A6158

An Act concerning the financing of certain environmental projects, supplementing Title 34 of the Revised Statutes, and amending P.L.1974, c.80.

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

1. (New section) As used in sections 1 through 4 of P.L. , c. (C. ) (pending before the Legislature as this bill):

“Authority” means the New Jersey Economic Development Authority, established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4).

“Eligible project” means an environmentally beneficial energy project that is determined to be eligible to receive financial assistance by the Energy Independence Bank pursuant to the standards developed pursuant subsection d. of section 2 of P.L. , c. (C. ) (pending before the Legislature as this bill). An “eligible project” may include, but shall not be limited to, the construction and operation of a renewable energy generation facility or energy storage facility, an energy efficiency project, or a project to deploy an electric vehicle or associated infrastructure.

“Energy Independence Bank” means the New Jersey Energy Independence Bank, established as an independent subsidiary of the New Jersey Economic Development Authority pursuant to P.L. , c. (C. ) (pending before the Legislature as this bill).

2. (New section) a. The authority shall establish, as an independent, wholly-owned subsidiary of the authority pursuant to section 16 of P.L. 1997, c. 150 (C.34:1B-159), a New Jersey corporation known as the “New Jersey Energy Independence Bank.” The purpose of the Energy Independence Bank shall be to provide access to capital to support the development and construction of eligible projects and to leverage public funds to attract private investment. For the purposes of establishing and maintaining the independence of the Energy Independence Bank, the exposure of the authority to any actions of the Energy Independence Bank shall be restricted solely to the Energy Independence Bank. The New Jersey Green Bank, established by the authority in April 2024, shall be renamed as the “New Jersey Energy Independence Bank,” and all the staff, equipment, funds, and other components thereof shall be transferred to the Energy Independence Bank.

b. The Energy Independence Bank may develop separate programs to finance, act as a loan guarantor, or otherwise support eligible projects for residential, municipal, small business, and larger commercial projects, and such other programs and projects as the Energy Independence Bank determines useful and appropriate. However, the Energy Independence Bank shall not engage in direct lending to residential customers or financial transactions directly undertaken with residential counterparties.

c. The Energy Independence Bank shall form a board of directors, consisting of no fewer than seven members, the majority of whom shall be independent of the authority. The chairperson of the Energy Independence Bank board shall be selected by, and from amongst, the members of the Energy Independence Bank board.

d. Before making equity investments, providing credit enhancements, or offering loans or other forms of financial assistance for an eligible project pursuant to P.L. , c. (C. ) (pending before the Legislature as this bill), the Energy Independence Bank board shall develop and adopt standards to govern the administration of the Energy Independence Bank through rules, policies, and procedures, including those that specify investment or lending policies and procedures, and any other relevant criteria, standards, or procedures associated with the operations of the Energy Independence Bank.

e. The Energy Independence Bank board shall have the authority to take any action, as may be reasonably necessary, in order to structurally establish, maintain, and assert the Energy Independence Bank as an independent, wholly-owned subsidiary of the authority, including, but not limited to:

(1) the ability to effect any corporate action such as a consolidation, dissolution, bankruptcy, or merger of the Energy Independence Bank;

(2) the maintenance of books, records, and accounts separate from the authority and the avoidance of any commingling of accounts with the authority;

(3) the conduct of business in the name of the Energy Independence Bank;

(4) the payment of the Energy Independence Bank’s liabilities by the Energy Independence Bank;

(5) the limitation of interagency transactions between the authority and the Energy Independence Bank and the approval of at-arms-length transactions between the authority and the Energy Independence Bank; and

(6) the ability to establish or amend any non-consolidation or separateness provisions or covenants of the Energy Independence Bank.

f. The Energy Independence Bank shall not have the power to guarantee any obligations of the State, the authority, or any of the authority’s other affiliates or subsidiaries.

