An Act authorizing the expenditure of funds by the New Jersey Environmental Infrastructure Trust for the purpose of making loans to eligible project sponsors to finance a portion of the cost of construction of environmental infrastructure projects, and making an appropriation.

Be It Enacted by the Senate and General Assembly of the State of New Jersey:

1. a. The New Jersey Environmental Infrastructure Trust, established pursuant to P.L.1985, c.334 (C.58:11B‑1 et seq.), as amended and supplemented by P.L.1997, c.224 and amended by P.L.2004, c.111, is authorized to expend the aggregate sum of up to $1.28 billion and any unexpended balance of the aggregate expenditures authorized pursuant to section 1 of P.L.2000, c.93, section 1 of P.L.2001, c.224, section 1 of P.L.2002, c.71, section 1 of P.L.2003, c.159, section 1 of P.L.2004, c.110, section 1 of P.L.2005, c.197, section 1 of P.L.2006, c.67, section 1 of P.L.2007, c.140, section 1 of P.L.2008, c.67, section 1 of P.L.2009, c.101, section 1 of P.L.2010, c.62, section 1 of P.L.2011, c.95, section 1 of P.L.2012, c.38, and section 1 of P.L.2013, c.94 for the purpose of making loans, to the extent sufficient funds are available, to or on behalf of local government units or public water utilities (hereinafter referred to as "project sponsors") to finance all or a portion of the cost of construction of environmental infrastructure projects listed in sections 2 and 4 of this act.

b. The trust is authorized to increase the aggregate sums specified in subsection a. of this section by:

(1) the amounts of capitalized interest and the bond issuance expenses as provided in subsection b. of section 7 of this act;

(2) the amounts of reserve capacity expenses and debt service reserve fund requirements as provided in subsection c. of section 7 of this act;

(3) the interest earned on amounts deposited for project costs pending their distribution to project sponsors as provided in subsection d. of section 7 of this act;

(4) the amounts of the loan origination fee as provided in subsection e. of section 7 of this act; and

(5) the amount appropriated to the Department of Environmental Protection for the purpose of making zero interest and principal forgiveness loans pursuant to section 3 of P.L. , c. (pending before the Legislature as Senate Bill No. 2122 of 2014 and Assembly Bill No. 3264 of 2014) in connection with the project costs of a particular project sponsor, to the extent the priority ranking and an insufficiency of funding prevents the department from making the loan as provided in subsection f. of section 7 of this act.

c. (1) Of the sums made available to the trust from the "Water Supply Trust Fund" established pursuant to subsection a. of section 15 of the "Water Supply Bond Act of 1981" (P.L.1981, c.261) pursuant to P.L.1997, c.223, the trust is authorized to transfer such amounts to the Department of Environmental Protection as needed for drinking water project loans pursuant to the "Safe Drinking Water Act Amendments of 1996," Pub.L.104-182, and any amendatory and supplementary acts thereto (hereinafter referred to as the "Federal Safe Drinking Water Act"), under terms and conditions established by the Commissioner of Environmental Protection and trust, and approved by the State Treasurer, which loans shall be jointly administered by the trust and department.

(2) Of the sums appropriated to the trust from the "Wastewater Treatment Trust Fund" established pursuant to section 15 of the "Wastewater Treatment Bond Act of 1985," (P.L.1985, c.329) pursuant to P.L.1987, c.198, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund established pursuant to section 1 of P.L.2009, c.77 for the purposes of issuing loans or providing the State match as required for the award of the capitalization grants made available to the State for clean water projects pursuant to the "Water Quality Act of 1987" (33 U.S.C.s.1251 et seq.), and any amendatory and supplementary acts thereto (hereinafter referred to as the "Federal Clean Water Act").

(3) Of the sums appropriated to the trust from the "1992 Wastewater Treatment Trust Fund" established pursuant to section 27 of the "Green Acres, Clean Water, Farmland and Historic Preservation Bond Act of 1992" (P.L.1992, c.88) pursuant to P.L.1996, c.86, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund for the purpose of providing the State match as required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.

(4) Of the sums appropriated to the trust from the "Stormwater Management and Combined Sewer Overflow Abatement Fund" created pursuant to section 14 of the "Stormwater Management and Combined Sewer Overflow Abatement Bond Act of 1989" (P.L.1989, c.181) pursuant to P.L.1998, c.87, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund for the purpose of providing the State match as required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.

(5) Of the sums appropriated to the trust from the "2003 Water Resources and Wastewater Treatment Trust Fund" established pursuant to subsection b. of section 19 of the "Dam, Lake, Stream, Flood Control, Water Resources, and Wastewater Treatment Project Bond Act of 2003" (P.L.2003, c.162) pursuant to P.L.2004, c.110, the trust is authorized to transfer such amounts as needed to the Clean Water State Revolving Fund for the purpose of providing the State match as required for the award of the capitalization grants made available to the State for clean water projects pursuant to the Federal Clean Water Act.

