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New Jersey Infrastructure Bank
Investor Relations
Executive Director David E. Zimmer, CFA
About
Learn about New Jersey Infrastructure Bank, including Featured News, Key Projects, and Leadership Team.
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- Bond Series Outstanding
- 39
- Bond Ratings
- Aaa/AAA/AAA
- Debt Obligations Outstanding
- $967 million
About New Jersey Infrastructure Bank
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.
Featured News
May 7, 2020
News
NJ Water Bank Offers Principal Forgiveness for CSO Abatement Projects
The management of storm water runoff has become a priority for many communities in New Jersey in recent years due to the increase of and impact from extreme weather events. Some of the most complicated problems with storm water management occur in Combined Sewer Systems (CSS). In the late 1800s and early 1900s many cities built CSSs, which at the time provided a contemporary solution for conveying sewage and stormwater efficiently from urban areas. In optimal conditions, the stormwater and sewage were combined and conveyed to a sewage treatment plant. But today, with population growth and the concentrated development in urban areas, the piping system of a CSS can become overwhelmed by volume. In such instances, excess flows are diverted (stormwater AND sewage) into nearby waterways through combined sewer overflow (CSO) outfalls. This excess combined sewage can also flood and back up into neighborhoods, which can be a threat to human health. The abatement of CSOs is an expensive and complicated problem to address since urban areas where CSSs exist are often fully developed and because control alternatives, such as sewer separation, can result in significant disturbances. In addition, due to the inter-connected nature of sewer systems among neighboring communities, a downstream region’s strategy for addressing its CSOs is directly impacted by the amount of flows from their upstream neighbors which impacts the pipe capacity of the CSS, thereby increasing the likelihood of CSOs.
In response to the Clean Water Act, the National CSO Policy, and the New Jersey Pollutant Discharge Elimination System (NJPDES) Regulations, the NJ Department of Environmental Protection (NJDEP) issued 25 individu al NJPDES permits to require the submission of a Long-Term Control Plan (LTCP) to reduce or eliminate CSOs. These permits were issued to the permittee who owns/operates the combined sewer system as well as the permittee who owns/operates the receiving wastewater treatment plant. These permits affect 21 municipalities in New Jersey with CSO outfalls. The permit requirements stress the development of regional strategies to reduce the amount of storm water that flows into CSSs and requires the municipality and sewage treatment plant to work cooperatively. Public participation and engagement are also requirements of the permit throughout the LTCP process.
Conventional stormwater management techniques include pipes, sewers, expansion of the sewage treatment plant capacity and other structures that are often referred to as “gray infrastructure.” One of the more common practices is known as off-line storage, where combined effluent is diverted to a tank, a basin, or a deep tunnel until either the rain event has subsided, or a wastewater treatment plant has the capacity to treat the discharge.
Green infrastructure can also be utilized to abate CSOs. Green infrastructure projects simulate natural hydrologic methods to reduce the quantity and rate of stormwater flow to the CSS. Green infrastructure strategies can include rain gardens, bioswales, porous pavement, green roofs, infiltration planters, trees, and rainwater harvesting rain gardens. These small-scale green infrastructure strategies help to keep stormwater out of the CSS through infiltration, evapotranspiration, and rainwater harvesting. The capture and reuse of rainwater preserves the resource and keeps it out of the CSS during critical storm events. Green infrastructure is also compatible with the principals of Low Impact Development, a land development policy that reproduces natural methods of managing stormwater as close to its source as possible.
The 21 New Jersey municipalities with CSSs are encouraged to include green infrastructure projects in their LTCPs because these measures can contribute to CSO control while providing environmental, social, and economic benefits. In addition to alleviating flooding issues, green infrastructure can improve water and air quality, reduce energy use and urban heat island effects, create green jobs and improve quality of life. Larger scale green infrastructure strategies can also increase recreational and economic opportunities, improve wildlife habitat and biodiversity, and help mitigate flooding. Redevelopment opportunities become more promising as well when infrastructure can handle the population intended to use it.