g. The Energy Independence Bank may employ attorneys, consulting engineers, architects, real estate counselors, appraisers, and such other consultants and employees as may be required in the judgment of the Energy Independence Bank board for the purposes of evaluating investment or lending opportunities or assessing the viability of an eligible project, and to fix and pay their compensation from funds available to the Energy Independence Bank.

h. The Energy Independence Bank shall make information regarding the terms and conditions for all of its financing support transactions in connection with the New Jersey Energy Independence Bank available to the public for inspection, including formal annual reviews by a private auditor, and provide details thereon to the public on the Internet; except that public disclosure shall be restricted or provided in aggregated or anonymized form, at the discretion of the Energy Independence Bank, for patentable ideas, trade secrets, and proprietary or confidential commercial or financial information, the disclosure of which may cause commercial harm to a nongovernmental recipient of financing support from the Energy Independence Bank, and for other information exempt from public records disclosure pursuant to law.

3. (New section) a. Monies held in bank accounts, investment accounts, or otherwise in possession of the Energy Independence Bank pursuant to section 4 of P.L. , c. (C. ) (pending before the Legislature as this bill) may be used only to:

(1) make equity investments in an eligible project;

(2) provide a loan, loan guarantee, or other form of financial assistance for an eligible project;

(3) pay for operating expenses, including administrative expenses and capital costs incurred by the Energy Independence Bank in connection with the operation of the Energy Independence Bank;

(4) pay all financing costs, including costs associated with borrowing money or issuing bonds; or

(5) provide grants, make direct or equity investments, establish contracts, or take other actions that support the research, development, manufacture, commercialization, deployment, or installation of clean energy technologies, or actions that expand the expertise of individuals, businesses, and private capital providers with regard to clean energy technologies.

b. The Energy Independence Bank may enter into contracts with private sources to raise capital for the purposes of the Energy Independence Bank.

c. The Energy Independence Bank shall have the power to borrow money and to issue bonds of the Energy Independence Bank and to provide for the rights of the holders thereof, as provided in P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the “Municipal Rehabilitation and Economic Recovery Act,” P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.).

d. The Energy Independence Bank may provide financing support pursuant to P.L. , c. (C. ) (pending before the Legislature as this bill) if the Energy Independence Bank determines that the amount to be financed by the Energy Independence Bank and other non-equity financing sources does not exceed 90 percent of the costs of financing for an eligible project.

e. The Energy Independence Bank may procure insurance against any losses in connection with its property, operations or assets in such amounts and from such insurers as it deems desirable.

f. The Energy Independence Bank may assess reasonable fees for its financing activities to cover its reasonable costs and expenses, as determined by the Energy Independence Bank.

4. (New section) a. The Energy Independence Bank may establish, administer, and maintain bank accounts, investment accounts, or other types of financial accounts, separate and apart from other authority funds.

b. The Energy Independence Bank’s financial accounts shall be credited with any funds made available to the authority for the purposes of forming and continuing operations of the Energy Independence Bank or the New Jersey Green Bank.

c. The Energy Independence Bank’s financial accounts shall also be credited with:

(1) any monies that may be appropriated by the authority or the Energy Independence Bank from the societal benefits charge collected pursuant to section 12 of P.L.1999, c.23 (C.48:3-60), notwithstanding the provisions of paragraph (3) of subsection a. of section 12 of P.L.1999, c.23 (C.48:3-60), or any rule, regulation, or order adopted pursuant thereto to the contrary;

(2) any federal funds that may be used for the purposes specified in P.L. , c. (C. ) (pending before the Legislature as this bill);

(3) any charitable gifts, grants, contributions, or loans from individuals, corporations, university endowments, or philanthropic foundations that are provided to the Energy Independence Bank;

(4) any additional monies made available by the authority for Energy Independence Bank purposes;

(5) any additional monies received by the authority from any public or private sources for Energy Independence Bank purposes;

(6) earnings and interest derived from the activities and operations of the Energy Independence Bank; and

(7) interest on monies deposited in these financial accounts.

d. The Energy Independence Bank shall have the authority to hold, manage, and, through the Division of Investment in the Department of the Treasury, invest and reinvest monies held in its custody and credit all income earned thereon to the Energy Independence Bank in the same manner as provided by law for the investment of pension and retirement funds administered by the State.