(6) Of the sums appropriated to the trust from repayments of loans deposited in any account, including the "Clean Water State Revolving Fund," "Wastewater Treatment Fund," the "1992 Wastewater Treatment Fund," the "Water Supply Fund," the "Stormwater Management and Combined Sewer Overflow Abatement Fund" or the Drinking Water State Revolving Fund, as appropriate, pursuant to sections 11 and 12 of P.L.1995, c.219, sections 11 and 12 of P.L.1996, c.85, sections 11 and 12 of P.L.1997, c.221, sections 12 and 13 of P.L.1998, c.84, section 11 of P.L.1999, c.174, section 11 of P.L.2000, c.92, section 11 of P.L.2001, c.222, section 11 of P.L.2002, c.70, section 11 of P.L.2003, c.158, section 11 of P.L.2004, c.109, section 11 of P.L.2005, c.196, section 11 of P.L.2006, c.68, section 10 of P.L.2007, c.140, section 10 of P.L.2008, c.67, section 10 of P.L.2009, c.101, section 10 of P.L.2010, c.62, section 10 of P.L.2011, c.95, section 10 of P.L.2012, c.38, section 10 of P.L.2013, c.94, and section 10 of P.L. , c. (pending before the Legislature as Senate Bill No. 2123 of 2014 and Assembly Bill No. 3265 of 2014) for deposit into one or more reserve funds or accounts established by the trust pursuant to section 11 of P.L.1985, c.334 (C.58:11B‑11), the trust shall transfer to the respective fund of origin the unexpended balance of all such moneys no longer utilized by the trust for such purposes.

d. For the purposes of this act:

(1) "capitalized interest" means the amount equal to interest paid on trust bonds which is funded with trust bond proceeds and the earnings thereon;

(2) "debt service reserve fund expenses" means the debt service reserve fund costs associated with reserve capacity expenses, water supply projects for which the project sponsors are public water utilities as provided in section 9 of P.L.1985, c.334 (C.58:11B-9), other drinking water projects not eligible for, or interested in, State or federal debt service reserve funds pursuant to the "Water Supply Bond Act of 1981," P.L.1981, c.261, as amended and supplemented by P.L.1997, c.223, and any clean water projects not eligible for, or interested in, State or federal debt service reserve funds from the Clean Water State Revolving Fund;

(3) "issuance expenses" means and includes, but need not be limited to, the costs of financial document printing, bond insurance premiums or other credit enhancement, underwriters' discount, verification of financial calculations, the services of bond rating agencies and trustees, the employment of accountants, attorneys, financial advisors, loan servicing agents, registrars, and paying agents, and any other costs related to the issuance of trust bonds;

and

(4) "loan origination fee" means the fee charged by the Department of Environmental Protection and financed under the trust loan to pay a portion of the costs incurred by the department in the implementation of the New Jersey Environmental Infrastructure Financing Program; and

(5) "reserve capacity expenses" means those project costs for reserve capacity not eligible for loans under rules and regulations governing zero interest loans adopted by the Commissioner of Environmental Protection pursuant to section 4 of P.L.1985, c.329 but which are eligible for loans from the trust in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27).

e. The trust is authorized to increase the loan amount in the future to compensate for a refunding of the issue, provided adequate savings are achieved, for the loans issued pursuant to P.L.1995, c.218, P.L.1996, c.87, P.L.1997, c.222, P.L.1998, c.85, P.L.1999, c.173, P.L.2000, c.93, P.L.2001, c.224, P.L.2002, c.71, P.L.2003, c.159, P.L.2004, c.110, P.L.2005, c.197, P.L.2006, c.67, P.L.2007, c.140, P.L.2008, c.67, P.L.2009, c.101, P.L.2010, c.62, P.L.2011, c.95, P.L.2012, c.38, P.L.2013, c.94, and P.L. , c. (pending before the Legislature as Senate Bill No. 2123 of 2014 and Assembly Bill No.3265 of 2014).

2. a. (1) The New Jersey Environmental Infrastructure Trust is authorized to expend funds for the purpose of making supplemental loans to or on behalf of the project sponsors listed below for the following clean water environmental infrastructure projects:

Project Sponsor	Project Number	Estimated Allowable Trust Loan Amount	Estimated Total Allowable Loan Amount
Camden County MUA	S340640-10-1	$1,417,500	$1,890,000
Ewing Lawrence SA	S340391-10-1	$1,575,000	$2,100,000
Hopatcong Borough	S340488-03-1	$9,274,500	$12,366,000
Hopatcong Borough	S340488-04-1	$9,274,500	$12,366,000
Merchantville Borough	S340367-02-1	$449,250	$599,000
New Jersey City University	S340111-02-1	$1,067,250	$1,423,000
Projects: 6		$23,058,000	$30,744,000

(2) The loans authorized in this subsection shall be made for the difference between the allowable loan amounts required by these projects based upon final building costs pursuant to subsection a. of section 7 of this act and the loan amounts certified by the chairman of the trust in State fiscal years 2002, 2003, 2009, 2012, 2013, and 2014 and for increased allowable costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27). The loans authorized in this subsection shall be made to or on behalf of the project sponsors listed, up to the individual amounts indicated and in the priority stated, to the extent sufficient funds are available, except as a project fails to meet the requirements of section 6 of this act.

