An Act concerning the expenditure of funds by the New Jersey Infrastructure Bank to finance a portion of the cost of certain environmental infrastructure projects, and amending P.L.2025, c.125.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.2025, c.125 is amended to read as follows:
1. a. The New Jersey Infrastructure Bank, established pursuant to P.L.1985, c.334 (C.58:11B-1 et seq.) (hereinafter referred to as “the trust”), is authorized to expend the aggregate sum of up to $2.69 billion and any uncommitted balance of the aggregate expenditures authorized pursuant to section 1 of P.L.2000, c.93, section 1 of P.L.2001, c.224, section 1 of P.L.2002, c.71, section 1 of P.L.2003, c.159, section 1 of P.L.2004, c.110, section 1 of P.L.2005, c.197, section 1 of P.L.2006, c.67, section 1 of P.L.2007, c.140, section 1 of P.L.2008, c.67, section 1 of P.L.2009, c.101, section 1 of P.L.2010, c.62, section 1 of P.L.2011, c.95, section 1 of P.L.2012, c.38, section 1 of P.L.2013, c.94, section 1 of P.L.2014, c.26, section 1 of P.L.2015, c.107, section 1 of P.L.2016, c.31, as amended by P.L.2017, c.13, section 1 of 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, section 1 of 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, section 1 of 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, P.L.2023, c.119, as amended by P.L.2023, c.343, and P.L.2024, c.41, as amended by P.L.2025, c.8 for the purpose of making 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 all or a portion of the cost of construction of environmental infrastructure projects listed in sections 2 and 4 of P.L.2025, c.125, as amended by P.L.2025, c.183.
b. The trust is authorized to increase the aggregate sums specified in subsection a. of this section by:
(1) the amounts of capitalized interest, interest accrued pursuant to a short-term or temporary loan made to a project sponsor pursuant to the Interim Environmental Financing Program, administrative expenses associated with any federal funding programs, if applicable, and the bond issuance expenses as provided in subsection b. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183;
(2) the amounts of reserve capacity expenses and debt service reserve fund requirements as provided in subsection c. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183;
(3) the interest earned on amounts deposited for project costs pending their distribution to project sponsors as provided in subsection d. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183;
(4) the amounts of the loan origination fee as provided in subsection e. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183;
(5) the amount appropriated to the Department of Environmental Protection for the purpose of making zero-interest and principal-forgiveness loans pursuant to section 3 of P.L.2025, c.109, as amended by P.L.2025, c.182, in connection with the project costs of a particular project sponsor, to the extent the priority ranking or an insufficiency of funding prevent the department from meeting program demand as provided in subsection f. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183; and
(6) any funds transferred to the trust by the department pursuant to paragraph (21) of subsection a. of section 1 of P.L.2025, c.109, as amended by P.L.2025, c.182.
c. (1) Of the sums made available to the trust from the “Water Supply Trust Fund” established pursuant to subsection a. of section 15 of the “Water Supply Bond Act of 1981” (P.L.1981, c.261), pursuant to P.L.1997, c.223, the trust is authorized to transfer such amounts to the Department of Environmental Protection as needed for drinking water project loans 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”), under terms and conditions established by the Commissioner of Environmental Protection and the trust, and approved by the State Treasurer, which loans shall be jointly administered by the trust and department.
(2) Of the sums appropriated to the trust from the “Wastewater Treatment Trust Fund” established pursuant to section 15 of the “Wastewater Treatment Bond Act of 1985,” (P.L.1985, c.329), pursuant to P.L.1987, c.198, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund established pursuant to section 1 of P.L.2009, c.77 for the purposes of issuing loans or providing the State match as required for the award of capitalization grants made available to the State for clean water projects 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”).
(3) Of the sums appropriated to the trust from the “1992 Wastewater Treatment Trust 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), pursuant to P.L.1996, c.86, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund for the purpose of providing the State match as required for the award of capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.
(4) Of the sums appropriated to the trust from the “Stormwater Management and Combined Sewer Overflow Abatement Fund” created pursuant to section 14 of the “Stormwater Management and Combined Sewer Overflow Abatement Bond Act of 1989,” P.L.1989, c.181, pursuant to P.L.1998, c.87, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund for the purpose of providing the State match as required for the award of capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.
(5) Of the sums appropriated to the trust from the “2003 Water Resources and Wastewater Treatment Trust Fund” established pursuant to subsection b. 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), pursuant to P.L.2004, c.110, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund for the purpose of providing the State match as required for the award of capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.
