1. a. The trust shall create and establish a special fund to be known as the “Disaster Relief Emergency Financing Program Fund” for the disaster relief emergency short-term or temporary loan program of the trust to be known as the “Disaster Relief Emergency Financing Program.” There shall be established within the fund two subaccounts: an environmental subaccount that shall be approved to receive environmental funds and finance environmental infrastructure projects; and a transportation subaccount that shall be approved to receive transportation funds and finance transportation projects, aviation projects, and marine projects.

(1) The environmental subaccount of the Disaster Relief Emergency Financing Program Fund shall be credited with:

(a) moneys deposited in the environmental subaccount as administrative fees received by the trust pursuant to subsection o. of section 5 of P.L.1985, c.334 (C. 58:11B-5) that are attributable to the Environmental Infrastructure Financing Program;

(b) moneys received by the trust as repayment of the principal of and the interest or premium on loans made from the environmental subaccount;

(c) any interest earnings received on the moneys in the environmental subaccount;

(d) such other moneys as the Legislature may appropriate to the trust for deposit into the environmental subaccount at any time to finance or refinance emergency short-term or temporary environmental infrastructure project loans pursuant to the Disaster Relief Emergency Financing Program;

(e) the proceeds of any bonds, notes or other obligations that may be issued by the trust from time to time in any principal amounts as in the judgment of the trust shall be necessary or appropriate to provide sufficient funds for deposit into the environmental subaccount to finance or refinance emergency short-term or temporary environmental infrastructure project loans pursuant to the Disaster Relief Emergency Financing Program; and

(f) any other source of available funds that may be deemed by the trust to be necessary or appropriate to provide sufficient funds for deposit into the environmental subaccount to finance or refinance emergency short-term or temporary environmental infrastructure project loans pursuant to the Disaster Relief Emergency Financing Program, including, without limitation, any funds drawn by the trust from (i) a revolving line of credit or other similar financial vehicle, or (ii) a commercial paper financing program, either through a competitive or negotiated process, that may be procured by the trust pursuant to the provisions of section 5 of P.L.1985, c.334 (C. 58:11B-5), for deposit into the environmental subaccount to finance or refinance emergency short-term or temporary environmental infrastructure project loans pursuant to the Disaster Relief Emergency Financing Program.

(2) The transportation subaccount of the Disaster Relief Emergency Financing Program Fund shall be credited with:

(a) moneys deposited in the transportation subaccount as administrative fees received by the trust pursuant to subsection o. of section 5 of P.L.1985, c.334 (C. 58:11B-5) that are attributable to the Transportation Financing Program;

(b) moneys received by the trust as repayment of the principal of and the interest or premium on loans made from the transportation subaccount;

(c) any interest earnings received on the moneys in the transportation subaccount;

(d) such other moneys as the Legislature may appropriate to the trust for deposit into the transportation subaccount at any time to finance or refinance emergency short-term or temporary transportation loans pursuant to the Disaster Relief Emergency Financing Program;

(e) the proceeds of any bonds, notes or other obligations that may be issued by the trust from time to time in any principal amounts as in the judgment of the trust shall be necessary or appropriate to provide sufficient funds for deposit into the transportation subaccount to finance or refinance emergency short-term or temporary transportation loans pursuant to the Disaster Relief Emergency Financing Program; and

(f) any other source of available funds that may be deemed by the trust to be necessary or appropriate to provide sufficient funds for deposit into the transportation subaccount to finance or refinance emergency short-term or temporary transportation loans pursuant to the Disaster Relief Emergency Financing Program, including, without limitation, any funds drawn by the trust from (i) a revolving line of credit or other similar financial vehicle, or (ii) a commercial paper financing program, either through a competitive or negotiated process, that may be procured by the trust pursuant to the provisions of section 5 of P.L.1985, c.334 (C. 58:11B-5).

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.), 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 make emergency short-term or temporary Disaster Relief Emergency Financing Program loans to: (1) local government units to finance or refinance the costs incurred in the environmental planning and design associated with the wastewater treatment system projects, and to finance wastewater treatment system projects, as applicable; (2) local government units, public water utilities, or private persons to finance or refinance the costs incurred in the environmental planning and design of water supply projects, and to finance water supply projects, as applicable; or (3) local government units to finance or refinance the costs incurred in the planning and design associated with transportation projects, aviation projects, and marine projects, and to finance transportation projects, aviation projects, and marine projects, as applicable.

