Benson Bill to Help Cover Cost of Environmental Infrastructure Projects in Mercer & Middlesex Counties Now Law

(TRENTON) – Legislation sponsored by Assemblyman Daniel Benson (D-Mercer/Middlesex) to provide loans to help offset the expense of hundreds of environmental infrastructure projects throughout the state, including several in Mercer and Middlesex counties, has been signed into law.

The law (A-3265) authorizes the New Jersey Environmental Infrastructure Trust to expend up to $1.28 billion and any unexpended balances from previous authorizations to provide loans with an interest rate at or below the prevailing market rate for more than 200 eligible environmental infrastructure projects.

(TRENTON) – Legislation sponsored by Assemblyman Daniel Benson (D-Mercer/Middlesex) to provide loans to help offset the expense of hundreds of environmental infrastructure projects throughout the state, including several in Mercer and Middlesex counties, has been signed into law.

The law (A-3265) authorizes the New Jersey Environmental Infrastructure Trust to expend up to $1.28 billion and any unexpended balances from previous authorizations to provide loans with an interest rate at or below the prevailing market rate for more than 200 eligible environmental infrastructure projects.

“Investing in our infrastructure is a costly necessity,” said Benson. “The loans authorized under this law have moderate interest rates, allowing local governments, public authorities and public water utilities to make repairs needed while not breaking the bank, which is a win-win for taxpayers.”

The law authorizes an estimated $107,210 in loans to environmental infrastructure projects by the Middlesex County Utilities Authority and the Hamilton Township Municipal Utilities Authority. The eligible projects are those included in the “Storm Sandy and State Fiscal Year 2015 Clean Water Project Priority List” and the “Storm Sandy and State Fiscal Year 2015 Drinking Water Project Priority List,” as well as six clean water and two drinking water environmental infrastructure projects that received loans in the past and which now require supplemental loans in order to meet actual costs.

In addition to the use of prior unused allocations, the law also allows the trust to use any loan repayments received to date, and the amounts for capitalized interest, bond issuance expenses and related amounts, to fund the State Fiscal Year 2015 New Jersey Environmental Infrastructure Financing Program.