(3) The loans authorized in this subsection shall have priority over the environmental infrastructure projects listed in subsection a. of section 4 of this act.

b. (1) The trust is authorized to expend funds for the purpose of making supplemental loans to or on behalf of the project sponsors listed below for the following drinking water environmental infrastructure projects:

Project Sponsor	Project Number	Estimated Allowable Trust Loan Amount	Estimated Total Allowable Loan Amount
Jersey City MUA	0906001-008-1	$1,068,750	$1,425,000
Orange City	0717001-001/2/3/4-1	$1,865,250	$2,487,000
Projects: 2		$2,934,000	$3,912,000

(2) The loans authorized in this subsection shall be made for the difference between the allowable loan amounts required by these projects based upon final building costs pursuant to subsection a. of section 7 of this act and the loan amounts certified by the chairman of the trust in State fiscal years 1998, 1999, 2008, and 2013 and for increased allowable costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B-27). The loans authorized in this subsection shall be made to or on behalf of the project sponsors listed, up to the individual amounts indicated and in the priority stated, to the extent sufficient funds are available, except as a project fails to meet the requirements of section 6 of this act.

(3) The loans for the projects authorized in this subsection shall have priority over environmental infrastructure projects listed in subsection b. of section 4 of this act.

c. The trust is authorized to adjust the allowable trust loan amount for projects authorized in this section to between 25% and 75% of the total allowable loan amount and such excess amounts to the extent the priority ranking and an insufficiency of funding prevents the Department of Environmental Protection from making the loan as provided in subsection f. of section 7 of this act.

3. a. The New Jersey Environmental Infrastructure Trust is authorized to make loans to or on behalf of the project sponsors for the clean water projects listed in subsection a. of section 2 and subsection a. of section 4 of this act up to the individual amounts indicated and in the priority stated, except as any such amount may be reduced by the trust pursuant to subsection a. of section 7 of this act, or if a project fails to meet the requirements of section 6 of this act. The trust is authorized to increase any such amount pursuant to subsection b., c., d., e. or f. of section 7 or section 8 of this act.

b. The trust is authorized to make loans to project sponsors for the drinking water projects listed in subsection b. of section 2 and subsection b. of section 4 of this act up to the individual amounts indicated and in the priority stated, except as any such amount may be reduced by the trust pursuant to subsection a. of section 7 of this act, or if a project fails to meet the requirements of section 6 of this act. The trust is authorized to increase any such amount pursuant to subsection b., c., d., e. or f. of section 7 or section 8 of this act.

4. a. The following environmental infrastructure projects shall be known and may be cited as the "Storm Sandy and State Fiscal Year 2015 Clean Water Project Priority List":

Project Sponsor	Project Number	Estimated Allowable Trust Loan Amount	Estimated Total Allowable Loan Amount

