A3903 —

Compared against the New Jersey statutes as published AI-generated reading aid — verify against the official bill.

This bill amends 16 section(s) of the New Jersey statutes: N.J.S.A. 58:11B-2; N.J.S.A. 58:11B-3; N.J.S.A. 58:11B-4; N.J.S.A. 58:11B-5; N.J.S.A. 58:11B-6; N.J.S.A. 58:11B-7.

• N.J.S.A. 58:11B-2

  The Legislature finds that there is universal scientific consensus that human activity is the primary cause of climate change over the past century; that climate change is causing sea levels to rise and more frequent droughts, hurricanes, and other extreme weather events that threaten public health, safety, the environment, and critical infrastructure in the State; that, in order to mitigate the effects of climate change, New Jersey must drastically reduce its fossil fuel consumption and greenhouse gas emissions, which, in turn, requires the State to increase the pace and amount of investment in clean energy, energy efficiency, and other climate change mitigation projects; that the State must simultaneously take measures to protect its residents, the environment, and critical infrastructure from the adverse effects of climate change; that providing low-interest financing for climate change mitigation and resilience projects will improve the standard of living for New Jersey residents by delivering clean energy more efficiently and at lower cost, and creating long-term, high paying jobs; and that such financing will also ease the economic effects of transitioning from a carbon-based economy to a clean energy economy. g. , and to provide loans and other financial assistance for climate change mitigation and resilience projects

  amended

• N.J.S.A. 58:11B-3

  and "Planning, design, and construction loan" means a short-term or temporary loan for eligible costs incurred in project planning, engineering design, or construction issued before or during the planning stage of a project; or → , and sections 6 and 9 through 14 of P.L. , c. , (C. ) (pending before the Legislature as this bill) "Class I renewable energy" and "Class II renewable energy" mean the same as those terms are defined in section 3 of P.L.1999, c.23 (C.48:3-51). "Climate change mitigation project" means a project whose primary purpose is the construction, development, or production of energy sources, infrastructure, land management techniques, or technologies that eliminate, reduce, or sequester anthropogenic greenhouse gas emissions in the State. "Climate change mitigation project" shall include, but is not limited to, a Class I renewable energy or Class II renewable energy source, community solar project, energy efficiency improvement, energy storage, zero-emission vehicle infrastructure, zero-emission public transportation project, carbon capture and sequestration technology, reforestation of degraded land, or wetlands preservation or restoration. "Climate Change Mitigation and Resilience Financing Program" means the financing program to fund climate change mitigation projects and climate change resilience projects pursuant to P.L. , c. (C. )(pending before the Legislature as this bill). "Climate change resilience project" means an infrastructure project whose primary purpose is to protect human health and safety, the environment, and public infrastructure from the adverse effects of climate change, including drought, sea level rise, extreme weather events, and harmful algal blooms. "Climate change resilience project" shall include, but is not limited to, a sea barrier or other flood protection project; a water storage system; the removal, relocation, or redesign of public infrastructure; or a project to mitigate harmful algal blooms. "Climate change resilience project" shall not include a project whose sole focus is research, data collection, or the acquisition of land. "Community solar project" means a solar energy project undertaken pursuant to the "Community Solar Energy Pilot Program" or its permanent successor program, established pursuant to section 5 of P.L.2018, c.17 (C.48:3-87.11). "Energy efficiency improvement" means a modification or improvement to a building or other property that is designed to reduce energy consumption and energy costs. "Energy efficiency improvement" includes, but is not limited to, any combination of: insulation; storm windows or doors; caulking, weather-stripping, or other window and door modifications or improvements that reduce energy consumption; automated or computerized energy control systems; energy efficient heating, ventilation or air conditioning systems; energy efficient lighting systems; energy-recovery systems; cogeneration or combined heat and power systems; and other modifications or improvements as may be deemed appropriate by the Board of Public Utilities. , and P.L. , c. (C. )(pending before the Legislature as this bill) "Planning, design, and construction loan" means a short-term or temporary loan for eligible costs incurred in project planning, engineering design, or construction issued before or during the planning stage of a project; "Private entity" means any private individual, corporation, company, partnership, firm, association, owner, operator, non-profit organization, or community-based group; ; or (4) climate change mitigation project or climate change resilience project authorized pursuant to P.L. , c. (C. ) (pending before the Legislature as this bill) "State entity" means a department, agency, or office of State government, including a State university or college, or an authority created by the State.

