■ Environmental , Engineering and Transportation
Continued From Page 14 partnership with the NJDEP , has sold $ 122.5 million of AAA / Aaa rated Environmental Infrastructure Bonds .
“ As New Jersey recovers from the pandemic , we must seize the opportunity to create family-sustaining green jobs that put our residents back to work building the critical water infrastructure that our state needs to protect our environment and public health ,” says NJDEP Commissioner Shawn LaTourette . “ Through the NJDEP ’ s incredible partnership with the I-Bank , we combine forces to create the New Jersey Water Bank , which offers innovative and affordable financing for water purveyors and local governments to make investments that promote the public good .”
The bonds , issued as Green Bonds with maturities through 2050 and an average effective interest rate of 1.875 percent leverage NJDEP zero-interest loans to provide a total of $ 386 million in projects financed through the Water Bank ,
The Murphy administration will invest $ 386M in water infrastructure to protect the environment and public health .
Photo : Getty Images / iStockphoto / hekat creating an estimated 4,630 direct construction jobs across the state . The Water Bank finances projects that improve and protect water quality and address public health issues through the replacement and upgrade of existing infrastructure .
The projects funded include green infrastructure , sewer system collection and treatment improvements , drinking water treatment and distribution system enhancements , and projects to reduce or eliminate the combined sewer overflows that too often plague environmental justice communities . These projects create good-paying green jobs that will help New Jersey recover from the economic impacts of the COVID‐19 pandemic .
The I-Bank , working in concert with the NJDEP , took advantage of the market ’ s current low interest rates to create a new funding methodology to maximize the state ’ s limited Drinking Water funds . Specifically , in lieu of the NJDEP providing only traditional interest-free loans from funds of the Drinking Water SRF , NJDEP funds were used to subsidize interest on additional I-Bank Bonds issued — thus reducing the amount of funds needed by the NJDEP thereby freeing those funds to finance future projects .
This new methodology allowed the NJDEP to finance $ 33 million of Drinking Water projects utilizing just $ 9 million of funds . The $ 24 million savings will be leveraged with I-Bank funds to provide an additional $ 45 million to
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