(6) Of the sums appropriated to the trust from repayments of loans deposited in any account, including the “Clean Water State Revolving Fund,” “Wastewater Treatment Fund,” the “1992 Wastewater Treatment Fund,” the “Water Supply Fund,” the “Stormwater Management and Combined Sewer Overflow Abatement Fund” or the “Drinking Water State Revolving Fund,” as appropriate, pursuant to sections 11 and 12 of P.L.1995, c.219, sections 11 and 12 of P.L.1996, c.85, sections 11 and 12 of P.L.1997, c.221, sections 12 and 13 of P.L.1998, c.84, section 11 of P.L.1999, c.174, section 11 of P.L.2000, c.92, section 11 of P.L.2001, c.222, section 11 of P.L.2002, c.70, section 11 of P.L.2003, c.158, section 11 of P.L.2004, c.109, section 11 of P.L.2005, c.196, section 11 of P.L.2006, c.68, section 10 of P.L.2007, c.140, section 10 of P.L.2008, c.67, section 10 of P.L.2009, c.101, section 10 of P.L.2010, c.62, section 10 of P.L.2011, c.95, section 10 of P.L.2012, c.38, section 10 of P.L.2013, c.94, section 10 of P.L.2014, c.26, section 10 of P.L.2015, c.107, section 10 of P.L.2016, c.31, section 10 of P.L.2017, c.142, as amended by section 10 of P.L.2017, c.327, section 10 of P.L.2018, c.84, as amended by P.L.2019, c.30, section 10 of P.L.2019, c.192, as amended by section 10 of P.L.2019, c.515, section 10 of P.L.2020, c.48, as amended by P.L.2021, c.22, section 10 of P.L.2021, c.204, as amended by P.L. 2021, c.316, section 10 of P.L.2022, c.100, as amended by P.L.2023, c.5, section 10 of P.L.2023, c.119, as amended by P.L.2023, c.343, section 10 of P.L.2024, c.41, as amended by P.L.2025, c.8, and section 10 of P.L.2025, c.125, as amended by P.L.2025, c.183, 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), the trust shall transfer to the respective fund of origin the uncommitted balance of all such moneys no longer utilized by the trust for such purposes.
d. For the purposes of P.L.2025, c.125, as amended by P.L.2025, c.183:
“Capitalized interest” means the amount equal to interest paid on trust bonds which is funded with trust bond proceeds and the earnings thereon;
“Debt service reserve fund expenses” means the debt service reserve fund costs associated with reserve capacity expenses, water supply projects for which the project sponsors are public water utilities as provided in section 9 of P.L.1985, c.334 (C.58:11B-9), other drinking water projects not eligible for, or interested in, State or federal debt service reserve funds pursuant to the “Water Supply Bond Act of 1981,” P.L.1981, c.261 as amended and supplemented by P.L.1997, c.223, and any clean water projects not eligible for, or interested in, State or federal debt service reserve funds from the Clean Water State Revolving Fund;
“Issuance expenses” means any costs related to the issuance of trust bonds and includes, but is not limited to, the costs of financial document printing, bond insurance premiums or other credit enhancement, underwriters’ discount, verification of financial calculations, the services of bond rating agencies and trustees, and the employment of accountants, attorneys, financial advisors, loan servicing agents, registrars, and paying agents;
“Loan origination fee” means the fee charged by the Department of Environmental Protection and financed under the trust loan to pay a portion of the costs incurred by the department in the implementation of the New Jersey Environmental Infrastructure Financing Program; and
“Reserve capacity expenses” means those project costs for reserve capacity not eligible for loans under rules and regulations governing zero-interest loans adopted by the Commissioner of Environmental Protection pursuant to section 4 of P.L.1985, c.329, but which are eligible for loans from the trust in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27).
e. The trust is
authorized to increase the loan amount in the future to compensate for a
refunding of the issue, provided adequate savings are achieved, for the loans
issued 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, as amended by P.L.2017, c.13, 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, P.L.2023, c.119, as amended by P.L.2023, c.343, section 10 of P.L.2024,
c.41, as amended by P.L.2025, c.8., and section 10 of P.L.2025, c.125, as
amended by P.L.2025, c.183.
2. Section 2 of P.L.2025, c.125 is amended to read as follows:
2. a. (1) The New Jersey Infrastructure Bank 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 clean water environmental infrastructure projects:
Project Sponsor Project Number Estimated Allowable Estimated Total
Trust Loan Amount Loan Amount
Ship Bottom Borough S340311-04R $750,000 $1,000,000
Total Projects: 1 $750,000 $1,000,000
(2) A loan authorized by this subsection shall be made for the difference between the allowable loan amount required by the project based upon final building costs pursuant to subsection a. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183, and the loan amount certified by the chairperson, vice chairperson, or secretary of the trust in State fiscal year 2020 and for increased allowable costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27). A loan authorized by this subsection shall be made to or on behalf of the project sponsor listed, up to the individual amount indicated and in the priority stated, to the extent sufficient funds are available, except if a project fails to meet the requirements of section 6 of P.L.2025, c.125, as amended by P.L.2025, c.183.
(3) The loans for projects authorized by this subsection shall have priority over the environmental infrastructure projects listed in subsection a. of section 4 of P.L.2025, c.125, as amended by P.L.2025, c.183.
b. (1) The trust 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 Estimated Total
Trust Loan Amount Loan Amount
Brick Township Municipal 1506001-011R $2,812,500 $3,750,000
Utilities Authority
East Orange City 0705001-014R $1,500,000 $2,000,000
Total Projects: 2 $4,312,500 $5,750,000
(2) A loan authorized by this subsection shall be made for the difference between the allowable loan amount required by the project based upon final building costs pursuant to subsection a. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183, and the loan amount certified by the chairperson, vice chairperson, or secretary of the trust in State fiscal year 2020 and for increased allowable costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27). A loan authorized by this subsection shall be made to or on behalf of the project sponsor listed, up to the individual amount indicated and in the priority stated, to the extent sufficient funds are available, except if a project fails to meet the requirements of section 6 of P.L.2025, c.125, as amended by P.L.2025, c.183.
