Assemblyman Sampson Bill Authorizing NJ Infrastructure Bank To Expend Money For Loans For Environmental Projects Now Law

Photo Credit:                                                                                                                                                                                                 Governor Phil Murphy has signed legislation sponsored by Bayonne Assemblyman William Sampson (D-District 31) to authorize the NJ Infrastructure Bank to expend certain sums to make loans for environmental infrastructure projects for Fiscal Year 2023.  The measure is co-sponsored by Assemblywoman Angela McKnight (D-District 31).

This bill would authorize the New Jersey Infrastructure Bank (NJIB) to expend up to $2.07 billion to provide loans to local governments and privately-owned water companies (project sponsors) for a portion of the costs of water infrastructure projects, for the purpose of implementing the State Fiscal Year 2023 New Jersey Environmental Infrastructure Financing Program (NJEIFP).  A companion bill, Assembly Bill No. 4066 of this session, would appropriate certain federal and State moneys to the Department of Environmental Protection (DEP) for the purpose of partially funding the costs of the clean water and drinking water projects enumerated by the bill.

Among the projects which would be effected by the newly signed legislation are those overseen by the city of Hoboken, the North Bergen Municipal Utilities Authority, the Jersey City Municipal Utilities Authority, the city of Bayonne, and the North Hudson Sewerage Authority.