Camden County MUA	S340640-14	$4,242,750	$5,657,000
Camden County MUA	S340640-15	$6,752,250	$9,003,000
Rahway Valley SA	S340547-12	$1,815,750	$2,421,000
Camden County MUA	S340640-16	$3,993,000	$5,324,000
Newark City	S340815-22	$3,819,000	$5,092,000
Camden City	S340366-09	$8,784,750	$11,713,000
Middlesex County UA	S340699-15	$14,353,500	$19,138,000
Elizabeth City	S340942-13	$9,294,750	$12,393,000
Elizabeth City	S340942-16	$6,779,250	$9,039,000
Elizabeth City	S340942-17	$3,984,750	$5,313,000
Jersey City MUA	S340928-11	$3,512,250	$4,683,000
Jersey City MUA	S340928-13	$11,863,500	$15,818,000
Jersey City MUA	S340928-14	$2,045,250	$2,727,000
Jersey City MUA	S340928-15	$23,397,000	$31,196,000
Jersey City MUA	S340928-16	$4,087,500	$5,450,000
Jersey City MUA	S340928-17	$12,283,500	$16,378,000
Jersey City MUA	S340928-18	$4,936,500	$6,582,000
Jersey City MUA	S340928-19	$4,468,500	$5,958,000
Jersey City MUA	S340928-20	$4,956,750	$6,609,000
Bayshore Reg. SA	S340697-05	$32,093,250	$42,791,000
Atlantic County UA	S340809-23	$5,190,750	$6,921,000
Atlantic County UA	S340809-25	$8,286,000	$11,048,000
Atlantic County UA	S340809-26	$1,134,750	$1,513,000
Atlantic County UA	S340809-27	$2,369,250	$3,159,000
Middletown Township SA	S340097-04	$7,003,500	$9,338,000
Hoboken City	S340635-04	$8,790,750	$11,721,000
Pequannock Lincoln Park Fairfield SA	S340880-04	$20,420,250	$27,227,000
North Hudson SA	S340952-19	$3,975,750	$5,301,000
North Hudson SA	S340952-20	$3,325,500	$4,434,000
North Hudson SA	S340952-21	$611,250	$815,000
West Milford Twp MUA	S340701-12	$238,500	$318,000
Hackensack City	S340923-10	$3,175,500	$4,234,000
Millville City	S340921-07	$8,122,500	$10,830,000
Passaic Valley SC	S340689-22	$1,981,500	$2,642,000
Passaic Valley SC	S340689-25	$7,968,750	$10,625,000
Bergen County UA	S340386-17	$6,290,250	$8,387,000
Phillipsburg Town	S340874-07	$1,557,000	$2,076,000
Ewing Lawrence SA	S340391-11	$4,006,500	$5,342,000
Hanover SA	S340388-06	$1,662,000	$2,216,000
Gloucester City	S340958-06	$479,250	$639,000
Stony Brook RSA	S340400-07	$42,971,250	$57,295,000
Wanaque Valley RSA	S340780-04	$2,909,250	$3,879,000
Raritan Township MUA	S340485-09	$1,963,500	$2,618,000
Stafford Township	S344100-02	$780,000	$1,040,000
Stafford Township	S344100-03	$2,509,500	$3,346,000
Chatham Township (MCJM)	S340715-05a	$951,750	$1,269,000
Madison Township (MCJM)	S340715-05b	$1,545,750	$2,061,000
Maple Shade Township	S340710-09	$1,550,250	$2,067,000
Hammonton Town	S340927-07	$499,500	$666,000
East Orange City Essex-Union Joint Meeting	S340686-07a	$326,250	$435,000
Elizabeth City Essex-Union Joint Meeting	S340686-07b	$4,032,750	$5,377,000
Hillside Township Essex-Union Joint Meeting	S340686-07c	$529,500	$706,000
Irvington City Essex-Union Joint Meeting	S340686-07d	$1,310,250	$1,747,000
Newark City Essex-Union Joint Meeting	S340686-07e	$784,500	$1,046,000
South Orange City Essex-Union Joint Meeting	S340686-07f	$362,250	$483,000
Union City Essex-Union Joint Meeting	S340686-07g	$1,329,750	$1,773,000
West Orange Essex-Union Joint Meeting	S340686-07h	$926,250	$1,235,000
Willingboro MUA	S340132-06	$950,250	$1,267,000
Ocean County	S344080-03	$397,500	$530,000
Ocean County	S344080-04	$990,000	$1,320,000
Ocean County	S344080-07	$157,500	$210,000
Ocean County	S344080-08	$172,500	$230,000
Beachwood Borough	S340208-02	$824,250	$1,099,000
Point Pleasant Beach Borough	S344190-02	$2,421,750	$3,229,000
Ocean Gate Borough	S344180-01	$1,271,250	$1,695,000
Bay Head Borough	S344120-01	$177,750	$237,000
Kearny MUA	S340259-07	$5,307,750	$7,077,000
North Wildwood City	S340663-06	$7,933,500	$10,578,000
Princeton Borough	S340656-08	$2,779,500	$3,706,000
Wildwood Crest Borough	S340719-03	$7,323,750	$9,765,000
Willingboro MUA	S340132-07	$1,412,250	$1,883,000
Ocean Township	S340112-05	$174,750	$233,000
Ocean Township	S340112-06	$3,123,000	$4,164,000
Milltown Borough	S340102-03	$11,576,250	$15,435,000
Tuckerton Borough	S340034-02	$1,534,500	$2,046,000
Stone Harbor Borough	S340722-05	$4,053,000	$5,404,000
Middlesex County UA	S340699-12	$57,756,750	$77,009,000
Middlesex County UA	S340699-13	$11,913,000	$15,884,000
Middlesex County UA	S340699-14	$9,371,250	$12,495,000
Ocean County UA	S340372-53	$2,843,250	$3,791,000
Ocean County UA	S340372-54	$1,581,000	$2,108,000
Atlantic County UA	S340809-24	$558,750	$745,000
Gloucester County UA	S340902-12	$3,734,250	$4,979,000
Rockaway Valley RSA	S340821-06	$5,391,750	$7,189,000
Western Monmouth UA	S340128-04	$4,323,000	$5,764,000
Old Bridge MUA	S340945-13	$2,229,000	$2,972,000
South Monmouth Regional SA	S340377-03	$2,323,500	$3,098,000
South Monmouth Regional SA	S340377-04	$6,665,250	$8,887,000
Egg Harbor Twp MUA	S340753-04	$1,183,500	$1,578,000
Berkeley Township SA	S340969-13	$2,377,500	$3,170,000
Pequannock Lincoln Park Fairfield SA	S340880-05	$4,260,750	$5,681,000
Winslow Township	S340895-09	$645,000	$860,000
Ocean Township SA	S340750-11	$3,762,750	$5,017,000
Ocean Township SA	S340750-12	$2,859,000	$3,812,000
Pequannock River Basin Regional SA	S340459-05	$1,854,000	$2,472,000
Hamilton Township MUA	S340903-05	$1,366,500	$1,822,000
Raritan Township MUA	S340485-10	$1,196,250	$1,595,000
Brigantine City	S340827-04	$1,810,500	$2,414,000
Oradell Borough	S340835-03	$2,509,500	$3,346,000
Spring Lake Borough	S340442-01	$393,750	$525,000
Gloucester County UA	S340902-13	$12,192,750	$16,257,000
Northwest Bergen County UA	S340700-12	$6,399,000	$8,532,000
Atlantic City	S340439-01	$5,091,000	$6,788,000
Atlantic City	S340439-02	$5,010,000	$6,680,000
Secaucus Town	S340029-04	$1,761,750	$2,349,000
Gloucester City	S340958-07	$479,250	$639,000
Hillsborough Township	S340099-02	$1,140,000	$1,520,000
Galloway Township	S340892-09	$64,500	$86,000
Wildwood Crest Borough	S340719-04	$3,147,750	$4,197,000
Middletown Township	S340097-01	$3,051,750	$4,069,000
Old Bridge Township	S340945-12	$8,274,000	$11,032,000
Gloucester Township	S340364-11	$496,500	$662,000
Gloucester Township	S340364-12	$885,750	$1,181,000
Carteret Borough	S340939-09	$6,429,750	$8,573,000
Somers Point City	S340618-02	$672,750	$897,000
Ventnor City	S340667-02	$4,040,250	$5,387,000
Ventnor City	S340667-03	$983,250	$1,311,000
Brigantine City	S340827-05	$3,330,750	$4,441,000
Brigantine City	S340827-06	$714,750	$953,000
Highlands Borough	S340901-03	$3,549,000	$4,732,000
Avalon Borough	S340864-02	$1,891,500	$2,522,000
Califon Borough	S340431-01	$524,250	$699,000
Secaucus Town	S342021-01	$14,570,250	$19,427,000
Bellmawr Borough	S342011-02	$7,734,750	$10,313,000
Edison Township	S342020-01	$9,675,000	$12,900,000
Carteret Borough	S340939-07	$10,945,500	$14,594,000
Milltown Borough	S340102-01	$13,188,750	$17,585,000
Milltown Borough	S340102-04	$3,561,750	$4,749,000
Warren Township SA	S340964-01	$2,235,000	$2,980,000
Elizabeth City	S340942-18	$3,471,000	$4,628,000
Elizabeth City	S340942-19	$3,018,750	$4,025,000
North Hudson SA	S340952-22	$9,458,250	$12,611,000
Perth Amboy City	S340435-12	$520,500	$694,000
Warren Township SA	S340964-02	$506,250	$675,000
Cape May County MUA	S340661-22	$2,736,000	$3,648,000
Stony Brook Regional SA	S340400-08	$894,750	$1,193,000
Stony Brook Regional SA	S340400-09	$852,750	$1,137,000
Egg Harbor Twp MUA	S340753-06	$434,250	$579,000
Burlington Township	S340712-13	$383,250	$511,000
Atlantic City	S340439-03	$1,902,000	$2,536,000
Brigantine City	S340827-07	$666,000	$888,000
Cape May County MUA	S342017-04	$3,721,500	$4,962,000
Somerville Borough	S342013-01	$12,421,500	$16,562,000
Total Projects: 143		$688,722,750	$918,297,000