As community leaders become aware of additional available funding sources, such as the NJ Water Bank, a financing program run jointly by the NJDEP and the NJ I-Bank, they can overcome some of the obstacles that have been impeding critical infrastructure repair. The NJ Water Bank is a vanguard lending institution in the State, helping communities take advantage of available funds with low-interest rate loans and principal forgiveness loans. The Water Bank has dedicated $25 million in Principal Forgiveness Loans for Combined Sewer Overflow Abatement projects utilizing gray and green practices. When NJ entities are willing to invest in their water infrastructure, the benefits are numerous. By doing so, these entities contribute to the stimulation of the economy, the reduction of environmental and health impacts, and the enhancement of communities with neighborhood beautification.
May 7, 2020
News
NJ Water Bank Offers Principal Forgiveness for Lead Service Line Replacement Projects
Lead is not normally found in drinking water at the source. Typically, lead gets into drinking water from the service lines, plumbing and fixtures that contain lead. As a result of corrosion, lead and other metals from the pipes slowly dissolve into the water. Many factors affect the amount of lead that leaches into the water, including lead content of pipes, fixtures, and solder, along with water temperature, pH and hardness. Lead is associated with adverse health impacts even at low levels, particularly in infants and children.
According to an American Water Works Association survey from 2018, New Jersey has an estimated 350,000 Lead Service Lines (LSLs). To address the risk from lead in water, Jersey Water Works, with support from The Fund for New Jersey, convened a 30-member task force of representatives from local, state and federal governments; water utilities; academia; environmental, smart growth and community advocates and public health organizations. Beginning in December 2018, the task force worked to determine practical, cost-effective, equitable, and permanent solutions to ensure that people across the state can access drinking water free from the risks of lead.
In October 2019, New Jersey’s Governor Phillip Murphy announced a statewide plan to address lead exposure from paint, water, and soil that included a goal of fully replacing the state’s LSLs within ten years, the time estimated to find and eliminate all of New Jersey’s LSLs. A week earlier, Congress enacted a law, proposed by Senator Booker, enabling New Jersey and other states to shift capital from the Clean Water State Revolving Fund (SRF) to the Drinking Water SRF, supplying critical funding.
The plan implemented key recommendations put forward by the task force, and includes the proposal of a $500 million bond to support LSL replacement; remediation of lead-based paint; enabling utilities to use rates paid by customers to support LSL replacement on private property; and improving the state’s inventory of LSLs.
The NJ I-Bank is doing its part by offering loans at 50% principal forgiveness and 50% I-Bank market rate funding.
April 16, 2020
News
NJIB Bond Sale
NEW JERSEY INFRASTRUCTURE BANK ANNOUNCES DETAILS OF ITS UPCOMING GREEN BOND SALE
The New Jersey Infrastructure Bank announced the details of its upcoming bond sale. Subject to market conditions, the Infrastructure Bank plans to sell $34.655 million of tax-exempt Green Bonds by competitive sale on Thursday, April 23, 2020. The bonds will be sold via competitive sale electronically via the PARITY Electronic Bid Submission System of i-Deal LLC.
This is the I-Bank’s 15th series of Green Bonds issued to fund environmental infrastructure projects protecting the State’s water resources. Proceeds of the Aaa/AAA/AAA rated Bonds along with an additional $143 million funding from the State totaling consisting of approximately $129.3 million in interest-free loans and $13.7 million of principal forgiveness will fund 36 projects for 25 borrowers. The projects address needed environmental improvements to both Drinking Water and Clean Water in New Jersey.
A Preliminary Official Statement and Notice of Sale have been released and are available on this site.
Key Projects
Aberdeen Township Sanitary Sewer & Pump Station Upgrades
NJ I-Bank Project of the Week: Aberdeen Township Sanitary Sewer & Pump Station Upgrades.
