Senate Approves Legislation Concerning Fiscal Year 2023 Infrastructure Projects

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Trenton – Today the Senate advanced three pieces of legislation that concern infrastructure projects and the financial plan for Fiscal Year 2023.

 

The first bill, S-2734, sponsored by Senator Richard Codey, would appropriate funding to the Department of Environmental Protection to implement the State Fiscal Year 2023 New Jersey Environmental Infrastructure Financing Program (NJEIFP). The program is expected to finance approximately $2 billion in water infrastructure projects for State Fiscal Year 2023.

 

“Clean water is a basic, fundamental right that every human is entitled to,” said Senator Codey (D-Essex/Morris). “Updating the state’s water infrastructure systems is an important step we must take to guarantee the wellbeing of our communities. By providing this funding for various water-related projects, clean water will be accessible for all New Jerseyans. Let the clean water flow, let it flow, let it flow, let it flow.”

 

Under the bill, projects would include new and supplemental clean water project loans, drinking water project loans, and Pinelands clean water project loans.

 

A full list of the proposed projects can be found here.

 

A second bill, S-2735, sponsored by Senator Codey and Senator Linda Greenstein, would authorize the New Jersey Infrastructure Bank (I-Bank) to make the expend the $2 billion appropriated by S-2734. Under the bill, the I-Bank would be authorized to disburse sums to the projects listed under S-2734 for the purpose of making loans available to finance a portion of the cost to complete the construction of various water infrastructure projects.

 

“This bill would give the New Jersey I-Bank the ability to help fund the costs of 164 eligible water infrastructure projects throughout the state,” said Senator Greenstein (D-Mercer/Middlesex). “Updating NJ water infrastructure and funding these projects is vital for New Jersey residents. Everyone deserves access to safe and clean water.”

 

The Senate also released SCR-117. The resolution, sponsored by Senator Bob Smith and Senator Greenstein, would approve the Fiscal Year 2023 Financial Plan of the New Jersey I-Bank.

 

“The Fiscal Year 2023 Financial Plan would implement financing for eligible infrastructure projects aimed at proving clean drinking water,” said Senator Smith (D-Middlesex/Somerset). “With this financial plan in place, we will be able to fund a substantial amount of projects that will continue to ensure the delivery of clean water to residents throughout the state.”

 

Another bill, S-2770, sponsored by Senator Andrew Zwicker, would authorize the I-Bank to expend up to $72,558,158 to provide loans with an interest rate at or below the prevailing market rate to local government units for the financing of all or a portion of 19 eligible transportation infrastructure projects.

 

“In New Jersey, roads are the arteries that keep the heart of our state beating, helping to stimulate the economy and allowing us to continue to compete in a high-tech, 21st Century world,” said Senator Zwicker (D-Somerset, Mercer, Middlesex, Hunterdon). “These loans will give local governments some breathing room in their budgeting process and help our communities to retain a high quality of life.”

 

The Legislature established the Transportation Bank to help the State finance repairs to its aging transportation infrastructure, improve pedestrian safety, and foster a multimodal system that efficiently moves people and goods.

 

The Transportation Bank is a partnership between the I-Bank and the NJDOT. Local government responsibility for roads accounts for over 91 percent of New Jersey’s entire roadway system.

 

A full list of the proposed projects can be found here.

 

The legislation was approved by the Senate by a vote of 38-0.