5. Section 5 of P.L.1974, c.80 (C.34:1B-5) is amended to read as follows:

5. The authority shall have the following powers:

a. To adopt bylaws for the regulation of its affairs and the conduct of its business;

b. To adopt and have a seal and to alter the same at pleasure;

c. To sue and be sued;

d. To acquire in the name of the authority by purchase or otherwise, on such terms and conditions and such manner as it may deem proper, or by the exercise of the power of eminent domain in the manner provided by the “Eminent Domain Act of 1971,” P.L.1971, c.361 (C.20:3-1 et seq.), any lands or interests therein or other property which it may determine is reasonably necessary for any project; provided, however, that the authority in connection with any project shall not take by exercise of the power of eminent domain any real property except upon consent thereto given by resolution of the governing body of the municipality in which such real property is located; and provided further that the authority shall be limited in its exercise of the power of eminent domain in connection with any project in qualifying municipalities as defined under the provisions of P.L.1978, c.14 (C.52:27D-178 et seq.), or to municipalities which had a population, according to the latest federal decennial census, in excess of 10,000;

e. To enter into contracts with a person upon such terms and conditions as the authority shall determine to be reasonable, including, but not limited to, reimbursement for the planning, designing, financing, construction, reconstruction, improvement, equipping, furnishing, operation and maintenance of the project and to pay or compromise any claims arising therefrom;

f. To establish and maintain reserve and insurance funds with respect to the financing of the project or the school facilities project and any project financed pursuant to the “Municipal Rehabilitation and Economic Recovery Act,” P.L.2002, c.43 (C.52:27BBB-1 et al.);

g. To sell, convey or lease to any person all or any portion of a project for such consideration and upon such terms as the authority may determine to be reasonable;

h. To mortgage, pledge or assign or otherwise encumber all or any portion of a project, or revenues, whenever it shall find such action to be in furtherance of the purposes of this act, P.L.2000, c.72 (C.18A:7G-1 et al.), the “Municipal Rehabilitation and Economic Recovery Act,” P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.);

i. To grant options to purchase or renew a lease for any of its projects on such terms as the authority may determine to be reasonable;

j. To contract for and to accept any gifts or grants or loans of funds or property or financial or other aid in any form from the United States of America or any agency or instrumentality thereof, or from the State or any agency, instrumentality or political subdivision thereof, or from any other source and to comply, subject to the provisions of P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the “Municipal Rehabilitation and Economic Recovery Act,” P.L.2002, c.43 (C.52:27BBB-1 et al.), and P.L.2007, c.137 (C.52:18A-235 et al.), with the terms and conditions thereof;

k. In connection with any action undertaken by the authority in the performance of its duties and any application for assistance or commitments therefor and modifications thereof, to require and collect such fees and charges as the authority shall determine to be reasonable, including, but not limited to, fees and charges for the authority’s administrative, organizational, insurance, operating, legal, and other expenses;

l. To adopt, amend and repeal regulations to carry out the provisions of P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the “Municipal Rehabilitation and Economic Recovery Act,” P.L.2002, c.43 (C.52:27BBB-1 et al.), and P.L.2007, c.137 (C.52:18A-235 et al.);

m. To acquire, purchase, manage and operate, hold and dispose of real and personal property or interests therein, take assignments of rentals and leases and make and enter into all contracts, leases, agreements and arrangements necessary or incidental to the performance of its duties;

n. To purchase, acquire and take assignments of notes, mortgages and other forms of security and evidences of indebtedness;

o. To purchase, acquire, attach, seize, accept or take title to any project or school facilities project by conveyance or by foreclosure, and sell, lease, manage or operate any project or school facilities project for a use specified in this act, P.L.2000, c.72 (C.18A:7G-1 et al.), the “Municipal Rehabilitation and Economic Recovery Act,” P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.);

