Section 58:11B-23 - Expenditure of fundsa. No funds from State sources or State bond issues used to capitalize the trust shall be available for use by the trust unless appropriated by law to the trust.b. No funds shall be expended by the trust for its annual operating expenses unless appropriated by law to the trust. Unless required to be otherwise applied pursuant to law, funds generated by the operation of the trust, including, but not limited to: proceeds from the sale of the trust's bonds, notes or other obligations; revenues derived from investments by the trust; loan repayments from local government units, public water utilities, or other persons; and fees and charges levied by the trust, may thereafter be applied in accordance with the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.), or sections 22 and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4) for any corporate purpose of the trust without appropriation; except that the funds shall only be used to make loans or guarantees approved by the Legislature in accordance with the provisions of sections 20, 21, and 22 of P.L.1985, c.334 (C.58:11B-20, C.58:11B-21 and C.58:11B-22), sections 24, 25, and 26 of P.L.1997, c.224 (C.58:11B-20.1, C.58:11B-21.1 and C.58:11B-22.1), or sections 35 through 37 of P.L.2016, c.56 (C.58:11B-10.5, C.58:11B-20.2, and C.58:11B-22.3).c. The trust shall not apply for federal funds, including funds which are authorized pursuant to the "Federal Water Pollution Control Act Amendments of 1972," Pub.L. 92-500 (33 U.S.C. s.1251 et seq.), and any amendatory or supplementary acts thereto, except the trust is expressly authorized to apply, in consultation with the Department of Environmental Protection, for funds under the "Water Infrastructure Finance and Innovation Act," (WIFIA) 33 U.S.C. s.3901 et seq. as amended or superseded, and, in consultation with the State Office of Emergency Management in the Department of Law and Public Safety for funds under the "Safeguarding Tomorrow Through Ongoing Risk Mitigation (STORM) Act," Pub.L. 116-284 (42 U.S.C. s. 5135) as amended or superseded, and with notice to the Department of Transportation, for funds under the Transportation Infrastructure Finance and Innovation Act (TIFIA) 23 U.S.C. 601 through 23 U.S.C. 609 as amended or superseded, and provisions of the Moving Ahead for Progress in the 21st Century Act (MAP-21) Pub. L. 112-141, the Fixing America's Surface Transportation Act (FAST Act) Pub. L. 114-94, the Transportation Equity Act for the 21st Century (TEA-21) Pub. L. 105-178, the Safe, Accountable, Flexible and Efficient Transportation Equity Act: a Legacy for User ("SAFETEA-LU") Pub. L. 109-59, and the Rail Safety Improvement Act of 2008 Pub. L. 110-432, or any subsequent law concerning federal surface transportation programs as applicable. The trust, with the concurrence of the Commissioner of Environmental Protection, may receive, accept or utilize moneys received from local government units as repayments of principal and interest on loans made from the State Revolving Fund Accounts established pursuant to section 1 of P.L.1988, c.133.
Repayments of principal and interest on all federal funds for which the New Jersey Infrastructure Bank is expressly permitted to apply shall be the responsibility of the borrowers of New Jersey Infrastructure Bank loans issued utilizing those federal funds, and in no way shall it be the responsibility of the State of New Jersey or the Department of Transportation.
Amended by L. 2023, c. 63, s. 20, eff. 5/25/2023.Amended by L. 2019, c. 516, s. 6, eff. 1/21/2020.Amended by L. 2019, c. 194, s. 5, eff. 7/19/2019.Amended by L. 2016, c. 56,s. 30, eff. upon the appropriation by the State of eligible federal or State funds into the State Transportation Infrastructure Bank Fund pursuant to section 34 of P.L. 2016, c. 56 (C.56:11B-10.4) and funds are appropriated to the trust to cover administrative and operational expenses related to the State Transportation Infrastructure Bank.L.1985, c.334, s.23; amended 1997 c. 224, s. 20.