b. The following environmental infrastructure projects shall be known and may be cited as the "Storm Sandy and State Fiscal Year 2015 Drinking Water Project Priority List":

Project Sponsor	Project Number	Estimated Allowable Trust Loan Amount	Estimated Total Allowable Loan Amount
Passaic Valley Water Commission	1605002-025/500	$16,716,750	$22,289,000
East Orange Water Commission	0705001-011	$9,147,000	$12,196,000
North Shore Water Assoc.	1904004-004	$121,500	$162,000
North Shore Water Assoc.	1904004-001	$356,250	$475,000
Sea Village Marina	0108021-002	$901,500	$1,202,000
Newark City	0714001-016	$7,375,500	$9,834,000
Newark City	0714001-015	$8,840,250	$11,787,000
Newark City	0714001-017	$1,164,750	$1,553,000
Willingboro MUA	0338001-005/500	$597,750	$797,000
Wildwood City	0514001-002	$2,092,500	$2,790,000
Ocean Township	1520001-006	$1,903,500	$2,538,000
Mountain Shores POA	1414009-001	$680,250	$907,000
Camden City	0408001-018	$4,407,750	$5,877,000
North Jersey District Water Supply Comm.	1613001-022	$11,310,750	$15,081,000
North Jersey District Water Supply Comm.	1613001-025	$4,944,750	$6,593,000
North Jersey District Water Supply Comm.	1613001-026/500	$9,606,750	$12,809,000
North Jersey District Water Supply Comm.	1613001-027	$1,571,250	$2,095,000
North Jersey District Water Supply Comm.	1613001-028	$1,278,000	$1,704,000
North Jersey District Water Supply Comm.	1613001-029	$1,960,500	$2,614,000
Willingboro MUA	0338001-010/500	$612,750	$817,000
Tuckerton Borough	1532002-005	$974,250	$1,299,000
Middlesex Water Company	1225001-016	$4,260,750	$5,681,000
Stafford Township	1530004-018	$1,736,250	$2,315,000
Ocean Township	1520001-500	$732,000	$976,000
Tuckerton Borough	1532002-003	$988,500	$1,318,000
Jersey City/Jersey City MUA	0906001-010	$5,300,250	$7,067,000
Perth Amboy City	1216001-006	$685,500	$914,000
Bellmawr Borough	0404001-005	$474,750	$633,000
Jersey City MUA	0906001-006	$13,503,750	$18,005,000
Rahway City	2013001-007	$13,563,000	$18,084,000
Pemberton Township	0329004-006	$467,250	$623,000
Barnegat Township	1533001-500	$233,250	$311,000
Long Beach Township	1517001-500	$2,707,500	$3,610,000
Long Beach Township	1517001-501	$1,370,250	$1,827,000
Berkeley Township MUA	1505004-007	$912,000	$1,216,000
Beach Haven Borough	1503001-500	$947,250	$1,263,000
Fountainhead Properties, Inc.	1511013-001	$541,500	$722,000
Trenton City	1111001-008	$10,121,250	$13,495,000
Trenton City	1111001-010	$9,543,000	$12,724,000
Stone Harbor Borough	0510001-005	$593,250	$791,000
Gloucester City	0414001-020	$944,250	$1,259,000
Pemberton Township	0329004-007	$1,882,500	$2,510,000
Evesham MUA	0313001-001	$1,472,250	$1,963,000
Marlboro Township	1328002-002	$9,385,500	$12,514,000
Roosevelt Borough	1341001-004	$418,500	$558,000
Milltown Borough	1212001-002	$1,204,500	$1,606,000
Bloomingdale Borough	1601001-004	$815,250	$1,087,000
Milltown Borough	1212001-003	$856,500	$1,142,000
Perth Amboy City	1216001-500	$2,031,000	$2,708,000
Brigantine City	103001-501	$1,160,250	$1,547,000
Clayton Borough	0801001-002	$3,151,500	$4,202,000
Roosevelt Borough	1341001-001	$517,500	$690,000
North Shore Water Assoc.	1904004-002	$321,000	$428,000
Hammonton Town	0113001-007	$702,000	$936,000
Matawan Borough	1329001-005	$777,750	$1,037,000
Old Bridge MUA	1209002-011	$2,441,250	$3,255,000
Pemberton Township	0329004-005	$311,250	$415,000
North Jersey District Water Supply Comm.	1613001-030	$617,250	$823,000
NJ American Water Co., Inc.	2004002-500	$23,625,000	$31,500,000
Brigantine City	103001-500	$1,444,500	$1,926,000
Rahway City	2013001-008	$2,077,500	$2,770,000
Hammonton Town	0113001-010	$177,750	$237,000
Pemberton Township	0329004-008	$294,000	$392,000
West Milford MUA	1615016-002/500	$89,250	$119,000
Hampton Borough	1013001-001	$376,500	$502,000
West Milford MUA	1615018-002/500	$69,000	$92,000
West Milford MUA	1615014-001/500	$89,250	$119,000
West Milford MUA	1615012-002/500	$89,250	$119,000
West Milford MUA	1615002-002/500	$69,000	$92,000
West Milford MUA	1615001-002/500	$69,000	$92,000
West Milford MUA	1615006-002/500	$29,250	$39,000
Pine Beach Borough	1522001-001	$720,000	$960,000
Montclair Township	0713001-008	$1,652,250	$2,203,000
Pine Beach Borough	1522001-002	$360,000	$480,000
Old Bridge MUA	1209002-012	$962,250	$1,283,000
Old Bridge MUA	1209002-500	$1,049,250	$1,399,000
Brielle Borough	1308001-003	$43,500	$58,000
Saddle Brook Township	0257001-002	$1,496,250	$1,995,000
Jersey City/Jersey City MUA	0906001-011	$3,802,500	$5,070,000
Jersey City/Jersey City MUA	0906001-012	$12,482,250	$16,643,000
Perth Amboy City	1216001-007	$1,662,000	$2,216,000
Stafford Township	1530004-019	$1,353,750	$1,805,000
Clinton Town	1005001-006	$2,893,500	$3,858,000
Brielle Borough	1308001-002	$1,840,500	$2,454,000
Little Egg Harbor MUA	1516001-003	$3,429,000	$4,572,000
Little Egg Harbor MUA	1516001-500	$516,750	$689,000
Clinton Town	1005001-007	$798,750	$1,065,000
Total Projects: 87		$247,817,250	$330,423,000

