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N EW J ERSEY ENVIRONMENTAL I NFRASTRUCTURE
F INANCING PROGRAM
Base State Fiscal Year 2016 and
Superstorm Sandy
FINANCIAL PLAN
Submitted to the State Legislature by
 The New Jersey Env ironmental Infrastructure Trust
 The New Jersey Department of Env ironmental Protection
MAY 2015
New Jersey Environmental Infrastructure Trust
Public Board Members
Warren H. Victor, Chairman
Robert A. Briant, Jr., Vice Chairman
Roger Ellis, Treasurer
Mark Longo, Secretary
Ex-Officio Members
Andrew P. Sidamon-Eristoff, New Jersey State Treasurer
Bob Martin, Commissioner, New Jersey Department of Environmental Protection
Charles A. Richman, Acting Commissioner, New Jersey Department of Community Affairs
Executive Director
David E. Zimmer, CFA
New Jersey Department of Environmental Protection
Mailing Address
P.O. Box 420
Trenton, NJ 08625
(609) 292-2885
Location Address
401 East State Street
Trenton, NJ 08625
New Jersey Environmental Infrastructure Trust
Mailing Address
3131 Princeton Pike
Building 4, Suite 216
Lawrenceville, NJ 08648
Report to the Legislature
Pursuant to
P.L. 1985, Chapter 334
New Jersey Wastewater
Treatment Trust Act of 1985
as amended by P.L. 1997, Chapter 224
By
Bob Martin
Commissioner
New Jersey Department of Environmental Protection
Warren H. Victor
Chairman
New Jersey Environmental Infrastructure Trust
TABLE OF CONTENTS
EXECUTIVE SUMMARY .................................................................................................................................................................................................... 1
INTRODUCTION / Program reviews ......................................................................................................................................................................... 1
I.
SFY2015 NJEIFP TRADITIONAL FINANCING PRO GRAM REVIEW ................................................................................................................. 1
PROGRAM OVERVIEW ........................................................................................................................................................................................ 1
LOAN FUNDING SOURCES.................................................................................................................................................................................. 2
II. SFY2015 LEGACY PROJECTS REVIEW................................................................................................................................................................ 3
PROGRAM OVERVIEW ........................................................................................................................................................................................ 3
LOAN FUNDING SOURCES.................................................................................................................................................................................. 3
III. SFY2015 DISASTER RELIEF EMERGENCY FINANCING PROGRAM (SAIL) REVIEW ..................................................................................... 4
PROGRAM OVERVIEW ........................................................................................................................................................................................ 4
LOAN FUNDING SOURCES.................................................................................................................................................................................. 4
IV. SFY2015 “SANDY” NJEIFP FINANCING PROGRAM REVIEW ......................................................................................................................... 5
PROGRAM OVERVIEW ........................................................................................................................................................................................ 5
LOAN FUNDING SOURCES.................................................................................................................................................................................. 5
V.
SFY2016 TRADITIONAL NJEIFP FINANCING PRO GRAM REVIEW ................................................................................................................. 5
PROGRAM OVERVIEW ........................................................................................................................................................................................ 5
LOAN FUNDING SOURCES.................................................................................................................................................................................. 6
VI. MULTI-YEAR SHORT TERM NJEIFP FINANCING PROGRAM REVIEW .......................................................................................................... 7
PROGRAM OVERVIEW ........................................................................................................................................................................................ 7
LOAN FUNDING SOURCES.................................................................................................................................................................................. 8
VII. SFY2016 DISASTER RELIEF EMERGENCY FINANCING PROGRAM (SAIL) REVIEW ..................................................................................... 8
PROGRAM OVERVIEW ........................................................................................................................................................................................ 8
LOAN FUNDING SOURCES.................................................................................................................................................................................. 9
VIII. SFY2016 “SANDY” NJEIFP FINANCING PROGRAM REVIEW ......................................................................................................................... 9
PROGRAM OVERVIEW ........................................................................................................................................................................................ 9
LOAN FUNDING SOURCES.................................................................................................................................................................................. 9
THE REPORT....................................................................................................................................................................................................................10
SFY2016 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE BASE AND SANDY FINANCING PROGRAMS................................................10
INTRODUCTION .................................................................................................................................................................................................10
THE CLEAN W ATER PROGRAM .......................................................................................................................................................................10
THE DRINKING W ATER PROGRAM .................................................................................................................................................................10
THE NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST ................................................................................................................11
PROGRAM DEMAND .........................................................................................................................................................................................12
PROJECT PRIORITY LIST / PROJECT ELIGIBILITY ............................................................................................................................................12
DEP PROJECT CERTIFICATION..........................................................................................................................................................................14
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TRUST LOAN CERTIFICATION AND LO AN CLOSING REQUIREMENTS .......................................................................................................14
FINANCING SCHEDULE .....................................................................................................................................................................................15
BOND REFUNDING ............................................................................................................................................................................................15
ELIGIBLE ACTIVITIES ..................................................................................................................................................................................................15
PROJECT LIST / RANKING .........................................................................................................................................................................................16
PROGRAM STRUCTURE ............................................................................................................................................................................................18
LOAN STRUCTURE / SO URCES OF FUNDS .....................................................................................................................................................18
LOAN TERM ........................................................................................................................................................................................................24
OTHER LO AN PRO GRAMS ........................................................................................................................................................................................25
TRUST / FUND / GREEN ACRES FINANCING PROGRAM .............................................................................................................................25
THE TRUST / PINELANDS FINANCING PROGRAM ........................................................................................................................................25
BENEFITS OF PARTICIPATING IN THE FINANCING PROGRAM ...........................................................................................................................26
FINANCING PROJECTS THRO UGH THE NJEIFP......................................................................................................................................................26
PROGRAM OBJECTIVE ......................................................................................................................................................................................26
THE TRUST AND FUND LO ANS ........................................................................................................................................................................27
BORROWER ELIGIBILITY ...................................................................................................................................................................................29
FINANCING SCHEDULE OVERVIEW.................................................................................................................................................................29
THE TRUST FINANCING DETAIL ...............................................................................................................................................................................29
THE TRUST BONDS ............................................................................................................................................................................................29
ESCROW CLOSING .............................................................................................................................................................................................31
COMPETITIVE SALE OF TRUST BONDS...........................................................................................................................................................31
