Shore Water Company

1505003-001

$750,000

$1,000,000

Ship Bottom Borough

1528001-004

$3,150,000

$4,200,000

Lakehurst Borough

1513001-002

$900,000

$1,200,000

East Windsor MUA

1101002-005

$1,500,000

$2,000,000

Clinton Town

1005001-012

$2,625,000

$3,500,000

Long Beach Township

1517001-015

$3,119,401

$4,159,201

Allentown Borough

1302001-002

$411,825

$549,100

Farmingdale Borough

1314001-002

$680,250

$907,000

Roosevelt Borough

1314001-003

$600,000

$800,000

Roosevelt Borough

1314001-008

$750,000

$1,000,000

Robbinsville Township

1112001-001

$1,650,000

$2,200,000

Marlboro Township

1328002-003

$1,285,500

$1,714,000

Clinton Town

1005001-013

$2,250,000

$3,000,000

Washington Township MUA

1438004-001

$3,750,000

$5,000,000

Winslow Township

0436007-010

[$2,868,750] $3,000,000

[$3,825,000] $4,000,000

Mount Arlington Borough

1426005-001

$1,575,000

$2,100,000

Tuckerton Borough

1532002-001

$225,000

$300,000

Willingboro MUA

0338001-005

$1,500,000

$2,000,000

Hopatcong Borough

1912001-004

$75,000

$100,000

Lavallette Borough

1515001-002

$2,850,000

$3,800,000

High Bridge Borough

1014001-001

$75,000

$100,000

Total Projects: [48] 70

 

[$320,030,299] $645,362,339

[$426,707,065] $860,483,118

 

     c.  The department is authorized to adjust the allowable department loan amount for projects authorized in this section to between zero percent and 100 percent of the total allowable loan amount, and, if the department loan amount is adjusted to 100 percent of the total allowable loan amount, the loan shall be provided pursuant to the terms and conditions of the financing program year in which the construction loan component of the project was certified by the department, and for which the trust issued an interim financing program loan, or, in the absence of an interim financing program loan, the terms and conditions of the State fiscal year 2024 financing program.

(cf:  P.L.2023, c.120, s.3)

 

     4.  Section 4 of P.L.2023, c.120 is amended to read as follows:

     4.  Any financing loan made by the department pursuant to [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), shall be subject to the following requirements: 

     a.  The Commissioner of Environmental Protection has certified that the project is in compliance with the provisions of P.L.1977, c.224, P.L.1985, c.329, P.L.1992, c.88, P.L.1997, c.223, P.L.1997, c.225, or P.L.2003, c.162, and any rules and regulations adopted pursuant thereto;

     b. Except as otherwise provided in this subsection, a loan for an environmental infrastructure project listed in section 2 or 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), shall be subject to the terms and conditions of the financing program year in which the construction loan component of the project was certified by the department, and for which the trust issued an interim financing program loan, or, in the absence of an interim financing program loan, the terms and conditions of the State fiscal year 2024 financing program;

     c.  Notwithstanding the provisions of sections 2 and 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), the department allowable loan amount may be 100 percent of the total allowable loan amount for:

     (1) clean water project and drinking water project loans to (a) municipalities that do not satisfy the New Jersey Infrastructure Bank credit policy but are subject to State financial supervision and oversight pursuant to the "Local Government Supervision Act (1947)," P.L.1947, c.151 (C.52:27BB-1 et seq.), or (b) municipal, county, or regional sewerage authorities, or utilities authorities, that do not satisfy the New Jersey Infrastructure Bank credit policy but where the municipal participant through its service agreement with the authority or utility is under State financial supervision and oversight pursuant to the "Local Government Supervision Act (1947)," P.L.1947, c.151 (C.52:27BB-1 et seq.), and the repayment obligation of the authority or utility is secured by the full faith and credit of the participating municipality pursuant to the service agreement;

     (2) clean water and drinking water loans to municipalities receiving funding under the United States Department of Housing and Urban Development Community Development Block Grant – Disaster Recovery Program (CDBG-DR); and