c. The trust is authorized to adjust the allowable trust loan amount for projects authorized in this section to between 0% and 75% of the total allowable loan amount, and such excess amounts to the extent the priority ranking and an insufficiency of funding prevents the Department of Environmental Protection from making the loan as provided in subsection f. of section 7 of this act, and up to 100% of the total allowable loan amount for projects certified by the Department of Environmental Protection pursuant to section 1 of P.L.2013, c.93 (C.58:11B-9.5).

5. In accordance with and subject to the provisions of sections 5, 6 and 23 of P.L.1985, c.334 (C.58:11B‑5, 58:11B‑6, and 58:11B‑23) and as set forth in the financial plan required pursuant to section 21 of P.L.1985, c.334 (C.58:11B‑21), or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1), any proceeds from bonds issued by the trust to make loans for priority environmental infrastructure projects listed in sections 2 and 4 of this act which are not expended for that purpose may be applied for the payment of all or any part of the principal of and interest and premium on the trust bonds whether due at stated maturity, the interest payment dates or earlier upon redemption. A portion of the proceeds from bonds issued by the trust to make loans for priority environmental infrastructure projects pursuant to this act may be applied for the payment of capitalized interest and for the payment of any issuance expenses; for the payment of reserve capacity expenses; for the payment of debt service reserve fund expenses for the payment of the loan origination fees; and for the payment of increased costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27).

6. Any loan made by the New Jersey Environmental Infrastructure Trust pursuant to this act shall be subject to the following requirements:

a. The chairman of the trust has certified that the project is in compliance with the provisions of P.L.1977, c.224, P.L.1985, c.334, P.L.1992, c.88, P.L.1997, c.223, P.L.1997, c.224, P.L.1997, c.225, P.L.1999, c.175 or P.L.2003, c.162, and any rules and regulations adopted pursuant thereto, and any amendatory and supplementary acts thereto, as applicable. In making this certification, the chairman may conclusively rely on the project review conducted by the Department of Environmental Protection without any independent review thereof by the trust;

b. The loan shall be conditioned upon inclusion of the project on a project priority list approved pursuant to section 20 of P.L.1985, c.334 (C.58:11B-20) or section 24 of P.L.1997, c.224 (C.58:11B-20.1);

