New Jersey Statutes 58:11B-10.4. State Transportation Infrastructure Bank Fund
Terms Used In New Jersey Statutes 58:11B-10.4
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
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to the federal infrastructure bank program provided for in section 350 of Pub.L.104-59 and Pub.L.102-240 as amended or superseded,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.