Funds may only be disbursed for emergency short-term or temporary loans upon the determination and certification in writing by the Department of Environmental Protection for environmental infrastructure projects, and by the Department of Transportation for transportation projects, aviation projects, and marine projects, that any such project costs are necessary and appropriate to: repair damages to a wastewater treatment system, water supply facility, transportation system, airport facility, or marine port or terminal facility directly arising from an act of terrorism, seismic activity, weather conditions, or other emergency event that occurred within the three fiscal years after a declaration by the Governor of a state of emergency, provided the wastewater treatment system, water supply facility, transportation system, airport facility, or marine port or terminal facility is located in a county included in the Governor’s state of emergency declaration; or mitigate the risk of future damage to a wastewater treatment system, water supply facility, transportation system, airport facility, or marine port or terminal facility, from an act of terrorism, seismic activity, weather conditions, or other emergency event comparable in scope and severity to the act of terrorism, seismic activity, weather conditions, or other emergency event that occurred within the three fiscal years after a declaration by the Governor of a state of emergency, provided the wastewater treatment system, water supply facility, transportation system, airport facility, or marine port or terminal facility is located in a county included in the Governor’s state of emergency declaration, without regard to any other provisions 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), including, without limitation, the provisions of section 20 of P.L.1985, c.334 (C. 58:11B-20), section 24 of P.L.1997, c.224 (C. 58:11B-20.1), the Interim Environmental Financing Program Project Priority List pursuant to subsection d. of section 9 of P.L.1985, c.334 (C. 58:11B-9), or the Interim Transportation Financing Program Project Priority List pursuant to subsection g. of section 9 of P.L.1985, c.334 (C. 58:11B-9), or any administrative or legislative approvals. A project shall be eligible for emergency short-term or temporary loans pursuant to this section if it is identified on a Disaster Relief Emergency Financing Program Project Priority List no more than three years after the conditions that gave rise to a declaration by the Governor of a state of emergency. Any such short-term or temporary loan pursuant to the Disaster Relief Emergency Financing Program shall mature no later than the last day of the third succeeding fiscal year following the closing date on which the short-term or temporary loan was made by the trust to the project sponsor; except a planning, design, and construction loan shall mature no later than the last day of the fifth succeeding fiscal year following the closing date of the planning, design, and construction loan or the last day of the third succeeding fiscal year following the date of construction certification following the closing date of the planning, design, and construction loan, whichever is sooner, provided that, in either case, project planning or engineering design activities shall not exceed two years from the closing date of the planning, design, and construction loan. With respect to any short-term or temporary loan or planning, design, and construction loan made by the trust pursuant to this subsection, the trust may authorize one short-term supplemental loan for residual project expenses thereof upon receipt by the trust from the Department of Environmental Protection or the Department of Transportation, as appropriate, of a certification that states that the time required by the project sponsor to complete construction of the project exceeds the maximum maturity date of the short-term or temporary loan or planning, design, and construction loan. Any such short-term supplemental loan shall not exceed in duration the last day of the third succeeding fiscal year following the loan closing of the short-term supplemental loan.

c. The trust may make short-term or temporary loans pursuant to the Disaster Relief Emergency Financing Program to one or more of the project sponsors, for the respective projects thereof, provided that the project is identified on the Environmental Disaster Relief Emergency Financing Program project priority list to be known as the “Environmental Disaster Relief Emergency Financing Program Project Priority List” no later than three years after the date of the declaration by the Governor of a state of emergency in the form provided to the Legislature by the Commissioner of Environmental Protection, or the Transportation Disaster Relief Emergency Financing Program project priority list to be known as the “Transportation Disaster Relief Emergency Financing Program Project Priority List” no later than three years after the date of the declaration by the Governor of a state of emergency in the form provided to the Legislature by the Commissioner of the Department of Transportation. However, a project may be eligible for funding pursuant to this section more than three years after the date of the declaration by the Governor of a state of emergency if the project was first included on an Environmental Disaster Relief Emergency Financing Program Project Priority List or a Transportation Disaster Relief Emergency Financing Program Project Priority List within three years after the date of the declaration by the Governor of a state of emergency and continues to be identified on the Environmental Disaster Relief Emergency Financing Program Project Priority List or the Transportation Disaster Relief Emergency Financing Program Project Priority List in the fiscal year in which the funding is issued. The Environmental Disaster Relief Emergency Financing Program Project Priority List and the Transportation Disaster Relief Emergency Financing Program Project Priority List shall be submitted to the Legislature pursuant to section 2 of P.L.1991, c.164 (C. 52:14-19.1) at least once in each fiscal year. A project or a project sponsor thereof not identified on the Environmental Disaster Relief Emergency Financing Program Project Priority List or Transportation Disaster Relief Emergency Financing Program Project Priority List submitted to the Legislature shall not be eligible for a short-term or temporary loan from the Disaster Relief Emergency Financing Program Fund.

d. The trust shall submit a report on the Disaster Emergency Financing Program to the Legislature pursuant to section 2 of P.L.1991, c.164 (C. 52:14-19.1) on or before January 15 of each year. The Secretary of the Senate and the Clerk of the General Assembly shall cause the date of submission to be entered upon the Senate Journal and the Minutes of the General Assembly, respectively. The report shall identify the environmental infrastructure projects, transportation projects, aviation projects, and marine projects financed during the prior fiscal year through the program including a project description, the amount of the Disaster Relief Emergency Financing Program loan provided for each project, and the duration of each loan.

L.2013, c.93, s.1; amended 2015, c.106, s.6; 2016, c.30, s.2; 2016, c.56, s.18; 2017, c.144, s.4; 2019, c.194, s.2; 2019, c.516, s.3; 2021, c.74, s.5.