p. To borrow money and to issue bonds of the authority and to provide for the rights of the holders thereof, as provided in P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the “Municipal Rehabilitation and Economic Recovery Act,” P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.);

q. To extend credit or make loans to any person for the planning, designing, acquiring, constructing, reconstructing, improving, equipping and furnishing of a project or school facilities project, which credits or loans may be secured by loan and security agreements, mortgages, leases and any other instruments, upon such terms and conditions as the authority shall deem reasonable, including provision for the establishment and maintenance of reserve and insurance funds, and to require the inclusion in any mortgage, lease, contract, loan and security agreement or other instrument, of such provisions for the construction, use, operation and maintenance and financing of a project or school facilities project as the authority may deem necessary or desirable;

r. To guarantee up to 90% of the amount of a loan to a person, if the proceeds of the loan are to be applied to the purchase and installation, in a building devoted to industrial or commercial purposes, or in an office building, of an energy improvement system;

s. To employ consulting engineers, architects, attorneys, real estate counselors, appraisers, and such other consultants and employees as may be required in the judgment of the redevelopment utility to carry out the purposes of P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the “Municipal Rehabilitation and Economic Recovery Act,” P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.), and to fix and pay their compensation from funds available to the redevelopment utility therefor, all without regard to the provisions of Title 11A of the New Jersey Statutes;

t. To do and perform any acts and things authorized by P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the “Municipal Rehabilitation and Economic Recovery Act,” P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.), under, through or by means of its own officers, agents and employees, or by contract with any person;

u. To procure insurance against any losses in connection with its property, operations or assets in such amounts and from such insurers as it deems desirable;

v. To do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the “Municipal Rehabilitation and Economic Recovery Act,” P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.);

w. To construct, reconstruct, rehabilitate, improve, alter, equip, maintain or repair or provide for the construction, reconstruction, improvement, alteration, equipping or maintenance or repair of any development property and lot, award and enter into construction contracts, purchase orders and other contracts with respect thereto, upon such terms and conditions as the authority shall determine to be reasonable, including, but not limited to, reimbursement for the planning, designing, financing, construction, reconstruction, improvement, equipping, furnishing, operation and maintenance of any such development property and the settlement of any claims arising therefrom and the establishment and maintenance of reserve funds with respect to the financing of such development property;

x. When authorized by the governing body of a municipality exercising jurisdiction over an urban growth zone, to construct, cause to be constructed or to provide financial assistance to projects in an urban growth zone which shall be exempt from the terms and requirements of the land use ordinances and regulations, including, but not limited to, the master plan and zoning ordinances, of such municipality;

y. To enter into business employment incentive agreements as provided in the “Business Employment Incentive Program Act,” P.L.1996, c.26 (C.34:1B-124 et al.);

z. To enter into agreements or contracts, execute instruments, and do and perform all acts or things necessary, convenient or desirable for the purposes of the redevelopment utility to carry out any power expressly provided pursuant to P.L.1974, c.80 (C.34:1B-1 et seq.), P.L.2000, c.72 (C.18A:7G-1 et al.), and P.L.2007, c.137 (C.52:18A-235 et al.), including, but not limited to, entering into contracts with the State Treasurer, the Commissioner of Education, districts, the New Jersey Schools Development Authority, and any other entity which may be required in order to carry out the provisions of P.L.2000, c.72 (C.18A:7G-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.);

aa. (Deleted by amendment, P.L.2007, c.137);

bb. To make and contract to make loans to local units to finance the cost of school facilities projects and to acquire and contract to acquire bonds, notes or other obligations issued or to be issued by local units to evidence the loans, all in accordance with the provisions of P.L.2000, c.72 (C.18A:7G-1 et al.), and P.L.2007, c.137 (C.52:18A-235 et al.);

