(TRENTON) – With the goal to make it easier for local governments to finance infrastructure projects through the New Jersey Infrastructure Bank (NJIB), the full Assembly recently voted 72-1 to approve legislation removing the requirement that a local government appropriate five percent of the obligation for a project financed through the NJIB.
By amending local bond law, the bill (A-4552) would make it simpler for local governments to seek financing for projects through the NJIB. A five percent obligation is currently required for transportation projects, but not for environmental projects.
The measure was approved by the Senate in January 34-0 and now goes to the Governor’s desk.
The sponsors of the bill, Assembly Democrats Eric Houghtaling (D-Monmouth), Daniel Benson (D-Mercer, Middlesex) and Chris Tully (D-Bergen) released the following joint statement:
“The New Jersey Infrastructure Bank plays a critical role in helping municipalities finance vital investments in our communities, including improving roads and bridges to ensure pedestrian safety. This legislation would eliminate an unnecessary financial barrier for municipalities pursuing projects through the NJIB and make requirements consistent with environmental initiatives. As we look to rebuild our economy post-COVID-19, it’s imperative that we expand opportunities to create jobs and strengthen our infrastructure.”