NJ Infrastructure Bank Expanded by New Law
Legislation supported by NUCA NJ was recently signed into law by Governor Murphy. P.L. 2021 Chapter 74 expands the purview of New Jersey's Infrastructure Bank, an independent State financing authority authorized to make low interest loans and other assistance to finance the construction of infrastructure projects in the State, to make a financial impact on a longer list of eligible types of construction and in more emergency situations. As a result of the bill's signing, the Bank is further authorized to finance marine and aviation projects. The ability to provide emergency short-term and temporary loans to local governments is also expanded to include other emergency events that may arise not simply as a result of terrorism, seismic activity, or weather. Overall these changes will lead to the funding of more water infrastructure projects resulting in more work on the street. Our Association appreciates the work of legislators on both sides of the aisle, and the Governor's Office, to make this important expansion happen.