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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 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.
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.
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.
Passaic Valley Sewerage Commission Sodium Hypochlorite Storage Replacement.
Commission receives $2,928,050 in Water Bank loans. Estimated savings to ratepayers of $507,058.
Passaic Valley Sewerage Commission (PVSC) recently completed clean water improvements that are being financed with approximately $2.9 million in loans from the NJ Water Bank, a joint low-rate funding program of the DEP and the NJ Water Bank. Total savings for this project are estimated to be $507,058 over the 20-year term of the loan or 17% of the total project cost. In addition, this project created an estimated 35 direct construction jobs.
This project is one component of PVSC’s plant wide improvements to increase its wet weather treatment capacity to reduce the volume of CSO discharges. A dechlorination facility was built at the PVSC’s secondary outfall and they are currently constructing a secondary bypass treatment facility to allow for treatment of up to 720 MGD during wet weather events. This project will replace the existing Sodium Hypochlorite Storage and Feed Facility tanks, make improvements to the chemical feed system and, if necessary, contain the receiving area. The improvements were designed to accommodate disinfection for increased wet weather flows.
Hector Lora, Mayor of Passaic City, one of the Authority’s major customers, stated “This project is an example of the PVSC’s dedication to protecting the environment by reducing the volume of CSO discharges. The combination of these efforts and working with the NJ Water Bank significantly reduces treatment costs and saves our ratepayers money over time.”
This project was designed by Jacobs Engineers and constructed by Coppola Services, Inc.
Picture courtesy of PVSC
Borough receives $383,513 in Water Bank loans. Estimated savings to ratepayers of $62,204.
Bradley Beach Borough recently completed storm water improvements that are being funded with approximately $383,513 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 $62,204 over the 17-year term of the loan or 16% of the total project cost. In addition, this project created an estimated 5 direct construction jobs.
The Borough is currently operating an aged sewer collection and stormwater system originally constructed in the early 1900’s. The project addressed approximately 15% of the sanitary sewer system and 90% of the stormwater infrastructure system. Storm drains were replaced with 18-inch diameter reinforced concrete pipe. Approximately 30 drainage inlets and 14 manholes were also replaced.
According to Gary Engelstad, Mayor of Bradley Beach, “This project is an example of our commitment to improve our aging water infrastructure. We have improved energy efficiency and wastewater management which reduced risks to public health and the environment. Thanks to the NJ Water Bank Program, this project accomplished all that at an affordable price that will save our ratepayers money over time.”
This project was designed by Leon Avakian and constructed by Precise Construction.
Picture courtesy of Leon Avakian.
Authority receives $2.9 million in Water Bank loans. Estimated savings to ratepayers of $867,146.
Lower Township Municipal Utilities Authority (LTMUA) recently completed drinking water improvements that are being funded with approximately $2.9 million in loans from the NJ Water Bank, a joint low-rate financing program of the New Jersey Department of Environmental Protection (NJDEP) and the NJ I-Bank. Savings for this project are estimated to be $867,146 over the 30-year term of the loan or 29% of the total project cost. In addition, this project created an estimated 35 direct construction jobs.
The project included the installation of approximately 4 ¼ miles of 8-inch diameter PVC pipe water mains, 0.4 miles of 12-inch diameter PVC water mains, 405 water service laterals and water meters, and 36 new fire hydrants. The project was constructed in existing paved roadways and rights-of-way by open cut excavation.
The LTMUA project replaced a number of existing private residential wells for potable water service. The Cape May County Health Department found a variety of volatile organic compound (VOC) contaminants in the groundwater supply that pose a potential health risk to residents. VOCs are usually introduced to the environment as industrial by-products. In addition to VOCs, saltwater intrusion was affecting the groundwater supply and there were numerous properties that registered contamination above the maximum contaminant level established by the NJDEP. This project extended safe drinking water service to the affected households.
“As a community, we are committed to the health of all of all our citizens,” said Frank Sippel, Mayor of Lower Township. “We commend the Lower Township MUA for completing this project as it is critical component in the effort to supply potable water to all residents. In addition, the savings LTMUA was able to accrue with its loan through the NJ Water Bank will be passed on to our rate payers.”
This project was designed by Remington Vernick Associates, and constructed by Perna Finnigan, Inc.
Picture courtesy of Remington Vernick Associates.
Community Receives $1,414,714 in Water Bank Loans. Estimated Savings to ratepayers of $664,817.
The North Hudson Sewerage Authority (NHSA) recently completed waste-water treatment plant improvements that are being funded with approximately $1.4 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 $664,817 over the 30-year term of the loan or 47% of the total project cost. In addition, this project created an estimated 17 direct construction jobs.
The events of Superstorm Sandy demonstrated the need for upgrades at NHSA’s wastewater treatment plants and within the collection system. This project includes various improvements to increase the resiliency of NHSA facilities for future emergency events.
The secondary/tertiary treatment process at the Adams Street WWTP consists of a dissolved air floatation and combined sand filter process (PURAC) followed by ultraviolet disinfection. The PURAC Flo-filter process system was installed over 20 years ago. It is a critical secondary and tertiary treatment process which is required to keep the plant in compliance with its NJPDES permit. The system is nearing the end of its useful life and beginning to show signs of failure. Additionally, the system needs a new and more flexible SCADA computerized control system. Restoration work will include new underdrains and sand media for each PURAC cell, replacement of instruments and valves, replacement of nozzles for introducing dissolved air, new chain and flight mechanisms for float removal and all associated work related to the replacement of pumps, motors, valves, piping, etc.
According to Jennifer Gonzalez, Director of Environmental Services for the City of Hoboken, “This project benefits Hoboken and many surrounding communities in Hudson County in several different ways. It is an excellent example of the NHSA’s dedication to provide efficient wastewater treatment. The project elevates the plant’s compliance, provides resilience in the case of future storms, alleviates street flooding during wet weather events, and with NJ Water Bank financing, saves ratepayers half of the total project costs.
This project was designed by Mott MacDonald and constructed by 4RO Services, Inc. and Scafar Contracting, Inc.
Picture courtesy of Mott MacDonald.