Sponsored by Senator Kip Bateman (R-Somerset, the bill, A-5057/S-3190), was passed by the Senate today after clearing the Assembly in December. It now moves to the Governor’s desk for consideration.

“Just as it has done in the aftermath of severe storms like Sandy in the past, the NJIB can be an invaluable asset in mitigating the impact of the pandemic and protecting New Jersey,” said Bateman. “Coronavirus taught us that the State must be prepared to respond to emergencies of all types, and projects to control a viral outbreak are complicated and costly. Authorizing the NJIB to provide emergency relief or disaster loans in the event of a public health emergency or other crisis will help us maintain essential clean water and transportation projects.”

Currently, NJIB can disburse funds for emergency short-term loans to local government units for costs associated with environmental projects.

Under the bill, the Infrastructure Bank also would be authorized to finance the construction of aviation and marine infrastructure projects.

“This legislation will enhance NJIB’s ability to ensure workers are on the job and projects are moving toward completion,” said Bateman. “Projects financed in part by the Infrastructure Bank help strengthen our State and fuel the economy.”

The NJIB is an independent State financing authority that issues revenue bonds to finance low interest loans to finance the construction of environmental and transportation infrastructure improvements.

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