3. a. (1) There is established in the New Jersey Infrastructure Bank a special, nonlapsing fund to be known as the “Community Hazard Assistance Mitigation Program Revolving Loan Fund.” Monies in the fund shall be held separately and be available in perpetuity solely for the purpose of funding hazard mitigation and resilience projects undertaken by the State, local government units, and nonprofit organizations in accordance with the provisions of the STORM Act and sections 1 through 8 of P.L.2023, c.63 (C. 58:11B-20.3 et al.).

(2) There shall be established within the fund three subaccounts:

(a) a federally-funded hazard mitigation and resilience project subaccount approved to receive federal funds, repayments of loans, and interest earned on amounts in the subaccount;

(b) a State-funded hazard mitigation and resilience project subaccount approved to receive State matching funds, and funds in excess of those required to be deposited in the federally-funded hazard mitigation and resilience project subaccount; and

(c) a Community Hazard Assistance Mitigation Program Loan Origination Fee subaccount established pursuant to section 4 of P.L.2023, c.63 (C. 58:11B-10.7).

b. The fund shall be credited with:

(1) any federal funds apportioned and allocated to the State pursuant to the STORM Act;

(2) proceeds from bonds, notes, or any other credit instrument issued by the bank pursuant to sections 1 through 8 of P.L.2023, c.63 (C. 58:11B-20.3 et al.);

(3) any other moneys appropriated by the Legislature or otherwise made available to the fund for the purposes of sections 1 through 8 of P.L.2023, c.63 (C. 58:11B-20.3 et al.);

(4) moneys obtained from the payment of interest assessed on, and the repayment of principal of, any loans made pursuant to sections 1 through 8 of P.L.2023, c.63 (C. 58:11B-20.3 et al.);

(5) any interest earnings or other investment income earned or received on the moneys in the fund; and

(6) loan origination fees paid and received pursuant to section 4 of P.L.2023, c.63 (C. 58:11B-10.7).

c. All money appropriated or otherwise made available to the fund shall be dedicated for the purposes of the fund. Pending use, moneys in the fund may be invested and reinvested in the same manner as other moneys of the bank in the manner provided by law. All earnings received from the investment or deposit of such moneys shall be paid into and become a part of the fund and be available for use pursuant to sections 1 through 8 of P.L.2023, c.63 (C. 58:11B-20.3 et al.).

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, all moneys in the fund shall be held separate from other funds of the bank, and shall not be combined or comingled with any funds that finance wastewater treatment system projects, water supply projects, other environmental infrastructure projects, or transportation projects. The amounts of federal capitalization grants appropriated pursuant to the STORM Act and associated State matching funds, the repayments of loans, and the interest earned on amounts in the fund shall be accounted for separately from other amounts in the fund.

e. The State Office of Emergency Management, in conjunction with the bank, shall apply to the Federal Emergency Management Agency when funding is made available to states under the provisions of the STORM Act and the State Office of Emergency Management and the bank shall have the authority to enter into any agreement necessary to capitalize the fund.

f. The bank shall establish terms for providing assistance from the fund, including below-market interest rates, deferred payment schedules, and other provisions that will enable these funds to be used effectively and in accordance with the provisions of the STORM Act, any agreement entered into with the Federal Emergency Management Agency, and sections 1 through 8 of P.L.2023, c.63 (C. 58:11B-20.3 et al.).

g. The bank shall include an itemized account of expenditures from the fund in the financial plan required pursuant to section 7 of P.L.2023, c.63 (C. 58:11B-22.5).

L.2023, c.63, s.3.