(3) The loans for projects authorized by this subsection shall have priority over environmental infrastructure projects listed in subsection b. of section 4 of P.L.2025, c.125, as amended by P.L.2025, c.183.
c. The trust is
authorized to adjust the allowable trust loan amount for the projects
authorized in this section to between zero percent and 100 percent of the total
allowable loan amount.
3. Section 3 of P.L.2025, c.125 is amended to read as follows:
3. a. The New Jersey Infrastructure Bank is authorized to make loans to or on behalf of the project sponsors for the clean water projects listed in subsection a. of section 2 and subsection a. of section 4 of P.L.2025, c.125, as amended by P.L.2025, c.183, up to the individual amounts indicated and in the priority stated, except that any such amount may be reduced by the trust pursuant to subsection a. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183, or if a project fails to meet the requirements of section 6 of P.L.2025, c.125, as amended by P.L.2025, c.183. The trust is authorized to increase any such amount pursuant to subsections b., c., d., e., or f. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183, or pursuant to section 8 of P.L.2025, c.125, as amended by P.L.2025, c.183.
b. The trust is authorized to make loans to project sponsors for the drinking water projects listed in subsection b. of section 4 of P.L.2025, c.125, as amended by P.L.2025, c.183, up to the individual amounts indicated and in the priority stated, except that any such amount may be reduced by the trust pursuant to subsection a. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183, or if a project fails to meet the requirements of section 6 of P.L.2025, c.125, as amended by P.L.2025, c.183. The trust is authorized to increase any such amount pursuant to subsections b., c., d., e., or f. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183, or pursuant to section 8 of P.L.2025, c.125, as amended by P.L.2025, c.183.
c. The trust is authorized to make loans to local government units for clean water and drinking water projects partially funded from the “Pinelands Infrastructure Trust Fund” established pursuant to section 14 of P.L.1985, c.302 for the balance of allowable project costs up to the individual amounts indicated, provided that any such amount may be reduced by the trust pursuant to subsection a. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183, or if a project fails to meet the requirements of section 6 of P.L.2025, c.125, as amended by P.L.2025, c.183. There is appropriated to the trust 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, an amount sufficient to implement the provisions of this subsection.
The following local government units are eligible for funding from the “Pinelands Infrastructure Trust Fund” and for loans from the trust in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27) for the following clean water and drinking water projects:
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
d. 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 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.
4. Section 4 of P.L.2025, c.125 is amended to read as follows:
4. a. The following environmental infrastructure projects shall be known and may be cited as the “Storm Sandy and State Fiscal Year 2026 Clean Water Project Eligibility List”:
Project Sponsor Project Number Estimated Allowable Estimated Total
Trust Loan Amount Loan Amount
Oakland Borough S340418-06 $5,790,000 $7,720,000
Rahway Valley Sewerage Authority S340547-17 $4,500,000 $6,000,000
Rahway Valley Sewerage Authority S340547-18 $5,625,000 $7,500,000
Mendham Borough S340159-04 $4,125,000 $5,500,000
Newark City S340815-25 $750,000 $1,000,000
Berkeley Heights Township S340385-05 $5,625,000 $7,500,000
Montgomery Township S340130-03 $21,750,000 $29,000,000
Newton Town S340449-09 $5,250,000 $7,000,000
Montgomery Township S340130-05 $14,812,500 $19,750,000
Camden City S340366-14 $7,027,500 $9,370,000
Middlesex County Utilities Authority S340699-18 $15,750,000 $21,000,000
Middlesex County Utilities Authority S340699-17 $19,500,000 $26,000,000
North Bergen Municipal S340652-16 $46,500,000 $62,000,000
Utilities Authority
Hoboken City S340635-08 $28,500,000 $38,000,000
Paterson City S340850-07 $3,000,000 $4,000,000
Elizabeth City S340942-20 $17,250,000 $23,000,000
Elizabeth City S345070-01 $3,000,001 $4,000,001
Camden County Municipal S340640-33 $21,750,000 $29,000,000
Utilities Authority
Kearny Town S340259-11 $12,750,000 $17,000,000
Ridgefield Park Village S340688-06 $9,150,000 $12,200,000