Community Receives $6,574,108 in Water Bank Loans. Estimated Savings to ratepayers of $1,525,818.
Aberdeen Township recently completed Sanitary Sewer and Pump Station Upgrades that are being funded with approximately $6.6 million 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 $1.5 million over the 20-year term of the loan or 23% of the total project cost. In addition, this project created an estimated 78 direct construction jobs.
The Woodfield neighborhood within Aberdeen Township is the one full neighborhood that is lacking sewer service. Woodfield area resident utilize individual septic systems, systems that are old and have been failing in recent years. The failure of these systems has affected home values, resulted in costly repairs, and become a substantial health concern to the residents impacting their quality of life. In addition, the inadequate and impaired percolation of the septic discharge is negatively impacting stormwater quality.
The project includes the replacement of the septic systems in the Woodfield neighborhood with a new sanitary sewage collection system. Components of the project include gravity sanitary sewers, domestic sewer laterals, a pump station, and a force main. In addition, the project will include upgrades to the storm water system in the neighborhood.
According to Aberdeen’s Mayor Fred Tagliarini, “We are committed to investing in our utility infrastructure. The elimination of these failing septic systems will benefit 81 residents within the Woodfield area of our Township. This project, financed through the NJ Water Bank, is a significant example of our dedication to improve health conditions for our community, improve the groundwater quality and overall quality of life, and minimize the cost to our residents in doing such.”
This project was designed by CME Associates and Constructed by Lucas Construction Group, Inc.
Pictures courtesy of CME Associates
Elizabeth City CSO Abatement Green Infrastructure
The City of Elizabeth recently completed a Combined Sewer Overflow (CSO) Project that is being funded with approximately $6 million 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 principal forgiveness totaling $1,674,985 as it improved conditions for combined sewer overflows. Including interest cost savings, total savings for this project is estimated to be $3,550,965 over the 30-year term of the loan or 56% of the total project cost. In addition, this project created an estimated 74 direct construction jobs.
The City of Elizabeth is one of the 21 municipalities in New Jersey with a combined sewer system (CSS). Under optimal conditions, the stormwater and sewage are combined and conveyed to a sewage treatment plant. But when the system is overwhelmed by extra volume from excessive rain events, it diverts all flows (stormwater AND sewage) into nearby waterways, and sometimes backs it up into neighborhoods, threatening human health and the environment. CSSs are expensive and complicated problems to address because they connect to each other from one municipality to another.
In order to address the CSO issue, Elizabeth City installed additional inlets at the intersection of Trumbull and Sixth Street several feet off the curb allowing the existing drainage system to function during smaller storms. When the capacity of the existing catch basins is exceeded, excess stormwater is piped to a watertight 1-million-gallon concrete vault to store the flow. The entire structure is wrapped in an impermeable pond liner beneath the property acquired for this project and equipped with a pump station. Sensors installed in the combined sewer system activate the pumps after wet weather events triggering the tank to convey the discharge into the sewer system when it has sufficient conveyance capacity for treatment at the Joint Meeting of Essex and Union Counties Wastewater Treatment Plant.
A rain garden was also installed as a test case for green infrastructure as well as the creation of a plaza for the enjoyment of City residents. By addressing issues with the CSS, the City was able to limit roadway flooding and maintain passable travel lanes.
According to J. Christian Bollwage, Mayor of Elizabeth City, “This project is an example of our commitment to improve our infrastructure strategically and improve the quality of life for our residents. We have provided CSO Abatement, improved traffic flow and created recreational space all financed with low-interest rates and principal forgiveness, saving our ratepayers money over time.”
The project was designed by Mott MacDonald, headquartered in Iselin, NJ and constructed by PM Construction Corporation, based out of Hillside, NJ.
Pictures courtesy of the Elizabeth City Engineering Department.
Middlesex County Utilities Authority Restoration and Flood Mitigation
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
Published 10/15/2019
Bellmawr Borough Water Main, Hydrant & Valve Replacement
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