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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 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.
This article was printed in the February 2018 issue of NJ Municipalities magazine, the official publication of the New Jersey State League of Municipalities (njslom.org.) Please see their guide to article submissions.
New Jersey Infrastructure Bank helping to Improve New Jersey's Drinking Water Quality One Project at a Time
For more information, contact the New Jersey Infrastructure Bank at (609) 219-8600.
Community Receives $1,687,303 in Water Bank Loans.
Estimated Savings to rate payers of $671,184.
The City of Cape May recently completed drinking water improvements that are being funded with approximately $1.7 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 $671,184 over the 30-year term of the loan or 40% of the total project cost. In addition, this project created an estimated 20 direct construction jobs.
The project included the drilling of new Well No. 8 which will act as a back-up supply to the City’s existing water treatment plant. Permanent pumping equipment was installed, and the existing well house was demolished and replaced with a larger one. The well was designed to produce approximately 1,000 gallons per minute of brackish water which was connected onsite to the existing Well No. 7 transmission main and conveyed to the City’s treatment plant.
Cape May City’s Mayor, Clarence F. Lear III, applauded the project stating “We are proud of our Reverse Osmosis Water treatment Facility which removes salt from our water wells to produce potable drinking water. We remain committed to investing in our utility infrastructure. The service we provide is essential to public health, fire protection, quality of life and economic growth in our community which includes the City of Cape May, the Boroughs of West Cape May and Cape May Point and the US Coast Guard Training Center. In addition to enhancing the integrity of our service, these upgrades contribute to the overall efficiency of our water distribution system and the economic vitality of our community by passing the savings earned through the NJ Water Bank on to our rate payers.”
This project was designed by Remington Vernick & Walberg Engineers and constructed by Marino, Industrial Systems & Services.
Community receives $1.3 Million in Water Bank Loans.
Estimated savings to rate payers of $526,545.
The Borough of Hightstown recently completed wastewater treatment plant improvements that are being funded with approximately $1.3 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 $526,545 over the 30-year term of the loan or 40% of the total project cost. In addition, this project created an estimated 15 direct construction jobs.
The project replaced the Advanced Wastewater Treatment Plant’s (AWWTP) existing chlorination, dichlorination, and sand filter systems with new state-of-the-art Ultra Violet (UV) Disinfection and Disk Filter systems in half the space.
The project removed and replaced two large sand filters with two UV disinfection units and two disk filters within the same footprint. The installation of two units for each process ensures constant disinfection of wastewater when one unit requires maintenance. The new disk filters and UV Disinfection system are easier to maintain and eliminate the need for hazardous chemicals such as chlorine. The replacement of the chlorine disinfection system with UV eliminated the discharge of chlorine produced oxidants (CPOs), specifically high levels of Bromodichloromethane. The elimination of chlorine gas and sodium hydroxide creates a safer work environment and a healthier effluent for plant and wildlife in Rocky Brook into which the AWWTP ultimately discharges.
The new Disk Filters and UV Disinfection systems are also more reliable for ensuring safe effluent quality, easier to operate and maintain, and more efficient in the process. The project received a second-place award for the Project of the Year from the NJ Society of Municipal Engineers (NJSME) for work designed for a municipality with a population under 20,000.
Lawrence D. Quattrone, Mayor of Hightstown Borough, declared the project a success. “Our water department is dedicated to managing our wastewater and reducing risks to public health. The UV disinfection system represents an excellent upgrade to our system as it kills bacteria, viruses and yeasts without impairing the taste or odor of the water. This project is a great example of our water department implementing best practices at the lowest prices which we can pass on to our residents.”
This project was designed by Roberts Engineering Group and constructed by Quad Construction.
Community Receives $6 Million in Water Bank Loans.
Estimated savings to rate payers of $5.7 million.
The City of Newark recently completed green infrastructure improvements that are being funded with approximately $6 million in loans from the NJ Water Bank, a joint low-interest funding program of the DEP and the NJ I-Bank. This project qualified for principal forgiveness totaling $2,646,039 as it addressed CSO overflows in Newark and improved resilience for future storms. Including interest cost savings, total savings for this project are estimated to be $5,737,269 over the 20-year term of the loan or 95% of the total project cost. In addition, this project created an estimated 72 direct construction jobs.
Drivers in the City of Newark have become accustomed to flooding in certain areas during rain events causing recurring property damage and, in some instances, leaving motorists stranded. In an effort to reduce the frequency and magnitude of local street flooding, the City upgraded and improved drainage facilities in the the Queen Ditch section of the City. The project included the installation of a precast concrete box culvert and the installation of a netting facility that prevents street debris and litter from entering the City’s waterways. The project also included dredging the Queen Ditch to its original depth and restoring an important wetland habitat in the center of a highly developed industrial area. An in-line floatables collection system was also constructed as well as a headwall with a tide gate, and a stone scour pad.
According to Newark Mayor Ras J. Baraka, “This project eliminates the blockage of the main outlet sewer from the Queen District diversion chamber. In addition, it restricts the overflow of combined sewage during wet weather periods that result in frequent surface flooding. This investment is an example of our collaboration with the State of New Jersey to solve flooding issues, protect public health, and benefit our taxpayers through the money they will save over time.”
This project was designed by CDM Smith and constructed by Rencor Construction Service, Ltd.
Community receives $6.7 Million in Water Bank Loans.
Estimated savings to rate payers of $3,431,821.
The Jersey City Municipal Utilities Authority (JCMUA) recently completed stormwater improvements 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. This project qualified for principal forgiveness totaling $1,328,974 as it addressed damage from Superstorm Sandy and improved resilience for future storms. Another component of the project addressed CSO issues with green infrastructure, qualifying for additional principal forgiveness funds. Including interest cost savings, total savings for this project is estimated to be $3.4 million, over the 20-year term of the loan or 51% of the total project cost. In addition, this project created an estimated 79 direct construction jobs.
The project included the installation of emergency generators at the east and west side pump stations, their connection to the electrical systems, concrete foundations, storm drains, water main and hydrants, paving, and removal of oil storage tanks. The green infrastructure portion of the project included the replacement of deteriorating sidewalk with pervious sidewalks to recharge groundwater. Two existing downspouts were directed into six pre-cast downspout planter boxes equipped with perforated underdrains that discharge to approximately 1,760 square feet of pervious concrete sidewalk that intercept, treat and filter stormwater runoff from the rooftop. Approximately 8,540 square feet of porous asphalt parking spaces were installed to intercept, treat and filter stormwater runoff from the parking lot. Two rain gardens were installed in front of the JCMUA building to capture stormwater runoff from the adjacent parking lot. Three rain gardens were installed along NJ Route 440 to intercept, treat and filter stormwater runoff from part of the roadway.
Steven M. Fulop, Mayor of Jersey City applauded the project noting, “This is a smart project. For very little money, we have diverted water from our combined sewer system with green engineering techniques and qualified for principal forgiveness in the process. The result is reduced stormwater overflow, improved resiliency and savings of over 50% in the long run. This project is an excellent example of our commitment to better manage our waste water, improve resiliency in case of future storms and reduce risks to public health and the environment. This project accomplished all that at an affordable price that will save our rate payers money over time.”
This project was designed by Remington Vernick Engineers and the Rutgers Cooperative Extension Water Resource Program. It was constructed by Carbo Constructors Corp. and Montana Construction Corps, Inc.