Bayshore Regional Sewer Authority S340697-07 $23,625,000 $31,500,000
Ocean County Utilities Authority S340372-64 $37,500,000 $50,000,000
North Hudson Sewer Authority S340952-40 $17,625,000 $23,500,000
Perth Amboy City S340435-19 $300,000 $400,000
North Hudson Sewer Authority S340952-37 $9,750,000 $13,000,000
North Hudson Sewer Authority S340952-39 $13,500,000 $18,000,000
Perth Amboy City S340435-22 $5,250,000 $7,000,000
Verona Township S340533-05 $1,875,000 $2,500,000
Hackensack City S340923-16 $10,500,000 $14,000,000
Millville City S340921-09 $8,250,000 $11,000,000
Passaic Valley Sewerage Commission S340689-37 $91,125,000 $121,500,000
Passaic Valley Sewerage Commission S340689-44 $18,000,000 $24,000,000
Passaic Valley Sewerage Commission S345200-01 $7,500,000 $10,000,000
Passaic Valley Sewerage Commission S340689-49 $222,102,676 $296,136,901
Passaic Valley Sewerage Commission S340689-33 $80,250,000 $107,000,000
Mount Laurel Township Municipal S340943-08 $5,400,000 $7,200,000
Utilities Authority
Pennsville Sewerage Authority S340870-05 $7,500,000 $10,000,000
Beach Haven Borough S344220-01 $2,700,000 $3,600,000
Stony Brook Regional S340400-12 $17,400,000 $23,200,000
Sewer Authority
Bergen County Utilities Authority S340386-23 $45,000,000 $60,000,000
Linden Roselle Sewer Authority S340299-08 $20,250,000 $27,000,000
Flemington Borough S340440-06 $1,102,500 $1,470,000
Berkeley Township S344020-03 $1,612,500 $2,150,000
Passaic Valley Sewerage Commission S340689-67 $13,125,000 $17,500,000
Bergen County Utilities Authority S340386-26 $4,500,000 $6,000,000
JMEUC - East Orange City S340686-08a $1,443,750 $1,925,000
JMEUC - Elizabeth City S340686-08b $16,188,750 $21,585,000
JMEUC - Hillside Township S340686-08c $2,141,250 $2,855,000
JMEUC - Irvington Township S340686-08d $5,538,750 $7,385,000
JMEUC - Maplewood Township S340686-08e $2,178,750 $2,905,000
JMEUC - Millburn Township S340686-08f $1,942,500 $2,590,000
JMEUC - Newark City S340686-08g $3,262,500 $4,350,000
JMEUC - Roselle Park Borough S340686-08h $1,020,000 $1,360,000
JMEUC - South Orange Village S340686-08i $1,515,000 $2,020,000
JMEUC - Summit City S340686-08j $2,842,500 $3,790,000
JMEUC - Union Township S340686-08k $6,022,500 $8,030,000
JMEUC - West Orange Township S340686-08l $3,847,500 $5,130,000
Lambertville Municipal S340882-11 $1,575,000 $2,100,000
Utilities Authority
Lakehurst Borough S340150-01 $1,200,000 $1,600,000
Landis Sewerage Authority S340461-07 $2,250,000 $3,000,000
Ocean County S344080-10 $187,500 $250,000
Ocean County S344080-11 $262,500 $350,000
Rockaway Valley Regional S340821-11 $10,125,000 $13,500,000
Sewer Authority
Cumberland County Utilities Authority S340550-09 $10,500,000 $14,000,000
Seaside Heights Borough S340236-02 $4,125,000 $5,500,000
South Monmouth Regional S340377-08 $1,725,000 $2,300,000
Sewer Authority
Passaic Valley Sewerage Commission S340689-57 $24,375,000 $32,500,000
Hamilton Township S340898-06 $3,037,500 $4,050,000
South Monmouth Regional S340377-07 $2,827,500 $3,770,000
Sewer Authority
Long Branch Sewerage Authority S340336-11 $21,750,000 $29,000,000
Metuchen Borough S340360-02 $6,750,000 $9,000,000
Somerville Borough S340551-01 $2,775,000 $3,700,000
Newton Town S340449-08 $2,737,500 $3,650,000
Wildwood City S340664-07 $10,687,500 $14,250,000
Netcong Borough S340538-01 $75,000 $100,000
Manasquan River Regional S340911-03 $495,000 $660,000
Sewerage Authority
Stafford Township S340946-11 $10,050,000 $13,400,000
Vernon Township S340745-03 $2,271,750 $3,029,000
Little Egg Harbor Municipal S340579-05 $3,150,000 $4,200,000
Utilities Authority
Hightstown Borough S340915-08 $1,875,000 $2,500,000
Tuckerton Borough S340034-06 $900,000 $1,200,000
Pleasantville City S340752-04 $3,246,413 $4,328,550
Middlesex County Utilities Authority S340699-20 $11,250,000 $15,000,000
Monmouth County Bayshore S340325-04 $2,062,500 $2,750,000
Outfall Authority
Monmouth County Bayshore S340325-04a $2,062,500 $2,750,000
Outfall Authority
Camden County Municipal S340640-30 $5,625,000 $7,500,000
Utilities Authority
Camden County Municipal S340640-34 $13,350,000 $17,800,000
Utilities Authority
Middlesex County Utilities Authority S340699-16 $20,250,000 $27,000,000
Rockaway Valley Regional S340821-10 $6,375,000 $8,500,000
Sewer Authority
Toms River Municipal S340145-07 $6,750,000 $9,000,000
Utilities Authority
Brick Township Municipal S340448-12 $6,750,000 $9,000,000
Utilities Authority
Brick Township Municipal S340448-15 $1,650,000 $2,200,000
Utilities Authority
Franklin Township Sewerage Authority S340839-11 $1,875,000 $2,500,000
Western Monmouth Utilities Authority S340128-08 $6,000,000 $8,000,000