c. The loan shall be repaid within a period not to exceed 20 years of the making of the loan;

d. The loan, including any portion thereof made by the trust pursuant to subsection f. of section 7 of this act, shall not exceed the allowable project cost of the environmental infrastructure facility, exclusive of capitalized interest and issuance expenses as provided in subsection b. of section 7 of this act, reserve capacity expenses and the debt service reserve fund expenses as provided in subsection c. of section 7 of this act, interest earned on project costs as provided in subsection d. of section 7 of this act, the amounts of the loan origination fee as provided in subsection e. of section 7 of this act, refunding increases as provided in section 8 of this act and increased costs as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27);

e. The loan shall bear interest, exclusive of any late charges or administrative fees payable to the trust pursuant to subsection o. of section 5 of P.L.1985, c.334 (C.58:11B‑5) by the project sponsors receiving trust loans, at or below the interest rate paid by the trust on the bonds issued to make or refund the loans authorized by this act, adjusted for underwriting discount and original issue discount or premium, in accordance with the terms and conditions set forth in the financial plan required pursuant to section 21 of P.L.1985, c.334 (C.58:11B‑21) or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1); and

f. The loan shall be subject to all other terms and conditions as the trust shall determine to be consistent with the provisions of P.L.1985, c.334 (C.58:11B‑1 et seq.) and any rules and regulations adopted pursuant thereto, and with the financial plan required by section 21 of P.L.1985, c.334 (C.58:11B‑21) or the financial plan required pursuant to section 25 of P.L.1997, c.224 (C.58:11B-21.1).

The priority lists and authorization for the making of loans pursuant to this act shall expire on July 1, 2015, and any project sponsor which has not executed and delivered a loan agreement with the trust for a loan authorized in this act shall no longer be entitled to that loan.

7. a. The New Jersey Environmental Infrastructure Trust is authorized to reduce the individual amount of loan funds made available to or on behalf of project sponsors pursuant to sections 2 and 4 of this act based upon final building costs defined in and determined in accordance with rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27) or rules and regulations adopted by the Commissioner of Environmental Protection pursuant to section 4 of P.L.1985, c.329, section 11 of P.L.1977, c.224 (C.58:12A-11) or section 5 of P.L.1981, c.261. The trust is authorized to use any such reduction in the loan amount made available to a project sponsor to cover that project sponsor's increased costs due to differing site conditions or other allowable expenses as defined and determined in accordance with the rules and regulations adopted by the trust pursuant to section 27 of P.L.1985, c.334 (C.58:11B‑27).

b. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of this act by the amount of capitalized interest and issuance expenses allocable to each loan made by the trust pursuant to this act; provided that the increase for issuance expenses, excluding underwriters' discount, original issue discount or premiums, municipal bond insurance premiums and bond rating agency fees, shall not exceed 0.4% of the principal amount of trust bonds issued to make loans authorized by this act.

c. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of this act by the amount of reserve capacity expenses, and by the debt service reserve fund expenses associated with the costs identified in paragraphs (3) and (4) of subsection d. of section 1 of this act.

d. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of this act by the interest earned on amounts deposited for project costs pending their distribution to project sponsors.

e. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of this act by the loan origination fee.

f. The trust is authorized to increase each loan amount authorized in sections 2 and 4 of this act by the amount appropriated to the Department of Environmental Protection for the purpose of making the corresponding zero interest loan pursuant to section 3 of P.L. , c. (pending before the Legislature as Senate Bill No. 2122 of 2014 and Assembly Bill No. 3264 of 2014) in connection with the project costs of the project sponsor, to the extent the priority ranking and an insufficiency of funding prevents the department from making the loan.

8. The New Jersey Environmental Infrastructure Trust is authorized to increase the individual amount of loan funds made available to project sponsors by the trust pursuant to P.L.1989, c.190, P.L.1990, c.97, P.L.1991, c.324, P.L.1992, c.37, P.L.1993, c.192, P.L.1994, c.105, P.L.1995, c.218, P.L.1996, c.87, P.L.1997, c.222, P.L.1998, c.85, P.L.1999, c.173, P.L.2000, c.93, P.L.2001, c.224, P.L.2002, c.71, P.L.2003, c.159, P.L.2004, c.110, P.L.2005, c.197, P.L.2006, c.67, P.L.2007, c.140, P.L.2008, c.67, P.L.2009, c.101, P.L.2010, c.62, P.L.2011, c.95, P.L.2012, c.38, P.L.2013, c.94, or P.L. , c. (pending before the Legislature as Senate Bill No. 2123 of 2014 and Assembly Bill No. 3265 of 2014), provided that adequate savings are achieved, to compensate for a refunding of trust bonds issued to make loans authorized by the aforementioned acts.

9. The expenditure of funds authorized pursuant to this act is subject to the provisions of P.L.1977, c.224 (C.58:12A-1 et al.), P.L.1985, c.329, P.L.1985, c.334 (C.58:11B‑1 et seq.), as amended and supplemented by P.L.1997, c.224, P.L.1992, c.88, P.L.1989, c.181, P.L.1997, c.223, P.L.1997, c.225, P.L.1999, c.175, or P.L.2003, c.162, and the rules and regulations adopted pursuant thereto or the Federal Safe Drinking Water Act, as appropriate.

