7. a. On or before May 15 of each year, the bank shall submit to the Legislature pursuant to section 2 of P.L.1991, c.164 (C. 52:14-19.1), a financial plan designed to implement the financing of hazard mitigation and resilience projects on the Community Hazard Mitigation Assistance Program Project Eligibility List approved pursuant to section 6 of P.L.2023, c.63 (C. 58:11B-20.5) or as otherwise approved by the Legislature. The financial plan shall list the bonds, notes, or other obligations of the bank which the bank intends to issue, including the amounts thereof and the terms and conditions thereof, a list of loans to be made, including the terms and conditions thereof and the anticipated rate of interest per annum and repayment schedule therefor, and a list of loan guarantees or contracts to guarantee the payment of all or a portion of the principal and interest on the bonds, notes, or other obligations.

The financial plan shall also set forth a complete operating and financial statement covering the proposed operations of the Community Hazard Mitigation Assistance Program during the forthcoming fiscal year, including amounts of income from all sources, and the uniform schedule of fees and charges established by the bank, and the amounts to be derived therefrom. The financial plan shall also summarize the status of each hazard mitigation and resilience project for which loans or guarantees have been made by the bank, and shall describe major impediments to the accomplishment of the planned hazard mitigation and resilience projects.

b. On or before June 30 of each year, the Legislature may reject the financial plan through the adoption by both houses of a concurrent resolution. If the Legislature takes no action on or before June 30, the financial plan shall be deemed approved.

c. The financial plan required by this section shall not be eligible for inclusion in a consolidated financial plan as established in section 27 of P.L.1997, c.224 (C. 58:11B-22.2).

L.2023, c.63, s.7.