§ 58:11B-5a — Community Hazard Assistance Mitigation Program, New Jersey Infrastructure Bank; compliance, powers, duties.

5. a. In addition to its powers and duties set forth in P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.), and 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), the New Jersey Infrastructure Bank shall establish a "Community Hazard Assistance Mitigation Program" to fund hazard mitigation and resilience projects undertaken by the State, local government units, and nonprofit organizations in accordance with the provisions of the STORM Act and sections 1 through 8 of P.L.2023, c.63 (C.58:11B-20.3 et al.). b. Except as otherwise provided in sections 1 through 8 of P.L.2023, c.63 (C.58:11B-20.3 et al.), the Community Hazard Assistance Mitigation Program shall comply with all provisions of P.L.1985, c.334 (C.58:11B-1 et seq.), unless such provision is specifically related to environmental infrastructure or transportation projects as defined in section 3 of P.L.1985, c.334 (C.58:11B-3). In establishing this program and issuing bonds pursuant to sections 1 through 8 of P.L.2023, c.63 (C.58:11B-20.3 et al.), the bank shall have the same powers and duties set forth in the "New Jersey Infrastructure Trust Act," P.L.1985, c.334 (C.58:11B-1 et seq.). The bank shall borrow money and issue bonds, notes, and other obligations, and secure the same, and provide for the rights of the holders thereof in the same manner as provided pursuant to P.L.1985, c.334 (C.58:11B-1 et seq.). Each loan to a local government unit or any other person shall be evidenced by notes, bonds, or other obligations thereof issued to the trust. In the case of a local government unit, a note or bond to be issued to the trust by the local government unit (1) shall be authorized and issued as provided by law for the issuance of notes and bonds by the local government unit, (2) notwithstanding any provisions of the "Local Authorities Fiscal Control Law," P.L.1983, c.313 (C.40A:5A-1 et seq.) to the contrary, shall be approved by the Director of the Division of Local Government Services in the Department of Community Affairs, and (3) notwithstanding the provisions of N.J.S.40A:2-27, N.J.S.40A:2-28 and N.J.S.40A:2-29 or any other provisions of law to the contrary, may be sold at private sale to the trust or the State, as the case may be, at any price, whether or not less than par value, and shall be subject to redemption prior to maturity at any time and at any price as the trust and the local government unit may agree. c. The bank shall make and contract to make loans and provide other assistance to State entities, local government units, and nonprofit organizations to finance the cost of hazard mitigation and resilience projects in accordance with the provisions of the STORM Act and sections 1 through 8 of P.L.2023, c.63 (C.58:11B-20.3 et al.) and acquire and contract to acquire notes, bonds or other obligations issued or to be issued by any local government units to evidence the loans, all in accordance with the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.). The loans shall be made subject to those terms and conditions as the bank shall determine to be consistent with the purposes of the STORM Act and sections 1 through 8 of P.L.2023, c.63 (C.58:11B-20.3 et al.). Except for short-term or temporary loans, each loan by the bank and the terms and conditions thereof shall be subject to approval by the State Treasurer, and the bank shall make available to the State Treasurer all information, statistical data, and reports of independent consultants or experts as the State Treasurer shall deem necessary in order to evaluate the loan. L.2023, c.63, s.5; amended 2025, c.14, s.2.