New Jersey § 58:11b-5a

§ 58:11b-5a.

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. ). 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.). 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.