DISCLOSURE .......................................................................................................................................................................................................31
SECONDARY MARKET DISCLOSURE................................................................................................................................................................32
UNDERFUNDED OR O VERFUNDED ALLOWABLE COSTS .............................................................................................................................32
UNALLOW ABLE COSTS .....................................................................................................................................................................................32
PROJECT ACCO UNT DISBURSEMENTS ...........................................................................................................................................................33
LOAN REPAYMENTS ..........................................................................................................................................................................................33
INVESTMENT OF PROJECT LOAN ACCOUNT PROCEEDS.............................................................................................................................33
FLOW OF REPAYMENTS....................................................................................................................................................................................33
MISCELLANEOUS PRO VISIONS ........................................................................................................................................................................34
CREDIT OF THE TRUST BO NDS ................................................................................................................................................................................34
CREDIT STRUCTURE AND BO ND RATING ......................................................................................................................................................34
MARKETING TRUST BONDS .............................................................................................................................................................................35
SECURITY FOR TRUST BO NDS..........................................................................................................................................................................35
SELF-SUFFICIENCY OF PROJECTS.....................................................................................................................................................................35
DEFICIENCY AGREEMENT / CREDIT ENHANCEMENTS ................................................................................................................................36
COLLATERAL FOR PRIVATE DRINKING W ATER SYSTEMS............................................................................................................................36
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COLLATERAL FOR SMALL BO RROWERS .........................................................................................................................................................36
SMALL SYSTEM LO AN PROGRAM ...................................................................................................................................................................36
STATE-AID INTERCEPT ......................................................................................................................................................................................36
RESERVE FUND...................................................................................................................................................................................................37
SUBORDINATION OF STATE LO ANS................................................................................................................................................................37
CROSS COVERAGE BETWEEN SERIES .............................................................................................................................................................37
CROSS COLLATERALIZATION BETWEEN THE CLEAN W ATER AND DRINKING W ATER PRO GRAMS ....................................................38
RATING THE TRUST BO NDS .............................................................................................................................................................................38
JUNIOR LIEN BO ND POLICY..............................................................................................................................................................................38
COVENANTS AFFECTING THE LOCAL UNIT....................................................................................................................................................39
TERMS OF DISBURSEMENT AND REPAYMENT.............................................................................................................................................40
DEFAULT..............................................................................................................................................................................................................41
ASSIGNMENT OF OBLIGATIONS......................................................................................................................................................................42
LEGISLATION ..............................................................................................................................................................................................................42
APPENDICES ....................................................................................................................................................................................................................47
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This Page Intentionally Left Blank
EXECUTIVE SUMMARY
INTRODUCTION / PROGRAM REVIEWS
The New Jersey Environmental Infrastructure Trust (the “Trust” or “NJEIT”) and the New Jersey Department of
Environmental Protection (the “Department” or “DEP”), are pleased to present the State Fiscal Year (SFY) 2016 financial
plan (the “Report”) to the New Jersey State Legislature in accordance with P.L. 1985, Chapter 334, as amended. Since its
inception in 1986, the Trust has partnered with the DEP to jointly fund and manage the annual New Jersey Environmental
Infrastructure Financing Program (“NJEIFP” or “Financing Program”) to provide low-interest loans for environmental
infrastructure projects. This Report for the Trust’s 29th Financing Program year sets forth the plan by which projects, which
have applied and qualified for NJEIFP loans, will be financed in SFY2016.
Throughout its history, the NJEIFP has focused primarily upon providing financing for the construction and improvement
of clean water and drinking water facilities and distribution systems that protect the State’s natural resources and public
health. Since issuing its first loan in 1987, the NJEIFP has issued 1,183 project loans totaling over $6.32 billion for water
quality and public health related environmental infrastructure projects. In the past twenty-eight years, the NJEIFP has
reduced total interest costs for municipalities, counties, authorities and public and private water utilities on average,
thirty-five percent (35%) of each borrower’s original loan balance producing interest savings for taxpayers and ratepayers
of $2.22 billion. The financial benefits of the Financing Program have spurred significant improvements to the State’s clean
water and drinking water infrastructure, and have served as a major catalyst for economic and job growth throughout the
State.
As a prelude to the general overview of the SFY2016 Financing Program, the following pages provide a brief review of the:
I.
Current SFY2015 NJEIFP Traditional Financing Program;
II.
SFY2015 Legacy Projects;
III.
SFY2015 Disaster Relief Emergency Financing Program (SAIL);
IV.
SFY2015 SANDY NJEIFP Financing Program;
V.
SFY2016 Traditional NJEIFP Financing Program;
VI.
Multi-year Short-Term NJEIFP Financing Program; and
VII.
SFY2016 Disaster Relief Emergency Financing Program (SAIL); and
VIII.
SFY2016 SANDY NJEIFP Financing Program;
I. SFY2015 NJEIFP TRADITIONAL FINANCING PROGRAM REVIEW
PROGRAM OVERVIEW
Each NJEIFP Loan consists of a Fund Loan from the State issued through the DEP and a Trust Loan from the NJEIT. The
Traditional SFY2015 NJEIFP Financing Program offers twenty five percent (25%) market rate loans to eligible participants.
This is possible because the DEP finances seventy five percent (75%) of each project with its zero percent (0%) interest
cost funds. The net effect of DEP’s decision to offer a greater percentage of funds in the Traditional Financing Program is
that loans to borrowers will bear net interest rates below that typically offered in prior years when the DEP and the Trust
each provided funds for fifty percent (50%) of the Financing Program.
Approximately $520 million is available in SFY2015 through a combination of Trust and Fund loans for Clean Water projects
and $80 million is available for Drinking Water projects. As of March 15, 2015, seventy three (73) projects with aggregate
project costs of $208 million were approved and are scheduled for long-term NJEIFP funding in May 2015. An additional
forty five (45) projects with an appropriated amount totaling approximately $224 million are expected to receive
certification for funding after the deadline for the Program’s long-term bond issuance. These 45 projects are expected to
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receive short term construction loans prior to the June 30th fiscal year-end (see SFY2015 Legacy Projects below) bringing
the total number of projects to be financed in SFY2015 to 118 at a sum of $432 million.
In this fifth year of advancing Governor Christie’s initiative to improve the water quality of the Barnegat Bay Watershed,
the NJEIFP is continuing to offer principal forgiveness loans (“PFLs”), a portion of which do not require repayment, to all
storm water environmental infrastructure projects throughout the Watershed. Loans totaling up to $20 million of which
as much as $10 million will be available PFLs to the highest ranked storm water projects in the Barnegat Bay Watershed,
according to the DEP’s ranking methodology in conjunction with project readiness. Four (4) projects totaling $2,069,000
are schedule to receive SFY2015 loans through this initiative.
The SFY2015 Financing Program also includes a Combined Sewer Overflow Abatement (CSO) Reserve for CSO Abatement
projects with a focus on green technology (e.g., green roofs, rain gardens, porous pavement, and other activities that
maintain and restore natural hydrology). A maximum of $10 million in principal forgiveness funds is available to the highest
ranked CSO projects, and will be awarded according to the DEP’s ranking methodology based on projects’ relative water
quality benefit in conjunction with project readiness. In addition, the DEP has reserved $500,000 from the $3 million CSO
reserve for long-term integrated water resource planning. Seven (7) projects totaling $41,139,740 are scheduled to
receive SFY2015 loans through this initiative.
LOAN FUNDING SOURCES
Each NJEIFP Loan consists of two components, a Fund Loan from the State issued through the DEP and a Trust Loan from
the NJEIT.
The sources of funds for the Fund Loan component of each SFY2015 traditional Financing Program loan consist of:
i.
ii.
iii.
iv.
v.
Current and prior federal capitalization grants;
Proceeds of previously issued State Bonds;
State Appropriations;
Repayments from outstanding NJEIFP loans; and
Interest earnings.
Federal capitalization grants are also being utilized as the source of funding for those loan funds eligible for principal
forgiveness (“PFL”s) in the SFY2015 Financing Program. Staff estimates that the State will receive $50 million and $17
million this federal fiscal year in Clean Water and Drinking Water State Revolving Fund (SRF) capitalization grants
respectively.