10. a. There is appropriated to the New Jersey Environmental Infrastructure Trust as needed from repayments of loans deposited in any account, including the "Wastewater Treatment Fund," the "1992 Wastewater Treatment Fund," the "Water Supply Fund," the "Stormwater Management and Combined Sewer Overflow Abatement Fund," or the Drinking Water State Revolving Fund, as appropriate, and from any net earnings received from the investment and reinvestment of such deposits, the sum of $200,000,000 consisting of:

(1) The unexpended balance of $100,000,000 currently on deposit in the special fund (hereinafter referred to as the "Interim Financing Program Fund") created and established by the trust for the short-term or temporary loan financing or refinancing program (hereinafter referred to as the "Interim Financing Program") authorized pursuant to subsection d. of section 9 of P.L.1985, c.334 (C.58:11B-9), which balance previously had been appropriated to the trust for such purpose pursuant to section 12 of P.L.2004, c.109, less any Interim Financing Program Fund amounts appropriated to the Department of Environmental Protection to supplement the sums appropriated from the Clean Water State Revolving Fund for clean water projects pursuant to the Federal Clean Water Act; and

(2) such other amounts to be deposited in the Interim Financing Program Fund, provided that the amount so reappropriated and appropriated to the trust for deposit in the Interim Financing Program Fund shall be utilized by the trust to make short-term or temporary loans pursuant to the Interim Financing Program to any one or more of the project sponsors, for the respective projects thereof, identified in the interim financing project priority list (hereinafter referred to as the "Interim Financing Program Eligibility List") in the form provided to the Legislature by the Commissioner of Environmental Protection.

b. The Interim Financing Program Eligibility List shall be submitted on the same day to the Secretary of the Senate and the Clerk of the General Assembly on or before June 18, 2014. The Secretary of the Senate and the Clerk of the General Assembly shall cause the date of submission to be entered upon the Senate Journal and the Minutes of the General Assembly, respectively. Any environmental infrastructure project or the project sponsor thereof not identified in the Interim Financing Program Eligibility List shall not be eligible for a short-term or temporary loan from the Interim Financing Program Fund.

11. a. There is appropriated to the New Jersey Environmental Infrastructure Trust for deposit in the special fund created and established by the trust for the short-term or temporary Disaster Relief Emergency Financing Program loan financing or refinancing program (hereinafter referred to as the "Disaster Relief Emergency Financing Program") authorized pursuant to subsection a. of section 1 of P.L.2013, c.93 (C.58:11B-9.5) such sums as needed consisting of:

(1) sums from the "Interim Financing Program Fund" as needed by the trust to make short-term or temporary loans pursuant to the Disaster Relief Emergency Financing Program to any one or more of the project sponsors, for the respective projects thereof; and

(2) such other amounts to be deposited in the Disaster Relief Emergency Financing Program Fund, provided that the amount so appropriated to the trust for deposit in the Disaster Relief Emergency Financing Program Fund shall be utilized by the trust to make short-term or temporary loans pursuant to the Disaster Relief Emergency Financing Program to any one or more of the project sponsors, for the respective projects thereof. Any projects funded by the Disaster Relief Emergency Financing Program shall be subject to the approval of the Commissioner of Environmental Protection.

b. The Disaster Relief Emergency Financing Program Eligibility List shall be submitted to the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1) at least once in each fiscal year. Any environmental infrastructure project or the project sponsor thereof not identified in the Disaster Relief Emergency Financing Program Eligibility List shall not be eligible for a short-term or temporary loan from the Disaster Relief Emergency Financing Program Fund.

12. Notwithstanding the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) to the contrary, the trust shall not be required to adopt rules and regulations governing the making of Disaster Relief Emergency Financing Program loans.

13. This act shall take effect immediately.

STATEMENT

This bill authorizes the New Jersey Environmental Infrastructure Trust (Trust) to expend up to $1.28 billion and any unexpended balances from previous authorizations to provide loans with an interest rate at or below the prevailing market rate to project sponsors (primarily local governments, public authorities or public water utilities) for a portion of the total costs of 238 eligible environmental infrastructure projects. The eligible projects are those included in the "Storm Sandy and State Fiscal Year 2015 Clean Water Project Priority List" and the "Storm Sandy and State Fiscal Year 2015 Drinking Water Project Priority List," as well as six clean water and two drinking water environmental infrastructure projects that received loans in the past and which now require supplemental loans in order to meet actual costs.

In addition to the use of prior unused allocations, this bill also permits the Trust to use any loan repayments received to date, and the amounts for capitalized interest, bond issuance expenses and related amounts, to fund the State Fiscal Year 2015 New Jersey Environmental Infrastructure Financing Program.

Since its creation in 1985, the Trust in partnership with the Department of Environmental Protection have provided low‑cost New Jersey Environmental Infrastructure Financing Program (NJEIFP) loans for the construction of environmental infrastructure projects that enhance and protect ground and surface water resources, ensure the safety of drinking water supplies, and make possible responsible and sustainable economic development. Since 1985, New Jersey Environmental Infrastructure Program loans to local government units and some private water companies have totaled more than $6.1 billion of which the Trust has provided more than $2.63 billion in loans to finance wastewater systems, combined sewer overflow abatement, nonpoint source pollution control and safe drinking water supplies generating more than 120,000 construction projects throughout the State.

Authorizes New Jersey Environmental Infrastructure Trust to expend certain sums to make loans for environmental infrastructure projects for FY2015.