  amended

• N.J.S.A. 58:11B-4

  or a 10 and → or the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill) an 11 : and the President of the Board of Public Utilities,

  amended

• N.J.S.A. 58:11B-5

  or or or or or or or or or → or the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill), or the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill), or P.L. , c. (C. ) (pending before the Legislature as this bill), or P.L. , c. (C. ) (pending before the Legislature as this bill), or P.L. , c. (C. ) (pending before the Legislature as this bill), , or the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill) , or the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill) or the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill), (5) Make and contract to make loans and provide other assistance to State entities, local government units, and private entities to finance the cost of climate change mitigation projects and climate change resilience projects in accordance the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill); , or the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill) and State entities and State entities

  amended

• N.J.S.A. 58:11B-6

  or or and All or or or or or → or the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill), , or the provisions of P.L. , c. (C. )(pending before the Legislature as this bill), and 25 years for climate change mitigation projects and climate change resilience projects, Except as provided in section 6 of P.L. , c. (C. )(pending before the Legislature as this bill), all , or the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill) , or P.L. , c. (C. ) (pending before the Legislature as this bill) , or the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill) , or P.L. , c. (C. ) (pending before the Legislature as this bill) or P.L. , c. (C. ) (pending before the Legislature as this bill), or State entities, as applicable, or State entities, as applicable, , or State entity, as applicable, or State entities, as applicable, , or State entities, as applicable,

  amended

• N.J.S.A. 58:11B-7

  or or → or State entities, as applicable, , or State entities, as applicable, or the provisions of P.L. , C. (C. ) (pending before the Legislature as this bill), , or P.L. , c. (C. ) (pending before the Legislature as this bill)

  amended

• N.J.S.A. 58:11B-9

  or or → (5) The trust may make and contract to make loans and provide other assistance to a State entity, local government unit, or private entity, or consortia thereof, to finance the cost of climate change mitigation projects and climate change resilience projects pursuant to the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill). , State entity, , State entity, , State entity, or State , climate change mitigation project, or climate change resilience project or State entity, as applicable, or State entity, as applicable, , or P.L. , c. (C. ) (pending before the Legislature as this bill) , State entities, , h. The trust shall create and establish a special fund to be known as the "Interim Climate Change Mitigation and Resilience Financing Program Fund" for the short-term or temporary loan financing or refinancing program to be known as the "Interim Climate Change Mitigation and Resilience Financing Program." The monies in the fund shall be used for short-term or temporary loans for climate change mitigation projects and climate change resilience projects pursuant to the New Jersey Environmental Infrastructure Financing Program. Notwithstanding any provision of P.L.1985, c.334 (C.58:11B-1 et seq.) or P.L.1997, c.224 (C.58:11B-10.1 et al.) to the contrary, the trust may receive funds from any source including, without limitation, any funds drawn by the trust from a revolving line of credit or other similar financial vehicle that may be procured by the trust, either through a competitive or negotiated process, pursuant to section 5 of P.L.1985, c.334 (C.58:11B-5), for deposit into the Interim Climate Change Mitigation and Resilience Financing Program Fund, or the trust may issue its bonds, notes, or other obligations in any principal amounts, in either case, as in the judgment of the trust shall be necessary to provide sufficient funds to finance or refinance short-term or temporary loans to State entities, local government units, and private entities for any climate change mitigation project or climate change resilience project included on the Interim Climate Change Mitigation and Resilience Financing Program Project Priority List for the ensuing fiscal year and eligible for approval pursuant to P.L. , c. (C. ) (pending before the Legislature as this bill), without regard to any other 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), including, without limitation, any administrative or legislative approvals. Any short-term or temporary loans made by the trust pursuant to this subsection may only be made in advance of the anticipated loans the trust may make and contract to make under the provisions of subsection a. of this section from any source of funds anticipated to be received by the trust. Any such short-term or temporary loan made pursuant to the Interim Climate Change Mitigation and Resilience Financing Program shall mature no later than the last day of the third succeeding fiscal year following the closing date on which the short-term or temporary loan was made by the trust to the project sponsor; except a planning, design, and construction loan shall mature no later than the last day of the fifth succeeding fiscal year following the closing date of the planning, design, and construction loan or the last day of the third succeeding fiscal year following the date of construction certification following the closing date of the planning, design, and construction loan, whichever is sooner, provided that, in either case, project planning or engineering design activities shall not exceed two years from the closing date of the planning, design, and construction loan. The trust may make short-term or temporary loans pursuant to the Interim Climate Change Mitigation and Resilience Financing Program to any one or more of the project

  amended

• N.J.S.A. 58:11B-13

  or → , or P.L. , c. (C. ) (pending before the Legislature as this bill)

  amended

• N.J.S.A. 58:11B-14

  or → , or P.L. , c. (C. ) (pending before the Legislature as this bill) or State entity, as applicable,

  amended

• N.J.S.A. 58:11B-15

  or → or P.L. , c. (C. ) (pending before the Legislature as this bill),

  amended

• N.J.S.A. 58:11B-17

  or → , or P.L. , c. (C. ) (pending before the Legislature as this bill)

  amended

• N.J.S.A. 58:11B-18

  or → , or P.L. , c. (C. ) (pending before the Legislature as this bill) , or State entities, as applicable,

  amended

• N.J.S.A. 58:11B-19

  or → or P.L. , c. (C. ) (pending before the Legislature as this bill),

  amended

• N.J.S.A. 58:11B-23

  or or → , or P.L. , c. (C. ) (pending before the Legislature as this bill), , or P.L. , c. (C. ) (pending before the Legislature as this bill)

  amended

• N.J.S.A. 58:11B-25

  or → , or P.L. , c. (C. ) (pending before the Legislature as this bill),

  amended

• N.J.S.A. 58:11B-27

  and → and P.L. , c. (C. ) (pending before the Legislature as this bill),

  amended