The sources of funds for the Trust Loan component of each SFY2015 traditional Financing Program loan consists of either:
i. Proceeds from the sale of Trust issued bonds; or
ii. Cash-on-hand from Trust operating revenues
On May 12, 2015, the Trust is scheduled to sell a long-term bond issue totaling approximately $60 million in proceeds. The
bond issue, Series 2015A-1 Bonds, is anticipated to be rated Aaa/AAA/AAA by Moody's Investors Service, Standard &
Poor's Corporation and Fitch Ratings respectively. The Series 2015A-1 Bonds will be sold as a tax exempt series pursuant
to competitive bid at the lowest qualified true interest cost to be determined at the time of sale. Fifty four (54) projects
are expected to receive project funds through this long-term NJEIFP bond pool issuance. In general, 75% of each project’s
loan funds will be provided by the DEP and the remaining 25% of the loan funds will be provided by the Trust from proceeds
of the sale of the Series 2015A-1 bonds.
An additional four (4) projects with aggregate project costs of $2 million may be approved and receive NJEIFP loans
pursuant to either the Trust’s Direct Loan Program or the Small Systems Loan Program. Direct Loans consist of a Fund Loan
and a Trust Loan component. The source of funds for the Fund Loan component is consistent with that discussed above.
The source of funds for the Trust Loan component will be Trust operating revenues. As a result of the relative costprohibitive nature of financing such small loans through the Trust’s bond program and its associated underwriting
expense, these loans are financed directly by the Trust. Direct Loan closings will commence on or about May 29, 2015.
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The remaining above referenced forty-five (45) Legacy Projects will be funded through the Trust’s short-term Construction
Loan Program and are scheduled to close prior to June 30, 2015. The source of funds for the Construction Loan Program
are DEP funds as well as Trust operating revenues and/or a short-term line of credit, note program, or bank loans.
II. SFY2015 LEGACY PROJECTS REVIEW
PROGRAM OVERVIEW
Each year, numerous projects are funded using a combination of State funds and Trust bond proceeds. Prior to 2003,
shovel-ready projects receiving certification for participation in the financing program prior to the Trust’s bond sale would
be unable to close on a Financing Program loan – and receive project cost reimbursements - until bond sale closing. To
address this inefficiency, the Interim Financing Program was introduced in 2004 and provides bridge financing to
construction-ready projects in advance of long-term loan closing.
Each year, a number of projects seeking long-term financing are not included in that year’s bond pool as a result of failing
to secure program approvals by the stated bond pool deadline. To address these “stranded” projects, two program
changes were effectuated; (i) application reviews are no longer suspended until the applications are re-prioritized for the
ensuing fiscal year Financing Program, and (ii) project funding is available for those projects which miss the bond pool
deadline as Legacy Projects provided closing on a form of loan occurs prior to June 30.
Finally, the Financing Program was restricted in its ability to administer and lend short-term funds beyond the close of
each fiscal year thereby limiting the appetite of those borrowers needing construction loans but which had missed the
bond pool deadline. Prior to SFY2015, eligible projects would receive Trust-only interim loans for eligible project costs
consistent with each project’s draw down schedule until the interim Loan was replaced with a traditional NJEIFP loan at
long-term loan closing within the same fiscal year. The Trust received legislative authorization in State Fiscal Year 2015 to
issue Interim Financing Program loans for terms of up to three (3) fiscal years. The intent of the multi-year, short-term
loan is to provide funding for the duration of a project’s construction (Construction Loans). Issuing long-term financing
upon completion of construction minimizes loan expenses for participating borrowers and ensures accuracy of project
costs in sizing such projects for long-term funding, a significant improvement relative to the prior single-year, Interim
Financing Program. Moreover, issuing Construction Loans prior to bond funding for the duration of construction mirrors
the practice utilized by many local government units throughout the State of financing public projects through Bond
Anticipation Notes during construction with the added benefit of significantly lowering interest rates and increasing cash
flow flexibility. Commencing in SFY2016, all projects will be financed through Construction Loans.
As many as 45 projects are expected to receive funding approval and request short-term funds through the Construction
Loan Program prior to June 30, 2015. These 45 projects, totaling approximately $224 million, are identified as “Legacy
Projects” and, if financed with Construction Loans prior to SFY2015 fiscal year end, will maintain the priority status and
terms consistent with as if such projects financed with long-term loans in SFY2015. For further details on the Construction
Loan Program, see the Multi-year Short Term NJEIFP Financing Program Overview below.
LOAN FUNDING SOURCES
The Construction Loan program utilizes funds provided by both the DEP and the Trust. Each year, the DEP has appropriated
SRF funds to the Trust, which enables the Trust to issue Construction Loans to qualified projects. Funding for all
Construction Loans flows through the Trust’s interim finance account, and includes Trust sources of funds such as
operating revenues and interest earnings. The Trust Board of Directors annually adopts a resolution outlining the features
of the Construction Loan Program, including borrower and project eligibility for a Construction Loan, limitation on the loan
amounts and the methodology and calculation of the setting interest rates.
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III. SFY2015 DISASTER RELIEF EMERGENCY FINANCING PROGRAM (SAIL) REVIEW
PROGRAM OVERVIEW
In recognition of the challenges which local governments face in securing funding for Sandy recovery projects from
multiple federal and State sources - which often times contain unique and possibly conflicting program requirements, as
well as the delay often associated with receipt of funding reimbursement that leads to a strain on local financial resources,
the Christie Administration, working with the State Legislature, enacted the Disaster Relief Emergency Loan Financing
Program. In conjunction with the new statute, the NJEIT and the DEP developed the Statewide Assistance Infrastructure
Loan (“SAIL”) Program. SAIL provides municipalities and certain private water purveyors, quick access to temporary, lowcost, short-term funds as bridge loans in the aftermath of a declared disaster. Unique in the country as a method to use
SRF funds to provide bridge loan financing to public agencies seeking to rebuild their environmental infrastructure after
disasters, New Jersey’s SAIL Program is designed to provide ready cash to alleviate the financial stress that often
accompanies delays in the receipt of federal reimbursement. The SAIL Program also importantly acts as compliance
support for many local communities which may be neither equipped nor experienced in dealing with federal FEMA or HUD
requirements. A summary of the SAIL Program Loans issued in SFY2015 is set forth in Appendix F.
As of March 15, 2015, two (2) projects at a cost of $4.4 million received short-term funding pursuant to SAIL.
The first SAIL Loan was issued to the South Monmouth Regional Sewerage Authority for the relocation of the Lake Como
Pump Station (Lake Como Township) out of a flood-plain hazard area. The short-term loan has a twenty five percent (25%)
market rate loan component and a 75% zero-interest rate loan component and carries a blended interest rate of 0.045%.
The duration of the SAIL Loan is approximately 15 months, commencing on February 7, 2014 and expiring on June 30,
2015, providing funding throughout project construction. To date, the Trust has disbursed SAIL funds to SMRSA totaling
$1.798 million for the Lake Como Station Project. FEMA has reimbursed SMRSA in the amount of 90% of such costs ($1,619
million), which SMRSA has forwarded to the Trust in repayment of its SAIL Loan. SMRSA will secure long-term financing
through the NJEIFP for the remaining 10% “Local Share” of project costs.
The Program issued a second SAIL loan on September 23, 2014 in the amount of approximately $1.5 million, again to
SMRSA, for the replacement of its Pitney Avenue Pump Station which was destroyed in the storm. SMRSA’s second SAIL
loan also has a twenty five percent (25%) market rate loan component and a 75% zero-interest rate loan component and
carries a blended interest rate of 0.0325%. The 1 year loan, expiring on September 22, 2015, provides funding through
project construction completion. To date, the Trust has disbursed SAIL funds to SMRSA totaling $79,713 for the Pitney
Avenue Project, and received reimbursement from FEMA of $71,742 (90% of 100% of submissions). FEMA has reimbursed
SMRSA in the amount of 90% of such costs ($71,742), which SMRSA has forwarded to the Trust in repayment of the SAIL
Loan. SMRSA will secure long-term financing through the NJEIFP for the remaining 10% “Local Share” of project costs.