     (3) clean water loans to municipal, county, or regional sewerage authorities that qualify for Sewer Overflow and Stormwater Reuse grants for combined sewer overflows or stormwater management projects;

     d.  With the exception of a loan for which the department issues 100 percent of the loan amount pursuant to subsection b. of section 2, subsection c. of section 3, and subsection c. of this section, the loan shall be conditioned upon approval of a loan from the New Jersey Infrastructure Bank pursuant to P.L.2023, c.119, as amended by P.L.    , c.    (pending before the Legislature as Senate Bill No.     of the 2022-23 session and Assembly Bill No.      of the 2022-23 session), prior to June 30, [2023] 2024

     e.  The loan shall be repaid within a period not to exceed 30 years, or 35 years for loans funded pursuant to the federal "Water Infrastructure Finance and Innovation Act of 2014," 33 U.S.C. s.3901 et seq. as amended and supplemented, or 45 years for combined sewer overflow abatement projects, of the making of the loan; [and]

     f.     The loan shall be subject to any other terms and conditions as may be established by the commissioner and approved by the State Treasurer, which may include, notwithstanding any other provision of law to the contrary, subordination of a loan authorized in [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), to loans made by the New Jersey Infrastructure Bank pursuant to P.L.2023, c.119, as amended by P.L.    , c.    (pending before the Legislature as Senate Bill No.     of the 2022-23 session and Assembly Bill No.      of the 2022-23 session), or to administrative fees payable to the trust pursuant to subsection o. of section 5 of P.L.1985, c.334 (C.58:11B-5); and

     g.  Notwithstanding the provisions of any applicable law or regulation to the contrary, drinking water projects may be funded by the "Pinelands Infrastructure Trust Fund" established pursuant to section 14 of the "Pinelands Infrastructure Trust Fund Bond Act of 1985," P.L.1985, c.302. Drinking water projects financed by the Pinelands Infrastructure Trust Fund shall be funded in accordance with the regulations applicable to the financing of wastewater projects by the Pinelands Infrastructure Trust Fund unless and until regulations specific to the financing of drinking water projects are promulgated.

(cf:  P.L.2023, c.120, s.4)

 

     5.  Section 5 of P.L.2023, c.120 is amended to read as follows:

     5.  Any Sandy financing loan made by the department pursuant to [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), shall be subject to the following requirements:

     a.  The commissioner has certified that the project is in compliance with the provisions of Title X, Chapter 7 of the Federal Disaster Relief Appropriations Act;

     b.  The commissioner has certified that the project is in compliance with the provisions of P.L.1977, c.224, P.L.1985, c.329, P.L.1992, c.88, P.L.1997, c.223, P.L.1997, c.225 or P.L.2003, c.162, and any rules and regulations adopted pursuant thereto; and

     c.  The loan shall be subject to any other terms and conditions as may be established by the commissioner and approved by the State Treasurer, which may include, notwithstanding any other provision of law to the contrary, subordination of a loan authorized in [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), to loans made by the trust pursuant to P.L.2023, c.119, as amended by P.L.    , c.    (pending before the Legislature as Senate Bill No.     of the 2022-23 session and Assembly Bill No.      of the 2022-23 session), prior to June 30, 2024, or to administrative fees payable to the trust pursuant to subsection o. of section 5 of P.L.1985, c.334 (C.58:11B-5).

(cf:  P.L.2023, c.120, s.5)

 

     6.  Section 6 of P.L.2023, c.120 is amended to read as follows:

     6.  The eligibility lists and authorization for the making of loans pursuant to sections 2 and 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), shall expire on July 1, 2024, and any project sponsor which has not executed and delivered a loan agreement with the department for a loan authorized in [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), shall no longer be entitled to that loan.

(cf:  P.L.2023, c.120, s.6)

 

     7.  Section 7 of P.L.2023, c.120 is amended to read as follows:

     7.  The Commissioner of Environmental Protection is authorized to reduce or increase the individual amount of loan funds made available to or on behalf of project sponsors pursuant to sections 2 and 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), based upon final or low bid building costs defined in and determined in accordance with rules and regulations adopted by the commissioner pursuant to section 4 of P.L.1985, c.329, section 2 of P.L.1999, c.362 (C.58:12A-12.2), or section 5 of P.L.1981, c.261, provided that the total loan amount does not exceed the estimated total allowable loan amount.  The commissioner is authorized to reduce or increase the individual amount of loan funds made available to or on behalf of project sponsors pursuant to sections 2 and 3 of [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), in an amount not to exceed 10 percent of the total allowable loan amount based upon additional project costs to comply with the department's guidance for asset management, emergency response, flood protection, and auxiliary power.

(cf:  P.L.2023, c.120, s.7)

 

     8.  Section 8 of P.L.2023, c.120 is amended to read as follows:

     8.  The expenditure of the funds appropriated by [this act] P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), is subject to the provisions and conditions of P.L.1977, c.224, P.L.1085, c.302, P.L.1985, c.329, P.L.1989, c.181, P.L.1992, c.88, P.L.1997, c.223, P.L.1997, c.225 or P.L.2003, c.162, and the rules and regulations adopted by the Commissioner of Environmental Protection pursuant thereto, and the provisions of the Federal Disaster Relief Appropriations Act, the Federal Clean Water Act, and the Federal Safe Drinking Water Act, and any amendatory and supplementary acts thereto.