Franklin Township Sewerage Authority S340839-10 $7,125,000 $9,500,000
Landis Sewerage Authority S340461-10 $2,700,000 $3,600,000
Mount Laurel Township Municipal S340943-09 $4,500,000 $6,000,000
Utilities Authority
Hackensack City S340923-22 $1,987,500 $2,650,000
North Brunswick Township S340888-04 $2,625,000 $3,500,000
Hillside Township S340686-10 $1,950,000 $2,600,000
Berkeley Heights Township S340385-08 $525,000 $700,000
Haddon Heights Borough S340877-02 $487,500 $650,000
Highlands Borough S340901-05 $6,375,000 $8,500,000
Buena Borough S340519-01 $2,700,000 $3,600,000
Wildwood Crest Borough S340719-05 $3,075,000 $4,100,000
Cape May City S340258-03 $4,687,500 $6,250,000
Gibbsboro Borough S340871-04 $1,125,000 $1,500,000
Long Beach Township S340023-10 $5,677,500 $7,570,000
Fieldsboro Borough S340522-01 $3,750,000 $5,000,000
North Bergen Township S340652-17 $3,225,000 $4,300,000
Willingboro Municipal S340132-10 $13,650,000 $18,200,000
Utilities Authority
Passaic Valley Sewerage Commission S340689-46 $51,750,000 $69,000,000
Passaic Valley Sewerage Commission S340689-54 $16,950,000 $22,600,000
Ocean Gate Borough S340151-02 $1,125,000 $1,500,000
Atlantic City S340439-07 $1,575,000 $2,100,000
Camden County Municipal S340640-35 $3,862,500 $5,150,000
Utilities Authority
Ocean County Utilities Authority S340372-65 $3,150,000 $4,200,000
Atlantic County Utilities Authority S340809-31 $30,600,000 $40,800,000
Seaside Heights Borough S340236-03 $2,550,000 $3,400,000
Seaside Park Borough S340083-05 $862,500 $1,150,000
North Bergen Municipal S340652-19 $975,000 $1,300,000
Utilities Authority
Boonton Town S340265-02 $2,475,000 $3,300,000
Runnemede Borough S340363-07 $8,250,000 $11,000,000
Gloucester Township S340364-19 $1,500,000 $2,000,000
Gloucester Township S340364-16 $450,000 $600,000
Gloucester Township S340364-17 $967,649 $1,290,198
Gloucester Township S340364-18 $1,125,000 $1,500,000
Passaic Valley Sewerage Commission S340689-66 $17,625,000 $23,500,000
Hackensack City S340923-25 $1,575,000 $2,100,000
Trenton City S340416-14 $18,000,000 $24,000,000
New Brunswick City S340437-13 $2,362,500 $3,150,000
Atlantic City Municipal S340439-04 $2,300,000 $3,066,667
Utilities Authority
East Orange City S340843-03 $12,825,000 $17,100,000
Sussex County Municipal S342008-07 $5,625,000 $7,500,000
Utilities Authority
Lakewood Township Municipal S340465-04 $6,000,000 $8,000,000
Utilities Authority
South Orange Village S340103-02 $2,002,500 $2,670,000
Passaic Valley Water Commission S340322-03 $2,850,000 $3,800,000
Manchester Township S340650-09 $3,262,500 $4,350,000
Lyndhurst Township S340426-09 $3,000,000 $4,000,000
Glen Ridge Borough S340861-02 $1,575,000 $2,100,000
Bordentown City S340219-04 $3,000,000 $4,000,000
Island Heights Borough S340176-03 $750,000 $1,000,000
Total Projects: 142 $1,456,129,739 $1,941,506,317
b. The following environmental infrastructure projects shall be known and may be cited as the “Storm Sandy and State Fiscal Year 2026 Drinking Water Project Eligibility List”:
Project Sponsor Project Number Estimated Allowable Estimated Total
Trust Loan Amount Loan Amount
Passaic Valley Water Commission 1605002-002 $41,287,500 $55,050,000
Lakewood Township Municipal 1514002-001 $11,250,000 $15,000,000
Utilities Authority
Orange City 0717001-013 $975,000 $1,300,000
Camden City 0408001-001 $43,312,500 $57,750,000
Wildwood City 0514001-007 $18,750,000 $25,000,000
Red Bank Borough 1340001-004 $9,000,000 $12,000,000
Flemington Borough 1009001-010 $300,000 $400,000
Manchester Utilities Authority 1603001-001 $787,500 $1,050,000
Bloomfield Township 0702001-004 $3,000,000 $4,000,000
Jersey City Municipal 0906001-035 $116,250,000 $155,000,000
Utilities Authority
Merchantville Pennsauken 0424001-006 $7,612,500 $10,150,000
Water Commission
Aqua New Jersey Incorporated 0415002-001 $6,637,500 $8,850,000
Ridgewood Village 0251001-001 $31,500,000 $42,000,000
Ridgewood Village 0251001-002 $13,500,000 $18,000,000
Ridgewood Village 0251001-003 $7,200,000 $9,600,000
Belleville Township 0701001-008 $2,676,564 $3,568,752
Livingston Township 0710001-001 $9,000,000 $12,000,000
Livingston Township 0710001-002 $3,750,000 $5,000,000
Essex Fells Borough 0706001-004 $3,750,000 $5,000,000
Essex Fells Borough 0706001-005 $3,787,500 $5,050,000
Lake Stockholm Systems, Inc. 1911002-001 $1,725,000 $2,300,000
Aqua New Jersey Incorporated 1911004-001 $2,250,000 $3,000,000
Newark City 0714001-024 $11,250,000 $15,000,000
Newton Town 1915001-001 $3,000,000 $4,000,000
Atlantic City Municipal 0102001-013 $3,900,000 $5,200,000
Utilities Authority
Wildwood City 0514001-008 $2,662,500 $3,550,000