cc. Subject to any agreement with holders of its bonds issued to finance a project or school facilities project, obtain as security or to provide liquidity for payment of all or any part of the principal of and interest and premium on the bonds of the authority or for the purchase upon tender or otherwise of the bonds, lines of credit, letters of credit, reimbursement agreements, interest rate exchange agreements, currency exchange agreements, interest rate floors or caps, options, puts or calls to hedge payment, currency, rate, spread or similar exposure or similar agreements, float agreements, forward agreements, insurance contract, surety bond, commitment to purchase or sell bonds, purchase or sale agreement, or commitments or other contracts or agreements, and other security agreements or instruments in any amounts and upon any terms as the authority may determine and pay any fees and expenses required in connection therewith;

dd. To charge to and collect from local units, the State and any other person, any fees and charges in connection with the authority’s actions undertaken with respect to school facilities projects, including, but not limited to, fees and charges for the authority’s administrative, organization, insurance, operating and other expenses incident to the financing of school facilities projects;

ee. To make loans to refinance solid waste facility bonds through the issuance of bonds or other obligations and the execution of any agreements with counties or public authorities to effect the refunding or rescheduling of solid waste facility bonds, or otherwise provide for the payment of all or a portion of any series of solid waste facility bonds. Any county or public authority refunding or rescheduling its solid waste facility bonds pursuant to this subsection shall provide for the payment of not less than fifty percent of the aggregate debt service for the refunded or rescheduled debt of the particular county or public authority for the duration of the loan; except that, whenever the solid waste facility bonds to be refinanced were issued by a public authority and the county solid waste facility was utilized as a regional county solid waste facility, as designated in the respective adopted district solid waste management plans of the participating counties as approved by the department prior to November 10, 1997, and the utilization of the facility was established pursuant to tonnage obligations set forth in their respective interdistrict agreements, the public authority refunding or rescheduling its solid waste facility bonds pursuant to this subsection shall provide for the payment of a percentage of the aggregate debt service for the refunded or rescheduled debt of the public authority not to exceed the percentage of the specified tonnage obligation of the host county for the duration of the loan. Whenever the solid waste facility bonds are the obligation of a public authority, the relevant county shall execute a deficiency agreement with the authority, which shall provide that the county pledges to cover any shortfall and to pay deficiencies in scheduled repayment obligations of the public authority. All costs associated with the issuance of bonds pursuant to this subsection may be paid by the authority from the proceeds of these bonds. Any county or public authority is hereby authorized to enter into any agreement with the authority necessary, desirable or convenient to effectuate the provisions of this subsection.

The authority shall not issue bonds or other obligations to effect the refunding or rescheduling of solid waste facility bonds after December 31, 2002. The authority may refund its own bonds issued for the purposes herein at any time;

ff. To pool loans for any local government units that are refunding bonds and do and perform any and all acts or things necessary, convenient or desirable for the purpose of the authority to achieve more favorable interest rates and terms for those local governmental units;

gg. To finance projects approved by the board, provide staff support to the board, oversee and monitor progress on the part of the board in carrying out the revitalization, economic development and restoration projects authorized pursuant to the “Municipal Rehabilitation and Economic Recovery Act,” P.L.2002, c.43 (C.52:27BBB-1 et al.) and otherwise fulfilling its responsibilities pursuant thereto;

hh. To offer financial assistance to qualified film production companies as provided in the “New Jersey Film Production Assistance Act,” P.L.2003, c.182 (C.34:1B-178 et al.);

ii. To finance or develop private or public parking facilities or structures, which may include the use of solar photovoltaic equipment, in municipalities qualified to receive State aid pursuant to the provisions of P.L.1978, c.14 (C.52:27D-178 et seq.) and municipalities that contain areas designated pursuant to P.L.1985, c.398 (C.52:18A-196 et al.) as Planning Area 1 (Metropolitan), Planning Area 2 (Suburban), or a town center, and to provide appropriate assistance, including, but not limited to, extensions of credit, loans, and guarantees, to municipalities qualified to receive State aid pursuant to the provisions of P.L.1978, c.14 (C.52:27D-178 et seq.) and municipalities that contain areas designated pursuant to P.L.1985, c.398 (C.52:18A-196 et seq.) as Planning Area 1 (Metropolitan), Planning Area 2 (Suburban), or a town center, and their agencies and instrumentalities or to private entities whose projects are located in those municipalities, in order to facilitate the financing and development of parking facilities or structures in such municipalities. The authority may serve as the issuing agent of bonds to finance the undertaking of a project for the purposes of this subsection;

