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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.
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
The Rockaway Valley Regional Sewerage Authority (RVRSA) recently completed sewer system improvements that are being funded with approximately $2.3 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 $746,265 over the 30-year term of the loan or 33% of the total project cost. In addition, this project created an estimated 26 direct construction jobs.
Sanitary wastewater flows through a collection system made up of a series of sewer lines, chambers and pumping stations. Each member town and customer of RVRSA maintains their own collection system. These sewer lines then flow into the RVRSA main "trunk", which flows via gravity to the RVRSA treatment plant. In 2011, Hurricane Irene caused a portion of the trunk line that crossed the Rockaway River, to wash away. This project included the construction of a replacement sewer on Morris Avenue, a pumping station on Monroe Street, a force main from the new pumping station and a small grinder pump station and force main in Harrison Street. In addition, the downstream section of the Jersey City Trunk Sewer was rehabilitated and relined with cured-in-place lining.
According to Michael Puzio, Mayor of Rockaway Township, one of the Authority's major customers, "The health of the Rockaway river is an important asset to all communities in the Rockaway area. We recognize the RVRSA for its commitment to the Rockaway River Watershed Cabinet as an active member, participating in local watershed management activities. This project is a salient example of the Authority operating under best practices, dedicated to achieving the highest treatment standards efficiently and protecting the environment while saving our ratepayers money over time."
This project was designed by Mott MacDonald, managed by Kleinfelder East and constructed by Tomar Construction.
Pictures courtesy of RVRSA
The Borough of Tuckerton recently completed wastewater treatment plant improvements that are being funded with approximately $810,860 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 $677,595 over the 30-year term of the loan or 84% of the total project cost. In addition, this project created an estimated 10 direct construction jobs.
Tuckerton Borough replaced 3,165 linear feet of existing Asbestos-Cement 4-inch deteriorated water mains with new 8-inch PVC pipe on Heron road. Existing water service laterals were also replaced, including curb stops, meters, meter pits and fire hydrants. The larger pipe size addressed fire safety concerns since large volumes of water were draining from hydrants in areas using undersized watermains. The pipes were also deteriorating, causing leaks and water loss to the Borough.
"Our commitment to clean water and reliable service requires that we make critical infrastructure improvements," said Susan Marshall, Mayor of Tuckerton Borough. "In addition to enhancing the efficiency of our service, these upgrades contribute to fire safety and the economic vitality of our community by passing the savings from the New Jersey Water Bank Financing Program on to our residents."
This project was designed by Owen Little & Associates and constructed by P&A Construction, Inc.
Picture is courtesy of Owen Little & Associates.
The Atlantic County Utilities Authority (ACUA) recently completed wastewater treatment plant improvements that are being funded with $296,150 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 $55,711 as it improved resilience for future storms. Including interest cost savings, total savings for this project are estimated to be $95,926 over the 13-year term of the loan or 32% of the total project cost.
Atlantic County Utilities Authority (ACUA) owns and operates a regional wastewater treatment plant (Plant) located on a parcel northwest of Atlantic City, known as City Island. The plant has been in operation since 1978. Due to the location of City Island, and the coastal region it serves, hurricanes and tidal conditions can potentially cause loss of power and inundation of the plant and pump stations. The project entailed the purchase of 10,800 linear feet of removable and reusable flood protection barrier to be deployed around the pumping stations and the plant in preparation for an impending storm. The provision of portable flood protection measures will protect the facilities from severe weather events similar to Super Storm Sandy and provide resilience in case of future storms.
According to Frank Gilliam, Mayor of Atlantic City, one of the Authority's major customers, "This is a smart project with a big impact. For very little money, the ACUA has protected its treatment plant from future storms and qualified for principal forgiveness from the NJ Water Bank in the process. This project is an excellent example of the ACUA's commitment to better manage our waste water, improve resiliency and reduce risks to public health and the environment while saving our rate payers money over time."
The flood barriers were installed by US Flood Control Corp.
Picture courtesy of ACUA