Newark City 0714001-023 $17,250,000 $23,000,000
Seaside Heights Borough 1526001-002 $7,500,000 $10,000,000
Allentown Borough 1302001-006 $945,000 $1,260,000
Allentown Borough 1302001-007 $2,437,500 $3,250,000
Bloomfield Township 0702001-006 $7,387,500 $9,850,000
Trenton City 1111001-013 $7,893,900 $10,525,200
Aqua New Jersey Incorporated 2119001-002 $7,162,500 $9,550,000
Hawthorne Borough 1604001-003 $2,100,000 $2,800,000
Hawthorne Borough 1604001-004 $2,250,000 $3,000,000
Margate City 0116001-003 $4,950,000 $6,600,000
Bayonne City 0901001-005 $9,375,000 $12,500,000
Passaic Valley Water Commission 1605002-033 $3,750,000 $5,000,000
Park Ridge Borough 0247001-002 $3,187,500 $4,250,000
Jersey City Municipal 0906001-024 $10,087,500 $13,450,000
Utilities Authority
Manchester Utilities Authority 1603001-004 $1,500,000 $2,000,000
Mount Laurel Township Municipal 0324001-004 $1,500,000 $2,000,000
Utilities Authority
Verona Township 0720001-006 $3,750,000 $5,000,000
Boonton Town 1401001-003 $4,875,000 $6,500,000
Upper Deerfield Township 0613004-003 $937,500 $1,250,000
Old Bridge Municipal 1209002-005 $3,525,000 $4,700,000
Utilities Authority
Cape May City 0502001-005 $1,875,000 $2,500,000
Stone Harbor Borough 0510001-001 $6,262,500 $8,350,000
Newton Town 1915001-003 $750,000 $1,000,000
Seaside Heights Borough 1526001-003 $4,050,000 $5,400,000
Hightstown Borough 1104001-011 $825,000 $1,100,000
Burlington City 0305001-003 $1,650,000 $2,200,000
Berkeley Township Municipal 1505323-001 $1,575,000 $2,100,000
Utilities Authority
North Brunswick Township 1215001-008 $4,875,000 $6,500,000
Edison Township 1205001-001 $6,375,000 $8,500,000
East Windsor Municipal 1101002-005 $1,500,000 $2,000,000
Utilities Authority
Little Egg Harbor Municipal 1516001-007 $2,625,000 $3,500,000
Utilities Authority
North Caldwell Borough 0715001-002 $2,850,000 $3,800,000
Roosevelt Borough 1314001-003 $1,500,000 $2,000,000
Roosevelt Borough 1341001-008 $750,000 $1,000,000
Roosevelt Borough 1341001-009 $600,000 $800,000
Robbinsville Township 1112001-001 $2,062,500 $2,750,000
Evesham Municipal 0313001-004 $3,225,000 $4,300,000
Utilities Authority
Willingboro Municipal 0338001-014 $2,625,000 $3,500,000
Utilities Authority
Monroe Municipal Utilities Authority 0811002-003 $4,875,000 $6,500,000
Pine Hill Municipal Utilities Authority 0428002-006 $2,325,000 $3,100,000
Allamuchy Township 2101001-001 $1,125,000 $1,500,000
Ocean Gate Borough 1521001-004 $1,387,500 $1,850,000
Brookwood Musconetcong River 1904001-005 $1,575,000 $2,100,000
Property Owners Association
Mount Arlington Borough 1426005-001 $1,575,000 $2,100,000
Brick Township Municipal 1506001-016 $8,475,000 $11,300,000
Utilities Authority
Verona Township 0720001-008 $1,500,000 $2,000,000
Willingboro Municipal 0338001-005 $1,500,000 $2,000,000
Utilities Authority
Pemberton Township 0329004-001 $4,125,000 $5,500,000
Harvey Cedars Borough 1509001-002 $2,325,000 $3,100,000
Lavallette Borough 1515001-002 $3,825,000 $5,100,000
Total Projects: 76 $542,065,464 $722,753,952
c. The trust is authorized to adjust the allowable trust loan amount for projects authorized in this section to between zero percent and 100 percent of the total allowable loan amount, and, if the trust 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 2026 financing program.
5. Section 5 of P.L.2025, c.125 is amended to read as follows:
5. In accordance with and subject to the provisions of sections 5, 6, and 23 of P.L.1985, c.334 (C.58:11B-5, C.58:11B-6, and C.58:11B-23), and as set forth in the financial plan required pursuant to section 21 of P.L.1985, c.334 (C.58:11B-21), or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1), any proceeds from bonds issued by the trust to make loans for priority environmental infrastructure projects listed in sections 2 and 4 of P.L.2025, c.125, as amended by P.L.2025, c.183, which are not expended for that purpose may be applied for the payment of all or any part of the principal of, or interest and premium on, the trust bonds whether due at stated maturity, the interest payment dates, or earlier upon redemption. A portion of the proceeds from bonds issued by the trust to make loans for priority environmental infrastructure projects pursuant to P.L.2025, c.125, as amended by P.L.2025, c.183, may be applied for the payment of capitalized interest and for the payment of any issuance expenses; for the payment of reserve capacity expenses; for the payment of debt service reserve fund expenses for the payment of the loan origination fees; and for the payment of increased costs, as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27).