(cf:  P.L.2023, c.120, s.8)

 

     9.  Section 10 of P.L.2023, c.120 is amended to read as follows:

     10.  a.  Prior to repayment to the Clean Water State Revolving Fund pursuant to sections 1 and 2 of P.L.2009, c.77 and any amendatory and supplementary acts thereto, prior to repayment to the "Wastewater Treatment Fund" pursuant to the provisions of section 16 of P.L.1985, c.329, prior to repayment to the "1992 Wastewater Treatment Fund" pursuant to the provisions of section 28 of P.L.1992, c.88, prior to repayment to the Drinking Water State Revolving Fund, prior to repayment to the "Stormwater Management and Combined Sewer Overflow Abatement Fund" pursuant to the provisions of section 15 of P.L.1989, c.181, prior to repayment to the "2003 Water Resources and Wastewater Treatment Fund" pursuant to the provisions of section 20 of P.L.2003, c.162, prior to repayment to the "Water Supply Fund" pursuant to the provisions of section 15 of P.L.1981, c.261, or prior to the repayment to the "Pinelands Infrastructure Trust Fund" pursuant to the provisions of section 5 of P.L.1985, c.302, repayments of loans made pursuant to these acts may be utilized by the New Jersey Infrastructure Bank established pursuant to P.L.1985, c.334 (C.58:11B-1 et seq.), as amended and supplemented by P.L.1997, c.224, under terms and conditions established by the commissioner and trust, approved by the State Treasurer, and consistent with the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.) and federal tax, environmental or securities law, to the extent necessary to secure repayment of trust bonds issued to finance loans approved pursuant to P.L.2023, c.119, as amended by P.L.    , c.    (pending before the Legislature as Senate Bill No.     of the 2022-23 session and Assembly Bill No.      of the 2022-23 session), and to secure the administrative fees payable to the trust pursuant to subsection o. of section 5 of P.L.1985, c.334 (C.58:11B-5) by the project sponsors receiving trust loans.

     b.  Prior to repayment to the Clean Water State Revolving Fund pursuant to section 1 and 2 of P.L.2009, c.77 and any amendatory and supplementary acts thereto, prior to repayment to the "Wastewater Treatment Fund" pursuant to the provisions of section 16 of P.L.1985, c.329, prior to repayment to the "1992 Wastewater Treatment Fund" pursuant to the provisions of section 28 of P.L.1992, c.88, prior to repayment to the "Water Supply Fund" pursuant to the provisions of section 15 of P.L.1981, c.261, prior to repayment to the Drinking Water State Revolving Fund, prior to repayment to the "2003 Water Resources and Wastewater Treatment Fund" pursuant to the provisions of section 20 of P.L.2003, c.162, prior to repayment to the "Stormwater Management and Combined Sewer Overflow Abatement Fund" pursuant to the provisions of section 15 of P.L.1989, c.181, or prior to repayment to the "Pinelands Infrastructure Trust Fund" pursuant to the provisions of section 5 of P.L.1985, c.302, the trust is further authorized to utilize repayments of loans made pursuant to P.L.1989, c.189, P.L.1990, c.99, P.L.1991, c.325, P.L.1992, c.38, P.L.1993, c.193, P.L.1994, c.106, P.L.1995, c.219, P.L.1996, c.85, P.L.1997, c.221, P.L.1998, c.84, P.L.1999, c.174, P.L.2000, c.92, P.L.2001, c.222, P.L.2002, c.70, P.L.2003, c.158, P.L.2004, c.109, P.L.2005, c.196, P.L.2006, c.68, P.L.2007, c.139, P.L.2008, c.68, P.L.2009, c.102, P.L.2010, c.63, P.L.2011, c.93, P.L.2012, c.43, P.L.2013, c.95, P.L.2014, c.25, P.L.2015, c.108, P.L.2016, c.32, P.L.2017, c.143, as amended by P.L.2017, c.326, P.L.2018, c.85, as amended by P.L.2018, c.137, P.L.2019, c.12, P.L.2019, c.193, as amended by P.L.2019, c.514, P.L.2020, c.49, as amended by P.L.2021, c.21, P.L.2021, c.203, as amended by P.L.2021, c.328, P.L.2022, c.99, as amended by P.L.2023, c.6, or P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), to secure repayment of trust bonds issued to finance loans approved pursuant to P.L.1995, c.218, P.L.1996, c.87, P.L.1997, c.222, P.L.1998, c.85, P.L.1999, c.173, P.L.2000, c.93, P.L.2001, c.224, P.L.2002, c.71, P.L.2003, c.159, P.L.2004, c.110, P.L.2005, c.197, P.L.2006, c.67, P.L.2007, c.140, P.L.2008, c.67, P.L.2009, c.101, P.L.2010, c.62, P.L.2011, c.95, P.L.2012, c.38, P.L.2013, c.94, P.L.2014, c.26, P.L.2015, c.107, P.L.2016, c.31, P.L.2017, c.142, as amended by P.L.2017, c.327, P.L.2018, c.84, as amended by P.L.2019, c.30, P.L.2019, c.192, as amended by P.L.2019, c.515, P.L.2020, c.48, as amended by P.L.2021, c.22, P.L.2021, c.204, as amended by P.L.2021, c.316, P.L.2022, c.100, as amended by P.L.2023, c.5, or P.L.2023, c.119, as amended by P.L.    , c.    (pending before the Legislature as Senate Bill No.     of the 2022-23 session and Assembly Bill No.      of the 2022-23 session), and to secure the administrative fees payable to the trust under these loans pursuant to subsection o. of section 5 of P.L.1985, c.334 (C.58:11B-5).

