TRENTON, NJ – Legislation approving the updated Fiscal Year 2024 Financial Plan of the New Jersey Infrastructure Bank has been advanced by the Senate Environment and Energy Committee, receiving bipartisan support.
The bill, sponsored by Senator Jean Stanfield, aims to authorize the NJIB to allocate up to $1.782 billion for loans to local governments and privately-owned water companies. The funds will be used to cover a portion of the costs associated with water infrastructure projects under the New Jersey Environmental Infrastructure Financing Program for the fiscal year 2024.
Senator Stanfield emphasized the importance of these loans in funding clean water projects for municipalities such as Evesham MUA and Medford Lakes in the eighth district.
She highlighted the dual benefit of job creation and environmental preservation that this legislation brings, acknowledging the significance of protecting and maintaining the state’s environment for the overall quality of life.
By ensuring timely completion of projects and safeguarding the supply of clean drinking water to communities across New Jersey, the allocated funding aims to support vital infrastructure initiatives. The advancement of this bipartisan legislation reflects the shared commitment to environmental sustainability and the well-being of residents throughout the state.