SENATE ENVIRONMENT AND ENERGY COMMITTEE

STATEMENT TO

SENATE, No. 3251

STATE OF NEW JERSEY

DATED:  FEBRUARY 12, 2026

      The Senate Environment and Energy Committee reports favorably Senate Bill No. 3251.

      This bill would make several changes to P.L.1985, c.334 (C.58:11B-1 et seq.), the enabling act for the New Jersey Infrastructure Bank (I-Bank).

      Specifically, the bill would add a definition of “cross-investment,” in order to standardize the use of the term across the I-Bank’s enabling act.  As defined by the bill, “cross-investment” means the investment of funds of one financing program established and implemented by the I-Bank in a bond, note, or other obligation issued by another financing program established and implemented by the I-Bank.  The bill would also provide that the I-Bank is authorized to purchase bonds, note, and other obligations at its discretion if the purchase is in connection with a cross-investment.

      The bill would also clarify that a $10 billion statutory limit on the indebtedness of the I-Bank refers to the total outstanding debt of the I-Bank at a given time, not to the cumulative amount of debt that the I-Bank has incurred since its inception.  Finally, the bill would clarify that the I-Bank is authorized to provide loans and provide other assistance to wastewater, water supply, and onsite wastewater treatment projects, rather than to provide loans only.