A third SAIL loan totaling approximately $6.4 million to the Kearny Municipal Utilities Authority for repair and mitigation
of two pump stations is expected to close in mid-April. A fourth loan totaling approximately $35 million to the Bayshore
Regional Sewerage Authority for pump station and incinerator restoration as well as mitigation for the entire Authority is
expected to close in early May 2015.
LOAN FUNDING SOURCES
Each SAIL Loan is funded through a Trust-only loan with monies provided from each the DEP and the Trust: seventy five
percent (75%) and twenty five percent (25%) respectively.
The source of funds for the DEP loan portion consists solely of prior loan repayments (i.e. federal capitalization grants
previously issued as project loans and subsequently repaid). This funding restriction is designed to avoid all potential
conflicts with FEMA’s regulations which might otherwise result in disqualification of the borrower receiving reimbursable
FEMA funds. The source of funds for the Trust loan portion consists of Trust operating revenues.
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IV. SFY2015 “SANDY” NJEIFP FINANCING PROGRAM REVIEW
PROGRAM OVERVIEW
Super Storm Sandy caused in excess of $2 billion in damage to environmental infrastructure throughout the State. On
January 29, 2013, President Obama signed the Disaster Relief Appropriations Act (P.L. 113-2) awarding $229.327 million
in additional federal SRF grant funds to New Jersey for environmental resiliency projects involving wastewater and potable
water treatment, Clean Water facilities, and collection/distribution systems, Drinking Water systems, affected by
Superstorm Sandy to improve the resilience of New Jersey’s environmental infrastructure in future storms. The DEP is
utilizing these funds to issue “Sandy NJEIFP” loans, the large majority of which will consist of the following general funding
terms:
i. Nineteen percent (19%) non-repayment funds (PFLs)from the DEP;
ii. Fifty six percent (56%) zero interest rate loan from the DEP; and
iii. Twenty five percent (25%) AAA-market rate loan from the Trust.
It is estimated that $95 million will be disbursed to Clean Water projects and $5 million disbursed to Drinking Water
projects in the SFY2015 Sandy NJEIFP Financing Program.
LOAN FUNDING SOURCES
Sources of funding for Superstorm Sandy projects come from the Disaster Relief Appropriations Act (“DRAA”), and
authorized funds from the New Jersey Department of Environmental Protection and the New Jersey Environmental
Infrastructure Trust. As with all SRF grants, the State is required to match fund 20% of this federal grant total ($45.87
million), and specific to this appropriation, the State can use no more than 30% of its federal grant funds as principal
forgiveness loans. The EIT in turn, will leverage all funds by 33.3% to produce a 75% State-DEP / 25% Trust financing
program, of which, approximately 19% of a total Loan will be offered by the State-DEP as principal forgiveness funds. As
a result, after a reduction for administrative expenses, the Sandy SRF Program will offer $354.69 million in loans to eligible
Borrowers with $68.69 million of this total being offered as non-repayment, principal forgiveness loans.
V. SFY2016 TRADITIONAL NJEIFP FINANCING PROGRAM REVIEW
PROGRAM OVERVIEW
In the NJEIFP’s continued effort to encourage participation of local government units in the Financing Program during the
current challenging economic period, the Traditional SFY2016 NJEIFP Financing Program will continue to offer twenty five
percent (25%) market rate loans to eligible participants due to DEP’s agreement to finance seventy five percent (75%) of
each project with its zero percent (0%) interest cost funds. Loans to borrowers will bear net interest rates below that
typically offered in prior years when the DEP and the Trust each provided funds for fifty percent (50%) of the Financing
Program. On a typical $1 million loan, this increase in the percentage of zero percent (0%) interest cost funds translates
into an approximate interest savings over 20 years equal to an additional $114,000 dollars, or 11.4% of the loan amount
above what NJEIFP’s low rates already save these borrowers.
In addition to offering aggressive financing terms of twenty five percent (25%) AAA-market rate loans as a catalyst to spur
economic growth, the SFY2016 Traditional NJEIFP Financing Program builds on other significant components of the
SFY2015 Traditional NJEIFP Financing Program including:
i.
Dedicating $20 million of funds for PFL financing for environmental infrastructure projects in the Barnegat Bay
Watershed to continue addressing the critical water quality issues confronting this important State asset with
the following funding terms:
5
a. Fifty percent (50%) non-repayment funds (PFLs) from the DEP;
b. Twenty five percent (25%) zero interest rate loan from the DEP; and
c. Twenty five percent (25%) AAA-market rate loan from the Trust.
ii. Dedicating a maximum of $20 million of funds for PFLs for Combined Sewer Overflow (CSO) Abatement
projects with a focus on utilizing green practices (such as green roofs, rain gardens, porous pavement, and
other activities that maintain and restore natural hydrology through infiltration, evapotranspiration, usage or
the harvesting of stormwater) and reserving $500,000 from the CSO reserve for long-term integrated water
resource planning. Funding terms are similar to the 50/25/25 financing terms discussed for the Barnegat Bay
Watershed projects in the previous point above;
iii. Dedicating $4 million in subsidized loans to small system DW projects (those serving a population of 10,000
or less) by offering a loan package that consists of loan terms consistent with the 50/25/25 financing schedule
discussed in the previous two points above as well as the waiver of many program administrative and
underwriting fees associated with the Traditional Financing Program. A portion of these funds, up to
$500,000, are dedicated for Very Small Water Systems (those serving a population of 500 or less) as 100%
PFLs; and
iv. Requiring the issuance of program authorizations to award construction contracts as a condition precedent
to receiving traditional long-term NJEIFP loans thereby ensuring that the Financing Program’s limited funds
are committed only to those projects which are ready to proceed to construction.
In addition, the SFY2016 Financing Program is introducing a substantial improvement by scheduling two bond sales within
the fiscal year. Specifically:
•
Offering a sale in November 2015 and a sale in May 2016, to provide additional opportunities for long-term
funding which will more closely align the completion of each borrower’s construction project with long-term
financing, and to transition the NJEIFP loan program to a rolling, more borrower-centric financing program.
New in SFY2016 is the addition of a Green Project Reserve:
•
A goal to provide 20 percent of the State’s CW SRF FFY2015 allocation as a set-aside specifically for projects
which utilize and implement green infrastructure as may be required in the FFY2015 federal appropriation to
the CW SRF. GPR loans will be treated as traditional NJEIFP loans and issued under the general structure of a
75% zero interest loan form the DEP and a 25% AAA-market rate loan from the Trust.
Other than set forth herein with respect to Barnegat Bay Watershed Projects, Combined Sewer Overflow Abatement
Projects, and Small System Loan Projects, PFLs for high ranking Drinking Water projects consist of a forty percent (40%)
Trust Loan component and a sixty percent (60%) State Loan component. Typically, twenty percent (20%) of the total loan
amount will be offered as principal forgiveness as a component of the Fund Loan. A maximum of $2 million in principal
forgiveness is available for high ranking drinking water projects in SFY2016.