     c.  To the extent that any loan repayment sums are used to satisfy any trust bond repayment or administrative fee payment deficiencies, the trust shall repay such sums to the department for deposit into the Clean Water State Revolving Fund, the "Wastewater Treatment Fund," the "1992 Wastewater Treatment Fund," the "Water Supply Fund," the Drinking Water State Revolving Fund, the "2003 Water Resources and Wastewater Treatment Fund," the "Stormwater Management and Combined Sewer Overflow Abatement Fund," or the "Pinelands Infrastructure Trust Fund," as appropriate, from amounts received by or on behalf
of the trust from project sponsors causing any such deficiency.

(cf:  P.L.2023, c.120, s.10)

 

     10.  Section 13 of P.L.2023, c.120 is amended to read as follows:

     13.  There is appropriated to the New Jersey Infrastructure Bank established pursuant to P.L.1985, c.334 (C.58:11B-1 et seq.), funds from the Federal Disaster Relief Appropriations Act deposited in any account including the Clean Water State Revolving Fund, the "Water Supply Fund," or the Drinking Water State Revolving Fund, as appropriate, funds transferred by the department to the New Jersey Infrastructure Bank pursuant to paragraph (21) of subsection a. of section 1 of P.L.2023, c.120, as amended by P.L.    , c.    (pending before the Legislature as this bill), and funds from any net earnings received from the investment and reinvestment of such deposits, such sums as the chairperson of the trust certifies to the Commissioner of Environmental Protection to be necessary and appropriate for deposit into one or more reserve funds or accounts established by the trust pursuant to section 11 of P.L.1985, c.334 (C.58:11B-11).

(cf:  P.L.2023, c.120, s.13)

 

     11.  This act shall take effect immediately.

 

 

STATEMENT

 

     This bill would amend P.L.2023, c.120 to amend the lists of environmental infrastructure projects for which the Legislature has appropriated funds to the Department of Environmental Protection (DEP) for State fiscal year 2024.

     In July 2023, P.L.2023, c.120 was enacted into law, which appropriated funds to the DEP for the purpose of financing approximately $1.78 billion in Storm Sandy and other environmental infrastructure projects through the New Jersey Infrastructure Bank (NJIB) in FY 2024.  This bill would amend the lists of environmental infrastructure projects for which the DEP is appropriated funds pursuant to P.L.2023, c.120 to include new projects, remove projects, modify the priority of certain projects, and modify the loan amounts for certain projects, as enumerated in subsections a. and b. of section 3 of the bill.  As amended by the bill, P.L.2023, c.120 would appropriate to the DEP up to $3.08 billion, and any unexpended balances from previous authorizations, to provide loans to project sponsors for a total of 223 eligible environmental infrastructure projects for FY 2024.  This would include 137 projects on the "Storm Sandy and State Fiscal Year 2024 Clean Water Project Eligibility List" and 70 projects on the "Storm Sandy and State Fiscal Year 2024 Drinking Water Project Eligibility List."

     The bill would also give the DEP the explicit authority to use funds in the “Pinelands Infrastructure Trust Fund” established pursuant to section 14 of the "Pinelands Infrastructure Trust Bond Act of 1985," P.L.1985, c.302, for drinking water projects.  The bill would require such drinking water projects to be funded in accordance with the regulations applicable to the financing of wastewater projects by the Pinelands Infrastructure Trust Fund, unless and until regulations specific to the financing of drinking water projects are promulgated.