58:11B-10.4 State Transportation Infrastructure Bank Fund.
34. a. There is established in the New Jersey Infrastructure Bank a special fund to be known as the State Transportation Infrastructure Bank Fund. The monies in the fund shall only be used for transportation projects, aviation projects, and marine projects funded by the New Jersey Transportation Infrastructure Financing Program. There shall be established within the fund, four subaccounts: (1) a federally-funded transportation project subaccount that shall be approved to receive federal funds and related State matching funds pursuant to the federal infrastructure bank program provided for in section 350 of Pub.L.104-59 and Pub.L.102-240 as amended or superseded, and (2) a State-funded transportation project subaccount that shall be approved to receive only State funds in excess of those required to be deposited in the federally-funded transportation project subaccount; (3) an aviation project subaccount that shall be approved to receive funds related to the financing of aviation projects; and (4) a marine project subaccount that shall be approved to receive funds related to the financing of marine projects. The State-funded transportation project subaccount shall be ineligible to receive any federal funds. However, funds in the State-funded transportation project subaccount shall be eligible for transfer into the federally-funded transportation project subaccount in the discretion of the trust for the purpose of related match funding of the federally-funded transportation project subaccount. The amounts in the aviation project subaccount shall be available for application by the trust for loans to local government units for the cost of aviation projects, and for other corporate purposes of the trust related to aviation projects. All moneys placed into the aviation project subaccount shall be held separate from other funds of the State Transportation Infrastructure Bank Fund, and no aviation project subaccount funds shall be combined or comingled with any funds that finance transportation projects or marine projects. The amounts in the marine project subaccount shall be available for application by the trust for loans to local government units for the cost of marine projects, and for other corporate purposes of the trust related to marine projects. All moneys placed into the marine project subaccount shall be held separate from other funds of the State Transportation Infrastructure Bank Fund, and no marine subaccount funds shall be combined or comingled with any funds that finance transportation projects or aviation projects.
The State Transportation Infrastructure Bank Fund shall be credited with:
(1) (a) State and federal funds appropriated to the federally-funded transportation project subaccount of the State Transportation Infrastructure Bank Fund pursuant to the federal infrastructure bank program provided for in section 350 of Pub.L.104-59 and Pub.L.102-240 as amended or superseded,
(b) State funds in excess of any minimum State match required under the federal infrastructure bank program, appropriated to the State-funded transportation project subaccount of the State Transportation Infrastructure Bank Fund,
(c) State and federal funds appropriated to the aviation project subaccount of the State Transportation Infrastructure Bank funds, and
(d) State and federal funds appropriated to the marine subaccount of the State Transportation Infrastructure Bank Fund;
(2) monetary donations made available to the State to support the State Transportation Infrastructure Bank Fund;
(3) moneys received as repayment of the principal of and the interest or premium on loans made from the State Transportation Infrastructure Bank Fund;
(4) any interest earnings received on the moneys in the State Transportation Infrastructure Bank Fund and the four subaccounts of the fund; and
(5) such other moneys as the Legislature may appropriate to the trust for deposit into the State Transportation Infrastructure Bank Fund at any time to finance or refinance transportation project, aviation project, or marine project loans issued from funds in the State Transportation Infrastructure Bank Fund.
b. Notwithstanding any provision of P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.) or sections 22 and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4) to the contrary, all moneys placed into the State Transportation Infrastructure Bank Fund shall be held separate from other funds of the trust, and no transportation funds, aviation funds, or marine funds shall be combined or comingled with any funds that finance (1) wastewater treatment system projects, (2) water supply projects, or (3) other environmental infrastructure projects, that are not transportation projects, aviation projects, or marine projects.
c. All moneys placed into the State-funded transportation project subaccount of the State Transportation Infrastructure Bank Fund shall be held separate from any federal funds provided for the federally-funded transportation project subaccount of the State Transportation Infrastructure Bank Fund.
d. Notwithstanding any provision of P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.) or sections 22 and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4) to the contrary, the trust may provide loans or other assistance to one or more local government units or consortia thereof for the purpose of financing all or a portion of the costs incurred for the planning, acquisition, engineering, construction, reconstruction, repair, and rehabilitation of a transportation project, aviation project, or marine project, provided that monies from the federally-funded transportation project subaccount are limited to the purposes permitted under the federal infrastructure bank program.
e. In addition to the financing described in subsection d. of this section, a portion, not to exceed 10 percent, of the assistance provided from the State-funded transportation project subaccount of the State Transportation Infrastructure Bank Fund may be issued in the form of grants.
f. Loans or other assistance granted pursuant to this section shall be considered an investment or reinvestment by the State Transportation Infrastructure Bank Fund, provided that monies from the federally-funded transportation project subaccount are limited to the purposes permitted under the federal infrastructure bank program, and not a loan within the meaning of section 12 of P.L.1995, c.108 (C.27:1B-21.5).
g. The refinancing of debt relating to an existing transportation project, aviation project, or marine project shall not be an eligible form of assistance from the State Transportation Infrastructure Bank Fund, and a loan shall not be granted unless the applicant can demonstrate to the satisfaction of the trust that the assistance being sought is not for the refinancing of debt relating to an existing transportation project, aviation project, or marine project.
h. Any project, the use or purpose of which is private and for which no public benefit is created, shall not be eligible for financial assistance from the trust.
i. The trust shall consider the following factors when setting an interest rate on a loan provided pursuant to this section: (1) the current market rates for comparable obligations; (2) the nature of the project; (3) the financing structure of the project; (4) the creditworthiness of the borrower; and (5) the term of the proposed obligation.
j. (Deleted by amendment, P.L.2019, c.194).
k. In addition to the accounts and subaccounts established pursuant to this section, the trust may establish or direct the establishment of federal and State accounts or subaccounts as may be necessary to meet any applicable federal law requirements or desirable for the efficient administration of the trust.
L.2016, c.56, s.34; amended 2017, c.144, s.7; 2018, c.75, s.4; 2019, c.194, s.4; 2021, c.74, s.7.