LOAN FUNDING SOURCES
Similar to the SFY2015 Traditional Financing Program, each NJEIFP Loan consists of two components, a Fund Loan from
the State issued through the DEP and a Trust Loan from the NJEIT.
The sources of funds for the Fund Loan component of each SFY2016 traditional Financing Program loan consist of:
i.
ii.
iii.
iv.
v.
Current and prior federal capitalization grants;
Proceeds of previously issued State Bonds;
State legislative Appropriations;
Repayments from outstanding NJEIFP loans; and
Interest earnings.
6
Federal capitalization grants are also being utilized as the source of funding for those loan funds eligible for PFLs in the
SFY2016 Financing Program. Staff again estimates that the State will receive $50 million and $17 million in the next federal
fiscal year in Clean Water and Drinking Water State Revolving Fund (SRF) capitalization grants respectively.
The sources of funds for the Trust Loan component of each SFY2016 Traditional Financing Program loan consists of either:
i. Proceeds from the sale of Trust issued bonds; or
ii. Cash-on-hand Trust operating revenues
A minimum of $600 million in loans is available through the Base SFY2016 NJEIFP. This total amount will consist of
approximately $450 million DEP Fund loans and $150 million NJEIT Trust loans backed almost entirely by AAA issued, taxexempt bonds (it is anticipated there will be a small number of NJEIT Direct Loans which will be financed with the Trust’s
operating revenues).
VI. MULTI-YEAR SHORT TERM NJEIFP FINANCING PROGRAM REVIEW
PROGRAM OVERVIEW
Construction Loans are rapidly becoming an important component of the annual financing program, and in SFY2016, the
large majority of projects will utilize Construction Loans as the primary source of funding prior to securing long-term
financing. Consistent with the Construction financing for SFY2015 Legacy Projects as described above, only projects which
applied for funding in the SFY2016 Financing Program year and which receive project certification will be eligible for
Construction Loans. Projects which satisfy all NJEIFP requirements are eligible for reimbursement from NJEIFP sources.
Such requirements include
i.
Receipt of Authorization-to-Award the project’s final construction contract from the DEP resulting in an
operable segment;
ii. Declaration of Intent-to-Reimburse in a form which is in compliance with the federal tax code;
iii. Submission of a Construction Loan Program - Financial Addendum Form (CLP-FAF) and other loan closing prerequisites); and
iv. Satisfaction of financial eligibility requirements.
To maintain the eligibility of such costs, project planning (including the issuance and expiration of an Environmental
Assessment prepared by the DEP) and design and contract documents (including receipt from the DEP of Authorizationto-Advertise and Authorization-to-Award contracts for which reimbursement is sought) must be reviewed and approved
by the DEP’s Municipal Finance and Construction Element. Further, all permits and approvals for the construction of the
project must be secured. Moreover, executed construction contracts must be presented to the Department subsequent
to receipt of an Authorization-to-Award.
Short-Term loans may take a variety of forms within the NJEIFP Financing Program. The following is a list of all of the
Financing Program’s short-term loan offerings:
Construction Loans – the base Construction loan is designed for shovel-ready projects as they receive
Authorization-to-Award from the DEP and certification for funding from the Trust;
ii. Planning & Design Loans – this Program is designed to offer pre-construction financing for the costs of
environmental planning and engineering design services for $500,000 or up to 50% of the estimated planning
and design allowance, whichever is less, of the project loan;
iii. Equipment Loans – Recently approved by the Legislature in SFY2015, this Program boasts a rolling application
process and expedited review period. It is designed to provide loans of up to $1 million for the purchase and
installation of equipment which can be relocated, requires minimal environmental planning, no engineering
planning review and few, if any, environmental permits from the DEP. Such loans are currently available for
clean water projects and consideration is being given to extend it to drinking water projects in SFY2016; and
iv. Emergency Loans (non-SAIL) – this Program is designed to meet the needs of an emergency that the DEP
Commissioner has certified is endangering the health or welfare of the public or the environment and provides
quick-fix financing of up to $600,000 for such repairs.
i.
7
Pending legislative amendments to the NJEIT’s enabling act would allow the Trust to issue short term loans bearing
variable rate interest. A short-term, variable rate loan program will provide significant interest rate savings to borrowers
by providing cost efficiency benefits and savings as interest will be charged only on those funds which borrowers draw
upon and utilize for construction cost reimbursements rather than from the date of loan closing on the entire loan amount.
In order to be able to design and implement a short-term, variable rate loan program that accesses the availability of
private funds, an amendment to the Trust enabling act has been proposed which would allow the Trust to enter into a
procurement for such development services pursuant to a private negotiated sale. This is an important option available
to the Trust to be used in order to grow the Construction Loan Program to provide significant savings to borrowers.
LOAN FUNDING SOURCES
The source of funds for Construction Loans are primarily Trust operating revenues and DEP loan repayments from loans
issued with funds from prior capitalization grants, prior State bond acts and interest earnings thereon. Pending in the
Program’s SFY2016 appropriation bills, the Trust and DEP are requesting the Legislature to appropriate $500,000,000 of
State SRF funds to the Trust to be used as a source of funds for Construction Loans. The Trust may procure a line of credit
or similar credit instrument from a commercial bank (the “Line of Credit”) or other private source to secure additional
sums necessary for the short-term financing of projects receiving SFY2016 appropriations. SFY2016 IFP loans, exclusive of
Legacy projects, are structured as twenty five percent (25%) market rate loans for terms up to three full fiscal years.
VII.
SFY2016 DISASTER RELIEF EMERGENCY FINANCING PROGRAM (SAIL) REVIEW
PROGRAM OVERVIEW
SAIL financing will continue to be available in SFY2016 for short-term financing (up to 3 full fiscal years) for projects to
repair or improve the resiliency of environmental infrastructure systems adversely impacted during Superstorm Sandy.
SAIL project funding is available to local government units, public water utilities or private entities upon the determination
and certification in writing by the Department that any such project:
1. is necessary and appropriate to repair damages to a wastewater treatment system or water supply facility
directly arising from seismic activity or weather conditions which occurred within the prior three fiscal years
that gave rise to a declaration by the Governor of a state of emergency; provided the wastewater treatment
system or water supply facility is located in a County included in the Governor’s state of emergency
declaration; or
2. is necessary and appropriate to mitigate the risk of future damage to a wastewater treatment system or water
supply facility from seismic activity or weather conditions comparable in scope and severity to seismic activity
or weather conditions which occurred within the prior three fiscal years that gave rise to a declaration by the
Governor of a state of emergency;
3. is a wastewater treatment system or water supply facility that is located in a County included in the Governor’s
state of emergency declaration;
4. and its applicant have satisfied the program eligibility requirements of the funding sources for which
reimbursements are sought (e.g., FEMA and/or the NJEIFP); and
5. its applicants have secured all SAIL application and financial approvals.
SAIL loans are structured as twenty five percent (25%) market rate loans for terms up to three full fiscal years.
8
LOAN FUNDING SOURCES
Currently, the sources of funds for Sail loans are primarily Trust operating revenues, repayments of prior NJEIFP Loans,
and DEP Revolving Fund loan repayments. In addition, the Trust may procure a line of credit or similar credit instrument
from a commercial bank (the “Line of Credit”) to secure additional sums necessary for SAIL Program Loans. The source of
funds for SAIL Loans are subject to legislative appropriation. The DEP is anticipated to transfer a maximum of $500 million
to the NJEIT for the all of the Trust’s short-term loan financing vehicles.
