New Jersey § 58:11b-10

§ 58:11b-10.

a. (1) There is established in the New Jersey Infrastructure Bank a special, nonlapsing

fund to be known as the “Community Hazard Assistance Mitigation Program Revolving

Loan Fund.” Monies in the fund shall be held separately and be available in perpetuity solely

for the purpose of funding 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.). (2) There shall be established within the fund three subaccounts: (a) a federally-funded hazard mitigation and resilience project subaccount approved

to receive federal funds, repayments of loans, and interest earned on amounts in the

subaccount; (b) a State-funded hazard mitigation and resilience project subaccount approved to

receive State matching funds, and funds in excess of those required to be deposited

in the federally-funded hazard mitigation and resilience project subaccount; and (c) a Community Hazard Assistance Mitigation Program Loan Origination Fee subaccount

established pursuant to section 4 of P.L.2023, c. 63 ( C.58:11B-10.7 ). b. The fund shall be credited with: (1) any federal funds apportioned and allocated to the State pursuant to the STORM

Act; (2) proceeds from bonds, notes, or any other credit instrument issued by the bank

pursuant to sections 1 through 8 of P.L.2023, c. 63 ( C.58:11B-20.3 et al.); (3) any other moneys appropriated by the Legislature or otherwise made available to

the fund for the purposes of sections 1 through 8 of P.L.2023, c. 63 ( C.58:11B-20.3 et al.); (4) moneys obtained from the payment of interest assessed on, and the repayment of

principal of, any loans made pursuant to sections 1 through 8 of P.L.2023, c. 63 ( C.58:11B-20.3 et al.); (5) any interest earnings or other investment income earned or received on the moneys

in the fund; and (6) loan origination fees paid and received pursuant to section 4 of P.L.2023, c. 63 ( C.58:11B-10.7 ). c. All money appropriated or otherwise made available to the fund shall be dedicated

for the purposes of the fund. Pending use, moneys in the fund may be invested and reinvested in the same manner

as other moneys of the bank in the manner provided by law. All earnings received from the investment or deposit of such moneys shall be paid

into and become a part of the fund and be available for use pursuant to sections 1

through 8 of P.L.2023, c. 63 ( C.58:11B-20.3 et al.). d. Notwithstanding any provision 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 ), to the contrary, all moneys in the fund shall be held separate from other funds

of the bank, and shall not be combined or comingled with any funds that finance wastewater

treatment system projects, water supply projects, other environmental infrastructure

projects, or transportation projects. The amounts of federal capitalization grants appropriated pursuant to the STORM act

and associated State matching funds, the repayments of loans, and the interest earned

on amounts in the fund shall be accounted for separately from other amounts in the

fund. e. The State Office of Emergency Management, in conjunction with the bank, shall apply

to the Federal Emergency Management Agency when funding is made available to states

under the provisions of the STORM Act and the State Office of Emergency Management

and the bank shall have the authority to enter into any agreement necessary to capitalize

the fund. f. The bank shall establish terms for providing assistance from the fund, including

below-market interest rates, deferred payment schedules, and other provisions that

will enable these funds to be used effectively and in accordance with the provisions

of the STORM Act, any agreement entered into with the Federal Emergency Management

Agency, and sections 1 through 8 of P.L.2023, c. 63 ( C.58:11B-20.3 et al.). g. The bank shall include an itemized account of expenditures from the fund in the

financial plan required pursuant to section 7 of P.L.2023, c. 63 ( C.58:11B-22.5 ).