jj. To make grants for the planning, designing, acquiring, constructing, reconstructing, improving, equipping, and furnishing of a project, including, but not limited to, grants for working capital and meeting payroll requirements, upon such terms and conditions as the authority shall deem reasonable, during periods of emergency declared by the Governor and for the duration of economic disruptions due to the emergency;

kk. To purchase and lease real property at a nominal rate when it would result in a net economic benefit to the State, enhance access to employment and investment for underserved populations, or increase investment and employment in high-growth technology sectors; [and]

ll. To make investments of capital, not to exceed $10,000,000 per project, in New Jersey film-lease partner facilities, as that term is defined in section 1 of P.L.2018, c.56 (C.54:10A-5.39b) and subsection a. of section 2 of P.L.2018, c.56 (C.54A:4-12b), subject to commercially reasonable and customary terms and conditions as determined by the authority and the New Jersey film-lease partner facility; and

mm. To establish and maintain a “New Jersey Energy Independence Bank” pursuant to sections 1 through 4 of P.L. , c. (C. ) (pending before the Legislature as this bill), for the purposes of making equity investments, providing credit enhancements, and offering loans or other forms of financial assistance to New Jersey residents, local governments, academic institutions, nonprofit organizations, and commercial for-profit businesses, to attract private capital to accelerate the adoption of clean energy, advance New Jersey’s energy goals, and reduce the cost of energy for all utility ratepayers in New Jersey. The New Jersey Green Bank, established by the authority in April 2024, shall be renamed as the “New Jersey Energy Independence Bank,” and all the staff, equipment, funds, and other components thereof shall be transferred to the Energy Independence Bank.

(cf: P.L.2023, c.97, s.2)

6. This act shall take effect on the 60th day after the date of enactment, except that the authority and the Energy Independence Bank may take such anticipatory administrative action in advance thereof as may be necessary for the implementation of this act.

STATEMENT

This bill would direct the New Jersey Economic Development Authority (EDA) to establish a New Jersey Energy Independence Bank (NJEIB).

In April 2024, the EDA board approved the creation of the “New Jersey Green Bank,” as part of its attempt to implement the 2019 Energy Master Plan and Governor Murphy’s Executive Order No. 316, which directed the EDA to implement programs supporting building electrification. This bill would codify the Green Bank in statutory law, with certain changes, including changing the name of the bank to the “New Jersey Energy Independence Bank.”

Under the bill, the NJEIB would be established as an independent, wholly-owned subsidiary of the EDA. The purpose of the NJEIB would be to provide access to capital to support the development and construction of certain environmental projects and to leverage public funds to attract private investment. Projects that would be funded by the NJEIB would include, but not be limited to, the construction and operation of a renewable energy generation facility or energy storage facility, an energy efficiency project, or a project to deploy an electric vehicle or associated infrastructure.

The bill would require the NJEIB to have a board of directors, consisting of no fewer than seven members, the majority of whom would be independent of the EDA. The chairperson of the NJEIB board would be selected by, and from amongst, the members of the NJEIB board. The bill would give the NJEIB certain specified authorities, including the ability to effect any corporate action such as a consolidation, dissolution, bankruptcy, or merger of the NJEIB, as well as the general authority to take any action, as may be reasonably necessary, in order to structurally establish, maintain, and assert the NJEIB as an independent, wholly-owned subsidiary of the EDA.

The bill would give the NJEIB the authority to establish, administer, and maintain bank accounts, investment accounts, or other types of financial accounts, separate and apart from other EDA funds. The bill would also give the NJEIB the authority to enter into contracts with private sources to raise capital and to borrow money and issue bonds.