VIII.
SFY2016 “SANDY” NJEIFP FINANCING PROGRAM REVIEW
PROGRAM OVERVIEW
The DEP will continue to issue principal forgiveness loans utilizing the appropriations from Federal P.L. 113-2 (the Disaster
Relief Appropriations Act of 2013) for environmental infrastructure resiliency projects involving Clean Water and Drinking
Water systems affected by Superstorm Sandy. The large majority of these “Sandy NJEIFP” loans will consist of the same
general funding terms as offered in SFY2015:
i.
ii.
iii.
iv.
Nineteen percent (19%) non-repayment funds (PFLs) from the DEP;
Fifty six percent (56%) zero interest rate loan from the DEP; and
Twenty five percent (25%) AAA-market rate loan from the Trust.
As an alternative to the above structure, the DEP is offering Community Development Block Grant (CDBG)
funds to Sandy NJEIFP eligible projects which increases the amount of principal forgiveness loans from 19%
to 25% and decreases the DEP zero-rate loan portion a corresponding amount, from 56% to 50%. The DEP is
also offering to waive its 2% administration fee. These additional financial benefits are being offered to
encourage individual Sandy NJEIFP borrowers to accept such CDBG monies as a source of their loan funds in
light of the added delays, constraints and compliance requirements associated with receipt of such CDBG
funds.
In addition, a maximum of $35 million is being set-aside ($25 million in CW PFLs and $10 million in DW PFLs) for projects
that provide auxiliary power to a facility.
LOAN FUNDING SOURCES
The sources of funds for the State loan component of Sandy NJEIFP Loans are funds received by the State from the special
appropriations through the Disaster Relief Emergency Appropriations Act of 2013 (PL 2013-2) as well as State match funds.
As with all SRF grants, the State is required to match fund twenty percent (20%) of this federal grant total ($45.87 million),
and, specific to this appropriation, the State may not disburse more than thirty percent (30%) of its federal grant funds
for which repayment is forgiven. The NJEIT will leverage all funds by 33.3% to produce a 75% State-DEP/25% Trust
financing program, of which, approximately 19% of a total Loan is being offered by the State-DEP as principal forgiveness
funds. As a result, after a reduction for administrative expenses, the Sandy SRF Program initially had $354.69 million in
loan funds available to eligible Borrowers of which $68.8 million of this total was available in the form of non-repayment,
principal forgiveness loans.
The source of funds for the Trust loan component are proceeds provided through the Trust’s bond issuance.
It is estimated that $95 million will be disbursed to Clean Water projects and $5 million will be disbursed to Drinking Water
projects in the SFY2015 Sandy NJEIFP Financing Program leaving $203 million and $52 million available for disbursement
to Clean Water and Drinking Water projects respectively in the SFY2016 Sandy NJEIFP Financing Program.
9
THE REPORT
SFY2016 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE BASE AND SANDY FINANCING PROGRAMS
INTRODUCTION
The SFY2016 financing program will continue to provide financing for the construction and improvement of clean water
and drinking water facilities and distribution systems with a particular focus on funding projects necessary to rebuild New
Jersey’s environmental infrastructure in the wake of Superstorm Sandy.
THE CLEAN WATER PROGRAM
The Water Quality Act of 1987, which amended the Clean Water Act (CWA), requires States to establish a CW SRF program
to qualify for federal capitalization grants. The CW SRF provides financial assistance for the construction of projects that
protect, maintain and improve water quality. It is estimated that $195 million will be committed to Clean Water projects
in the SFY2015 NJEIFP leaving $520 million NJEIFP Clean Drinking Water projects in SFY2016.
Each year, the DEP develops a "Proposed Priority System, Intended Use Plan, and Project Priority List" as required by both
federal and State law.
•
The Priority System (PS) describes the ranking methodology for the municipal water pollution control projects
that are eligible for financial assistance through the NJEIFP.
•
The Intended Use Plan (IUP) provides information on funds available through the clean water component of
the NJEIFP, including all federal funds allotted to the State under the Clean Water Act and available to the CW
SRF. The proposed Federal Fiscal Year (FFY) 2015 Clean Water Intended Use Plan sets forth the ranking
methodologies utilized to rank both Sandy and Base SFY2016 NJEIFP projects.
•
The Priority List identifies projects targeted for financial assistance from the CW SRF and identifies the
estimated total eligible building costs under the appropriate project category.
After a public comment period, the DEP submits a final Priority System, Intended Use Plan and Project Priority List to the
U.S. EPA for approval.
New Jersey has received a Superstorm Sandy CW capitalization grant of $191.1 million to improve the resiliency of
adversely impacted water treatment and distribution systems through the Emergency Appropriations Act of 2013 (P.L.
113-2). As with all SRF grants, the State is required to match fund twenty percent (20%) of this federal grant total ($38.2
million), and specific to this appropriation, the State may not disburse more than thirty percent (30%) of its federal grant
funds for which repayment is forgiven. Sandy CW NJEIFP Loans are comprised of P.L. 113-2 funds (both the principal
forgiveness loan component and zero interest rate loan component), and Trust funds, typically bond proceeds (market
rate loan component). In total, approximately $295.6 million in Sandy NJEIFP Clean Water total PFL loans will be made
available for long-term financing to aid in Sandy recovery.
The FFY2015 CW SRF capital grant for New Jersey is anticipated to be approximately $50 million for utilization in the
Traditional SFY2016 NJEIFP. Traditional SFY2016 loans are also comprised of Trust funds and various funding sources for
the State Fund loan component (prior State of New Jersey bond acts, capitalization grants, repayments of prior funds loans
and interest earnings). Funding in the amount of $520 million is available for Base SFY2016 CW project loans.
THE DRINKING WATER PROGRAM
The Federal Safe Drinking Water Act (SDWA) Amendments of 1996 authorized a Drinking Water State Revolving Fund (DW
SRF) to assist publicly owned and privately owned community drinking water systems and nonprofit non-community
drinking water systems to finance the costs of infrastructure needed to achieve or maintain compliance with SDWA
10
requirements and to protect the public health in conformance with the objectives of the SDWA. The DW SRF is
administered similarly to the State’s Clean Water State Revolving Fund.
New Jersey has received a Superstorm Sandy DW capitalization grant of $38.2 million to improve the resiliency of adversely
impacted water treatment and distribution systems through the Emergency Appropriations Act of 2013 (P.L. 113-2). As
with all SRF grants, the State is required to match fund twenty percent (20%) of this federal grant total ($7.6 million), and
specific to this appropriation, the State may not disburse more than thirty percent (30%) of its federal grant funds for
which repayment is forgiven. Sandy CW NJEIFP Loans are comprised of Trust funds, typically bond proceeds (market rate
loan component), and P.L. 113-2 funds (both the principal forgiveness loan component and zero interest rate loan
component). In total, approximately $59.1 million in Sandy NJEIFP CW PFL loans will be made available for long-term
financing to aid in Sandy recovery. It is estimated that $30 million will be committed to Drinking Water projects in the
SFY2015 NJEIFP leaving $80 million NJEIFP Drinking Water projects in SFY16.
