S3251 • 2026

Makes various changes to New Jersey Infrastructure Bank's enabling act.

Budget

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: McKeon, John F.
Last action: 2026-06-15
Official status: Reported and Referred to Assembly Appropriations Committee
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Makes various changes to New Jersey Infrastructure Bank's enabling act.

What This Bill Does

Makes various changes to New Jersey Infrastructure Bank's enabling act.
Topic: Appropriations Fiscal note: This bill has not been certified by OLS for a fiscal note.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-06-15 New Jersey Legislature
Transferred to Assembly State and Local Government Committee
2026-06-15 New Jersey Legislature
Reported and Referred to Assembly Appropriations Committee
2026-02-24 New Jersey Legislature
Passed by the Senate (38-0)
2026-02-24 New Jersey Legislature
Received in the Assembly, Referred to Assembly Environment and Solid Waste Committee
2026-02-12 New Jersey Legislature
Reported from Senate Committee, 2nd Reading
2026-02-02 New Jersey Legislature
Introduced in the Senate, Referred to Senate Environment and Energy Committee

Official Summary Text

Makes various changes to New Jersey Infrastructure Bank's enabling act.
Topic:
Appropriations
Fiscal note:
This bill has not been certified by OLS for a fiscal note.

Current Bill Text

Read the full stored bill text

S3251 ASL Statement 6/15/26

ASSEMBLY STATE AND LOCAL GOVERNMENT COMMITTEE

STATEMENT TO

SENATE, No.
3251

STATE
OF NEW JERSEY

DATED:
�JUNE
15, 2026

����� The Assembly State and Local Government Committee
reports favorably Senate Bill No. 3251.

����� As reported, this bill makes several changes to
P.L.1985, c.334 (C.58:11B-1 et seq.), the enabling act for the New Jersey
Infrastructure Bank (I-Bank).

����� Specifically, the bill adds a definition of
�cross-investment� in order to standardize the use of the term across the
I-Bank�s enabling act.� As defined by the bill, �cross-investment� means the
investment of funds of one financing program established and implemented by the
I-Bank in a bond, note, or other obligation issued by another financing program
established and implemented by the I-Bank.� The bill also provides that the
I-Bank is authorized to purchase bonds, note, and other obligations at its
discretion if the purchase is in connection with a cross-investment.

����� The bill also clarifies that a $10 billion statutory
limit on the indebtedness of the I-Bank refers to the total outstanding debt of
the I-Bank at a given time, not to the cumulative amount of debt that the
I-Bank has incurred since its inception.� Finally, the bill clarifies that the
I-Bank is authorized to provide loans and provide other assistance to
wastewater, water supply, and onsite wastewater treatment projects, rather than
to provide loans only.

����� As reported by the committee, Senate Bill No. 3251 is
identical to Assembly Bill No. A5191, which was also reported by the committee
on this date.