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Learn about New Jersey Infrastructure Bank, including Featured News, Key Projects, and Leadership Team.
This Investor Relations site is intended to provide current and potential investors broad information about the financing programs and related public bond issues administered by the New Jersey Infrastructure Bank (I-Bank). We welcome your interest in our programs. Please direct any specific questions or feedback to the contact information located at the top, right corner of this site.
The I-Bank is an independent State Financing Authority responsible for providing and administering low-interest rate loans to qualified municipalities, counties, regional authorities and water purveyors in New Jersey (NJ) for the purpose of financing local transportation and water-quality related infrastructure projects under two separate financing Programs: the NJ Transportation Bank and the NJ Water Bank. The I-Bank partners with the NJ Department of Environmental Protection (NJDEP) to administer the NJ Water Bank and partners with the NJ Department of Transportation (NJDOT) to administer the NJ Transportation Bank. The I-Bank’s mission is to finance projects that enhance ground and surface water resources, ensure the safety of drinking water supplies, protect the public health, reduce roadway congestion, improve highway safety and contribute to New Jersey’s role as a critical channel for commerce. The benefits of investing in infrastructure include stimulating the economy and reducing environmental and health impacts, while enhancing the quality of life within the participating communities.
The new website is geared toward attracting more investors for NJIB offerings while also continuing its efforts to enhance transparency and disclosure. The site includes more than 3,000 pages of data and documents on the I-Bank's financing program and outstanding portfolio. Read More
The rating is based on the large and diverse pool of 310 borrowers in the program, the overall credit quality of the borrower pool, substantial overcollateralization of loans-to-bonds
(including bond-financed I-Bank Loans and State-financed (i.e., non-bond-financed) Fund Loans) which results in a 53.5% program default tolerance (i.e., the highest percentage of pledged scheduled loan payments that can default through the life of the bonds without impairing full and timely payment of bond debt service), strong legal structure and proactive management.
The Middlesex County Utilities Authority (MCUA) recently completed wastewater treatment plant improvements funded with approximately $16.5 million in long-term loans from the NJ Water Bank, a joint low-rate funding program of the DEP and the NJ I-Bank. The original short-term disaster relief SAIL loan from the Water Bank totaled $33.6 million. MCUA received approximately $17.1 million in grants from FEMA decreasing the Authority's net project costs.Total savings for this project are estimated to be $3,304,771 over the 20-year term of the loan or 20% of the total project cost. In addition, this project created an estimated 197 direct construction jobs.
The MCUA made several improvements to its Edison Pump Station which was damaged by the storm surge during Superstorm Sandy. The project involved flood-proofing the generator to the pump and switchgear buildings and the tunnel access shaft located at the site. A flood wall was constructed around the site perimeter, with access provided by two rolling steel doors. An auxiliary pumping station was constructed with isolation gates and a capacity of 65 MGD that will operate during storm events. A storm water pumping station with a capacity of 2,000 GPM was installed inside the floodwall to remove rain water and seepage. Various ancillary repairs and upgrades were completed to the HVAC electrical wiring, phone, intercom and fire alarm systems.
According to Ronald G. Rios, Middlesex County Freeholder Director, "This project's restoration and mitigation measures will significantly reduce the potential for adverse impacts following similar storm events. Utilizing financing from the Water Bank for this project is an example of the MCUA's commitment to maintain its infrastructure and do so at the lowest possible cost to its ratepayers."
The project was designed by Mott MacDonald Engineering. Construction Management was performed by Arcadis Design and Consultancy. The project was constructed by Walsh Construction Company.
Picture courtesy of Arcadis Design & Consultancy
The Borough of Bellmawr recently completed drinking water improvements that are being funded with approximately $905,345 in loans from the NJ Water Bank, a joint low-rate funding program of the DEP and the NJ I-Bank. This project qualified for a NANO loan, which provided 50% principal forgiveness totaling $452,673 as the improvements serve a population of less than 10,000. Including interest cost savings, total savings for this project is estimated to be $754,201 over the 30-year term of the loan or 83% of the total project costs. In addition, this project created an estimated 11 direct construction jobs.
The project involved various improvements to the Borough's drinking water infrastructure including replacement of approximately 23,000 linear feet of cast iron water mains and valves throughout the Borough bringing the system into compliance with water quality requirements.
"We are committed to clean water and reliable service, dictating critical infrastructure improvements," said Chuck Sauter, Mayor of Bellmawr Borough. "In addition to enhancing the integrity of our service, these upgrades contribute to the economic vitality of the Borough. By taking advantage of the NJ Water Bank's financing, we saved a whopping 83% of total project costs and passed those savings on to our rate payers while improving their water service."
This project was designed by Remington Vernick Engineers and constructed by RTW Construction and Booth Mechanical, Inc.
Pictures courtesy of Arcadis Design & Consultancy.
Published October 1, 2019
Gloucester City recently completed CSO Sewer improvements that are being funded with approximately $889,164 in loans from the NJ Water Bank, a joint low-rate funding program of the DEP and the NJ I-Bank. Total savings for this project are estimated to be $182,062 over the 20-year term of the loan or 20% of the total project cost. In addition, this project created an estimated 10 direct construction jobs.
The original combined sewer mains were over 100-years old and had numerous collapsed sections in residential areas. The project addressed some of the more deteriorated mains. The City removed approximately 1,600 linear feet of a deteriorated 15-inch diameter brick gravity combined sewer main on Brown and Paul Streets and replaced it with a similar diameter gravity PVC combined sewer main and associated appurtenances.
Daniel Spencer, Mayor of Gloucester City emphasized the importance of the project: "This project is an example of our commitment to maintaining our infrastructure. By utilizing the Water Bank, we achieved a cost-effective approach to improve water quality and public health and safety in our community."
This project was designed by Remington & Vernick Engineers and constructed by Perna Finnegan, Inc.
Pictures courtesy of the City of Gloucester.
The Borough of Somerville recently completed clean water improvements that are being partially funded with approximately $3.5 million in loans from the NJ Water Bank, a joint low-rate funding program of the DEP and the NJ I-Bank. 75% of the engineering and building costs were funded by a grant from DEP's Hazardous Discharge and Site Remediation Fund. The remainder of allowable project costs were financed by a loan from the NJ Water Bank. Total savings from the Water Bank portion of the project are estimated to be $505,976 over the 14-year term of the loan or 15% of the total project cost. In addition, this project created an estimated 40 direct construction jobs.
The Borough rehabilitated and restored ten acres of a stream corridor and existing wetland area within a former 47.4-acre landfill. The Borough constructed a stream lining system known as the "Green Seam" wetland corridor in the area of an unnamed tributary that forms the natural stream corridor between the two former landfill lobes. The restoration area is located above a moderately wooded area in Somerville identified as the South Triangle. The final cover of the Green Seam Corridor prevents polluted runoff and leachate from entering the stream and will become part of a contiguous cap that will cover the entire landfill. The Borough has also proposed a plan to set aside approximately 41 acres for rehabilitation as passive stormwater mitigation and nonpoint source pollution management.
Dennis Sullivan, Mayor of Somerville Borough extolled the environmental benefits of the project: "This remediation will prevent contaminated water from entering the Raritan River and the restoration of adjacent wetlands will provide a public resource for recreation and educational activities. We are gratified to provide so many benefits at such cost-effective prices."
This project was designed by Geosyntec Consultants and constructed by Tomco Construction, Inc.
Picture courtesy of Somerville Borough