New Jersey’s FFY2015 DW SRF capital grant is anticipated to be $16,828,000. The DEP expects a minimum of 30% of that
amount will be available for Drinking Water PFLs subject to U.S. EPA guidance for the Drinking Water FFY2015
capitalization grant anticipated to be received In May of 2015. The DEP plans to use 16% of these funds for non-project
set-aside expenditures, which includes DW SRF administrative costs. If, the full 16% is not requested, the DEP reserves the
authority to use the balance of the 16% of funds authorized for set aside purposes in future years. In accordance with the
Safe Drinking Water Act Amendments, USEPA has established controls and requirements conditioning the use of federal
moneys within the DW SRF loan program. In particular, states must provide a 20% match to the federal Capitalization
Grant. The State will meet this requirement through appropriations from the 1981 Water Supply Bond Act administered
by the DEP. Funding in the amount of $80 million is available for Base SFY2016 DW project loans.
THE NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
The New Jersey Environmental Infrastructure Trust was created by the Wastewater Treatment Trust Act, P.L.1985, c.334,
N.J.S.A. 58:11B-1 et seq. (Trust Act). The Trust is an independent state financing authority, in but not of the DEP,
empowered to issue revenue bonds for the purpose of making loans to finance the construction of eligible environmental
infrastructure projects. In August 1997, the Trust Act was amended by P.L.1997, c.224 to change the name of the Trust
and expand its role to include the financing of stormwater management and drinking water projects. The present cap for
outstanding bonds is $2.8 billion. The total amount of outstanding Trust bonds is $1.29 billion excluding refunding bonds.
The Trust is subject to thorough oversight by the State. It is governed by a 7-member Board of Directors. Trust Board
meeting minutes are forwarded to the Governor and the Legislature. The Governor has the right to disapprove Trust
actions by veto of the minutes. The Trust is managed by an Executive Director assisted by other administrative officers
and staff. The Governor and the State Treasurer must approve Trust debt issues before bonds can be authorized for
issuance by the Trust.
Project loans issued by the Trust and Fund require prior authorization through legislative acts specifying the aggregate
amount of funds to be expended. The project details of the annual legislation are found in the Clean Water and Drinking
Water Project Priority Lists, which are developed in accordance with the State priority ranking systems and submitted to
the Legislature by January 15 of each year. In addition, the Trust must submit a financial plan to the Legislature by May 15
of each year. This report satisfies this requirement. Both the Senate and Assembly must approve the plan.
Over the years the types of projects eligible for financing have been expanded to include the water quality related aspects
of such areas as landfills (for closure activities and new cell construction). In 2001, land acquisition and conservation,
remedial action activities and well sealing were added.
To address needed environmental infrastructure improvements, several State general obligation bond issues were
approved to capitalize the various loan funds, which are administered by the DEP and the Trust.
•
The Wastewater Treatment Bond Act of 1985, P. L. 1985, c. 329 (Wastewater Bond Act) authorized the State
to issue $190 million in general obligation bonds, providing $150 million to capitalize the Fund portion of the
NJEIFP and $40 million to capitalize the debt service reserve funds securing the Trust’s revenue bonds.
11
•
•
•
•
In 1992, the voters approved $50 million for wastewater projects as part of the Green Acres, Clean Water,
Farmland and Historic Preservation Bond Act of 1992 (Green Acres Bond Act) providing $5 million to the Trust
to leverage via capitalization of Trust debt service reserve funds and $45 million to capitalize the Fund portion
of the NJEIFP.
In 1997, voters approved amendments to the Stormwater Management and Combined Sewer Overflow
Abatement Bond Act of 1989 (CSO Bond Act), providing $5 million for the Trust to leverage via capitalization
of Trust debt service reserve funds.
The Water Supply Bond Act of 1981 (Water Supply Bond Act) was also amended in 1997 to provide up to $50
million to the Trust to leverage via the capitalization of debt service reserve funds or project costs. These funds
are used to satisfy the 20% state match requirement for the Drinking Water Program under the Capitalization
Grant.
The Dam, Lake, Stream, Flood Control, Water Resources and Wastewater Treatment Bond Act of 2003 was
adopted, authorizing the State to issue bonds for $200 million. It appropriated $5 million to the Trust for debt
service reserve funds and $45 million to the DEP for financing water supply and wastewater treatment
projects.
Through these actions, the State Legislature and the public have authorized substantial monies for the DEP and the Trust
to provide low cost financing for environmental infrastructure projects in the State.
PROGRAM DEMAND
Based upon program applications received, there are a total of 279 clean water and drinking water projects eligible to
participate in the SFY2016 Financing Program totaling approximately $1.94 billion in project costs. This loan total includes
Supplemental loan requests, Barnegat Bay Watershed projects, CSO Abatement projects, Green Projects, Track I Projects
and Track II Projects (defined herein).
There are 159 clean water projects totaling approximately $1.47 billion including requests for 5 Supplemental Loans from
previously financed projects totaling $6.6 million. There are 121 drinking water projects totaling approximately $469
million including requests for 1 drinking water Supplemental Loan from a previously financed project totaling $1.4 million.
PROJECT PRIORITY LIST / PROJECT ELIGIBILITY
This plan amends the list of eligible projects provided in the January 2015 Project Priority List and Financing Strategy to
include new project loan applications, supplemental loans and emergency projects. The SFY2016 Financing Program
projects are set forth in two project lists, the Clean Water project list and Drinking Water project list.
i.
The Clean Water NJEIFP project priority list is included in Appendix A. Given the broad parameters provided
by the EPA in defining Clean Water Sandy NJEIFP eligible projects, i.e., projects that improve the resiliency of
systems adversely impacted during Superstorm Sandy, as well as the preliminary finding that portions of
certain projects will be considered as improving resiliency, the Clean Water Base SFY2016 and Clean Water
Sandy NJEIFP projects have not been segregated.
ii. The Drinking Water project priority list is set forth in Appendix B and the Drinking Water Sandy NJEIFP project
priority list is set forth in Appendix C. The Drinking Water Program has separately prioritized projects eligible
for Sandy NJEIFP Loans. Projects are prioritized based on reductions in system vulnerability, projects to
prevent flooding of a water treatment plant or well house, other improvements to resiliency projects, projects
in water supply systems with inadequate source capacity, auxiliary power projects, inadequate storage
projects and other projects as more fully set forth in the DEP’s FFY2015 Drinking Water Superstorm Sandy
Intended Use Plan.
Each of the above noted project lists also sets forth project cost estimates determined by the NJEIFP as eligible for funding
under the federal Clean Water Act and/or Safe Drinking Water Act including construction, planning and design (e.g.,
12
engineering design) and administrative costs (e.g., legal). While a particular project’s total costs may exceed the cost
estimate set forth on the project priority list, costs deemed ineligible for funding under the federal Clean Water Act or
Safe Drinking Water Act are not reflected in the project lists and will not be funded. Moreover, applicants should not
deem project cost estimates as indicative of the sufficiency of funds but rather that the project may compete for limited
funding subject to their project ranking on the priority list.1 Eligibility to receive funding in the SFY2016 Financing Program
is limited to:
1. projects for which letters of intent, planning documents were submitted on October 10, 2014, and
applications and construction drawings, and contract documents were submitted by March 6, 2015 (Track I
Applicants); and
2. projects for which letters of intent, planning documents, applications, construction drawings, and contract
documents were submitted by March 6, 2015 (Track II Applicants).
Project Prioritization. The NJEIFP’s project prioritization methodology is the means by which limited funds are distributed
among eligible projects. In prior years, the NJEIFP has been able to finance all projects that fulfilled NJEIFP requirements
regardless of their project ranking due to the availability of State and federal funds.