6. Section 6 of P.L.2025, c.125 is amended to read as follows:
6. Any loan made by the New Jersey Infrastructure Bank pursuant to P.L.2025, c.125, as amended by P.L.2025, c.183, shall be subject to the following requirements:
a. The chairperson, vice chairperson, or secretary of the trust has certified that the project is in compliance with the provisions of P.L.1977, c.224, P.L.1985, c.334, P.L.1992, c.88, P.L.1997, c.223, P.L.1997, c.224, P.L.1997, c.225, P.L.1999, c.175, or P.L.2003, c.162, and any amendatory and supplementary acts thereto, and any rules and regulations adopted pursuant thereto, as applicable. In making this certification, the chairperson, vice chairperson, or secretary may conclusively rely on the project review conducted by the Department of Environmental Protection without any independent review thereof by the trust;
b. The loan shall be conditioned upon inclusion of the project on a project eligibility list approved pursuant to section 20 of P.L.1985, c.334 (C.58:11B-20) or section 24 of P.L.1997, c.224 (C.58:11B-20.1);
c. 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;
d. The loan, including any portion thereof made by the trust pursuant to subsection f. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183, shall not exceed the allowable project cost of the environmental infrastructure facility, exclusive of capitalized interest, interest accrued pursuant to a short-term or temporary loan made to a project sponsor pursuant to the Interim Environmental Financing Program, administrative expenses associated with federal funding programs, if applicable, and issuance expenses as provided in subsection b. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183, reserve capacity expenses and the debt service reserve fund expenses as provided in subsection c. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183, interest earned on project costs as provided in subsection d. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183, the amounts of the loan origination fee as provided in subsection e. of section 7 of P.L.2025, c.125, as amended by P.L.2025, c.183, refunding increases as provided in section 8 of P.L.2025, c.125, as amended by P.L.2025, c.183, and increased costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27);
e. The loan shall bear interest, exclusive of any late charges or 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, at or below the interest rate paid by the trust on the bonds issued to make or refund the loans authorized by P.L.2025, c.125, as amended by P.L.2025, c.183, adjusted for underwriting discount and original issue discount or premium, in accordance with the terms and conditions set forth in the financial plan required pursuant to section 21 of P.L.1985, c.334 (C.58:11B-21) or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1);
f. The loan shall be subject to all other terms and conditions as the trust shall determine to be consistent with the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.) and any rules and regulations adopted pursuant thereto, and with the financial plan required by section 21 of P.L.1985, c.334 (C.58:11B-21) or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1);
g. Notwithstanding any provision of P.L.2025, c.125, as amended by P.L.2025, c.183, or a financial plan of the trust for State fiscal years 2018 through 2022 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) to the contrary, a loan for an environmental infrastructure project listed in section 2 or 3 of P.L.2025, c.125, as amended by P.L.2025, c.183, that is partially funded from the proceeds of bonds issued by the trust to the United States Environmental Protection Agency pursuant to the federal “Water Infrastructure Finance and Innovation Act of 2014,” 33 U.S.C. s.3901 et seq., shall be subject to terms and conditions regulating the blending of federal and other funds that are consistent with those provisions of Section III of the applicable financial plan of the trust for State fiscal year 2026 that reference the federal “Water Infrastructure Finance and Innovation Act of 2014”; and
h. The eligibility lists and authorization for the making of loans pursuant to P.L.2025, c.125, as amended by P.L.2025, c.183, shall expire on July 1, 2026, and any project sponsor which has not executed and delivered a loan agreement with the trust for a loan authorized in P.L.2025, c.125, as amended by P.L.2025, c.183, shall no longer be entitled to that loan.
7. Section 7 of P.L.2025, c.125 is amended to read as follows:
7. a. The New Jersey Infrastructure Bank is authorized to reduce the individual amount of loan funds made available to or on behalf of project sponsors pursuant to sections 2 and 4 of P.L.2025, c.125, as amended by P.L.2025, c.183, based upon final building costs defined in and determined in accordance with rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27) or rules and regulations adopted by the Commissioner of Environmental Protection pursuant to section 4 of P.L.1985, c.329, section 11 of P.L.1977, c.224 (C.58:12A-11) or section 5 of P.L.1981, c.261. The trust is authorized to use any such reduction in the loan amount made available to a project sponsor to cover that project sponsor’s increased costs due to differing site conditions or other allowable expenses as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27).
b. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of P.L.2025, c.125, as amended by P.L.2025, c.183, by the amount of capitalized interest, interest accrued pursuant to a short-term or temporary loan made to a project sponsor pursuant to the Interim Environmental Financing Program, issuance expenses, and administrative expenses associated with federal funding programs, if applicable, allocable to each loan made by the trust pursuant to P.L.2025, c.125, as amended by P.L.2025, c.183.
c. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of P.L.2025, c.125, as amended by P.L.2025, c.183, by the amount of reserve capacity expenses and by the debt service reserve fund expenses associated with the costs identified in paragraphs (3) and (4) of subsection d. of section 1 of P.L.2025, c.125, as amended by P.L.2025, c.183.
d. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of P.L.2025, c.125, as amended by P.L.2025, c.183, by the interest earned on amounts deposited for project costs pending their distribution to project sponsors.
e. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of P.L.2025, c.125, as amended by P.L.2025, c.183, by the loan origination fee.
f. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of P.L.2025, c.125, as amended by P.L.2025, c.183, by the amount appropriated to the Department of Environmental Protection for the purpose of making the corresponding zero-interest loan pursuant to section 3 of P.L.2025, c.109, as amended by P.L.2025, c.182, in connection with the project costs of the project sponsor, to the extent the priority ranking or an insufficiency of funding prevents the department from meeting program demand, and for lead abatement projects ineligible for department loans under the Federal Clean Water Act and Safe Drinking Water Act.
