(27TH LEGISLATIVE DISTRICT) – Legislation sponsored by Assemblywoman Mila M. Jasey allowing the state to provide supplemental funding for clean water and drinking water projects that have already been approved by the state was signed into law Thursday.
“Time and unforeseen circumstances can cause the expense for complex projects to exceed projections,” said Jasey. “By allowing additional funding for clean water and drinking water projects that have already been approved, we will ensure these vital (new world) projects are successfully completed and meet their purpose: to keep our water and residents safe.”
The law (A-4056) directs the New Jersey Environmental Infrastructure Trust, which provides low-cost financing for the construction of environmental infrastructure projects, to establish a special “Supplemental Loan Fund” for a short-term or temporary supplemental loan financing or refinancing program to be known as the “Supplemental Financing Program.”
The law allows the trust to make supplemental short-term or temporary loans to local government units, public water utilities or private persons to pay for eligible costs incurred in excess of the previous loan amount, for activities specifically approved in the previous project loan that are not included on the corresponding project priority list for the ensuing fiscal year or otherwise eligible for approval under the New Jersey Environmental Trust Financing Program.
Under the law, the Supplemental Financing Program will function without regard to any other provision of the trust’s enabling laws, or any other administrative or legislative approvals.
The law also modifies the Onsite Wastewater Disposal Financing Program to allow the issuance of loans to local government units on behalf of private persons.
The law, in conjunction with companion legislation (A-4055 and A-4057), provides for the financing of clean water and drinking water projects on the priority lists developed by the state Department of Environmental Protection for state fiscal year 2012.