ASSEMBLY TRANSPORTATION AND INDEPENDENT AUTHORITIES COMMITTEE

STATEMENT TO

ASSEMBLY, No. 4968

STATE OF NEW JERSEY

DATED:  DECEMBER 12, 2024

      The Assembly Transportation and Independent Authorities Committee reports favorably Assembly Bill No. 4968. 

      As reported, this bill makes changes to the authorization given to the New Jersey Infrastructure Bank (NJIB) to make loans for transportation infrastructure projects for Fiscal Year 2025. 

      P.L.2024, c.43 was enacted into law on July 10, 2024, which authorized the NJIB to expend, for the purpose of making loans to or on behalf of local government units to finance all or a portion of the cost of construction of certain transportation infrastructure projects, up to $53,883,706 or such amounts as can be supported through the balances in the State Transportation Infrastructure Bank Fund and via direct appropriation through the State transportation capital program. 

      This bill amends the list of transportation infrastructure projects for which the NJIB is authorized to make loans pursuant to P.L.2024, c.43 to include new projects, remove projects, modify the priority of certain projects, and modify the allowable loan amounts for certain projects.  The bill authorizes the NJIB to expend up to $61,400,000 or such amounts as can be supported through the balances in the State Transportation Infrastructure Bank Fund and via direct appropriation through the State transportation capital program.