8. Section 8 of P.L.2025, c.125 is amended to read as follows:
8. The New Jersey Infrastructure Bank is authorized to increase the individual amount of loan funds made available to project sponsors by the trust pursuant to P.L.1989, c.190, P.L.1990, c.97, P.L.1991, c.324, P.L.1992, c.37, P.L.1993, c.192, P.L.1994, c.105, 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, as amended by P.L.2017, c.13, 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, P.L.2023, c.119, as amended by P.L.2023, c.343, P.L.2024, c.41, as amended by P.L.2025, c.8, or P.L.2025, c.125, as amended by P.L.2025, c.183, provided that adequate savings are achieved, to compensate for a refunding of trust bonds issued to make loans authorized by the aforementioned acts.
9. Section 9 of P.L.2025, c.125 is amended to read as follows:
9. The expenditure of funds authorized pursuant to P.L.2025, c.125, as amended by P.L.2025, c.183, is subject to the provisions of P.L.1977, c.224 (C.58:12A-1 et al.), P.L.1985, c.329, P.L.1985, c.334 (C.58:11B-1 et seq.) as amended and supplemented by P.L.1997, c.224, P.L.1992, c.88, P.L.1989, c.181, P.L.1997, c.223, P.L.1997, c.225, P.L.1999, c.175, or P.L.2003, c.162, the rules and regulations adopted pursuant thereto, and the Federal Safe Drinking Water Act, as appropriate.
10. Section 10 of P.L.2025, c.125 is amended to read as follows:
10. a. There is appropriated to the New Jersey Infrastructure Bank, as needed to make short-term or temporary loans, from funds deposited in any account, including the “Wastewater Treatment Fund,” the “1992 Wastewater Treatment Fund,” the “Water Supply Fund,” the “2003 Water Resources and Wastewater Treatment Trust Fund,” the “Stormwater Management and Combined Sewer Overflow Abatement Fund,” the “Clean Water State Revolving Fund,” the “Drinking Water State Revolving Fund,” or the funds transferred to the trust by the department pursuant to paragraph (21) of subsection a. of section 1 of P.L.2025, c.109, as amended by P.L.2025, c.182, as appropriate, and from any net earnings received from the investment and reinvestment of such deposits, an amount of up to $1.5 billion, to the extent funds are available, consisting of:
(1) The uncommitted balance currently on deposit as of July 1, 2025 in the special fund (hereinafter referred to as the “Interim Environmental Financing Program Fund”) created and established by the trust for the short-term or temporary loan financing or refinancing program (hereinafter referred to as the “Interim Environmental Financing Program”) authorized pursuant to subsection d. of section 9 of P.L.1985, c.334 (C.58:11B-9), which balance previously had been appropriated to the trust for such purpose pursuant to section 11 of P.L.2019, c.192, less any Interim Environmental Financing Program Fund amounts appropriated to the Department of Environmental Protection to supplement the sums appropriated from the Clean Water State Revolving Fund for clean water projects pursuant to the Federal Clean Water Act and from the Drinking Water State Revolving Fund for drinking water projects pursuant to the Federal Safe Drinking Water Act, provided that at no time shall funds committed pursuant to this section exceed funds required by the Department of Environmental Protection to meet long-term obligations; and
(2) such other amounts to be deposited in the Interim Environmental Financing Program Fund, in an aggregate amount that does not exceed at any time, the amount appropriated, provided that the amount so reappropriated and appropriated to the trust for deposit in the Interim Environmental Financing Program Fund shall be utilized by the trust to make short-term or temporary loans pursuant to the Interim Environmental Financing Program to any one or more of the project sponsors, for the respective projects thereof, identified in the interim environmental financing project priority list (hereinafter referred to as the “Interim Environmental Financing Program Project Priority List”) in the form provided to the Legislature by the Commissioner of Environmental Protection.
b. The Interim Environmental Financing Program Project Priority List shall be submitted to the Secretary of the Senate and the Clerk of the General Assembly at least once each fiscal year. The Secretary of the Senate and the Clerk of the General Assembly shall cause the date of submission to be entered upon the Senate Journal and the Minutes of the General Assembly, respectively. Any environmental infrastructure project or the project sponsor thereof not identified in the Interim Environmental Financing Program Project Priority List shall not be eligible for a short-term or temporary loan from the Interim Environmental Financing Program Fund.
c. The trust may issue market rate interest short-term temporary loans for wastewater treatment and water supply projects on the Interim Environmental Financing Program Project Priority List for the reduction of lead in publicly owned facilities otherwise ineligible to receive funding for that purpose pursuant to subsection a. of this section.
11. This act shall take effect immediately.
Approved December 23, 2025.