Clean Water (including Barnegat Bay and CSO Abatement) Project List. The SFY2016 Financing Program Clean Water
project list sets forth all clean water projects eligible to seek financing in the SFY2016 Financing Program. Eligible clean
water program activities include wastewater management, stormwater management and non-point source pollution
control projects, landfill closures, open space land acquisition, brownfield remediation and well sealing. Funding
prioritization is as follows:
1.
2.
3.
4.
5.
Emergency projects;
Supplemental loan projects;
Legacy Projects;
Track I Projects;
Track II Projects.
Clean Water project ranks are based on the total number of ranking points each project receives in five categories:
a.
b.
c.
d.
e.
Local Environmental Enhancement Planning Activities;
Project Discharge Categories;
Water Use/Water Quality;
Smart Growth; and
Population.2
The Clean Water Project List also includes Barnegat Bay Watershed environmental infrastructure projects eligible to seek
a principal forgiveness loan in the SFY2015 Financing Program. Funding eligibility of Barnegat Bay Environmental
infrastructure is based on the ranked order relative to other such projects as they appear on the project list.
Also included on the Clean Water Project List are CSO Abatement projects with a focus on green technology (e.g., green
roofs, rain gardens, porous pavement, and other activities that maintain and restore natural hydrology). These projects
are separately identified on the project list. Funding eligibility is based on the ranked order of CSO Abatement Green
projects relative to other such projects as they appear on the project list, with CSO Green projects ranked above other
CSO projects.
All Track II Projects are ranked below projects which met the Fall 2014 submission deadline.
1 The project lists accompany ing the DEP Clean Water and Drinking Water Intended Use Plans, ref lect the estimated allowable project costs and the Clean Water and Drinking
Water Project lists set f orth herein ref lect f undable amounts dev eloped in anticipation of legislativ e appropriation. The legislativ e appropriation amounts exceed the IUP amount
to ensure projects are f ully f unded in the ev ent of unanticipated ev ents such as cost overruns. DEP's project lists should be utilized f or an identif ication of project cost estimates.
2 A discussion of the methodology and criteria are set f orth in the DEP’s amended FFY 2015 Clean Water State Rev olv ing Fund Priority Sy stem, Intended Use Plan, and
Project Priority Sy stem.
13
Drinking Water Project List. The SFY2016 Financing Program Drinking Water project list sets forth all drinking water
projects eligible to seek financing in the SFY2016 Financing Program. Eligible Drinking Water Project activities include
rehabilitation or development of sources to replace contaminated water sources, treatment and storage facilities
transmission/distribution pipes and appurtenances to prevent contamination or improve water pressure to safe levels,
and upgrades to security measures.
Funding prioritization for the SFY2016 Drinking Water Financing Program is as follows:
1. Emergency projects;
2. Small systems (as defined in State Fiscal Year 2016 New Jersey Environmental Infrastructure Financing
Program Priority System and Project Priority List January Report);
3. Supplemental projects;
4. Legacy projects;
5. Track I Projects;
6. Track II Projects that meet program deadlines in accordance with their rank on the State’s Drinking Water
Project Priority List.
Drinking water projects are ranked in accordance with criteria associated with public health, compliance, affordability,
approved drinking water plans and state planning area designations. Eligibility for up to $10 million in PFLs is also based
on the ranked order of all projects (exclusive of supplemental and legacy loans) as they appear in the drinking water
project priority list. DW, Sandy NJEIFP projects, and small systems - which are based from smallest size first and ranked
order, also qualify for PFLs.
DEP PROJECT CERTIFICATION
DEP Project certification is required for all projects (e.g. Base SFY2016 NJEIFP, Sandy NJEIFP, SAIL, Construction, and
Equipment program loans), which is issued by the Commissioner of the DEP or his designee. DEP project certification is
granted upon a project’s receipt of all permits, compliance with environmental planning, design, and construction contract
document requirements, and the Program’s issuance of an authorization to award the final construction contract.
Although requiring executed construction contracts may reduce the number of projects receiving certification, it commits
limited program funding and resources to only those projects that are ready to commence construction.
TRUST LOAN CERTIFICATION AND LOAN CLOSING REQUIREMENTS
Trust Loan Certification is required for all projects seeking program financing and is issued by the Trust Board of Directors.
Trust Loan certification is issued upon DEP project certification and the applicant’s satisfaction of the Program’s credit
worthiness requirements.
New to the Program this year is the requirement that all components which receive funding through the NJEIFP to have
in place, or commit to develop, an Asset Management Plan (“AMP”) and provide the NJEIFP with both a technical
(engineering) and financial certification outlining the long-term maintenance and replacement plan for the project’s
components as well as the corresponding fiscal sustainability plan for the project. The AMP will assist borrowers to fulfill
the federal WRRDA requirement to develop and implement a Fiscal Sustainability Program for projects that involve the
repair, replacement or expansion of a treatment works. The Financing Program’s AMP will include 1) a description of what
is required as well as any corresponding implementation time table; 2) the retainage by the Department and/or Trust of
any necessary professional services to assist the Financing Program in implementing and monitoring such an AMP; 3) the
development of templates and standardized planning tools to assist borrowers with their creation of the AMP; and
possibly 4) the creation of an internship program with local colleges and universities whereby students in related technical
and environmental programs will have the opportunity to assist systems with the identification and categorization of
system assets (including quantification of remaining useful lives and replacement cost estimates) in a manner that will
14
save NJEIFP’s borrowers time and resources while affording the internship participants with relevant real-world
experience and industry contacts.
The final prerequisite to loan eligibility is a project’s compliance with loan closing requirements. Although the actual
requirements typically vary by type of applicant (municipal, authority or public/private water utility), applicant obligations
generally include but are not limited to:
i.
ii.
iii.
iv.
completion of a financial addendum form;
passage of an authorizing resolution; reimbursement resolution and bond resolution,
securing Local Finance Board or Board of Public Utilities approval (as applicable); and
agreement to the terms of the NJEIFP’s loan closing documents, including:
a. bond covenants,
b. project drawdown schedules,
c. continuing disclosure, and
d. numerous other document provisions to further demonstrate the borrower’s ability to repay the loan
and satisfy the NJEIFP’s credit worthiness standards.
FINANCING SCHEDULE
As discussed, SFY2016 applications, environmental planning, engineering design and plans and specifications were due on
March 6, 2015 at which time Program staff commenced review of SFY2016 applications. The DEP will finalize its
certification of SFY2016 Financing Program projects to be partially funded with Trust bond proceeds to be included in
either the anticipated November or May Bond Sale and submit such certifications to the Trust. Those projects receiving
DEP certification subsequent to February 2, 2015 but prior to June 30, 2015 will be given Legacy Status and funding priority
in the SFY2016 Financing Program contingent on such projects securing short-term financing prior to June 30, 2015.
Program participants whose projects will be partially funded with Trust bond proceeds are required to close and deliver
in escrow their loan agreements as well as their bonds or collateral evidencing their repayment obligations, two months
prior to the Trust’s bond sale. The Trust pledges these documents as collateral in the issuance of its bonds to finance the
Trust Loans. It is anticipated that a Trust bond sale will occur in November of 2015 and early-May of 2016. A detailed
proposed schedule is set forth in the Appendices to this Report.
BOND REFUNDING
Independent of and separate from the bond issues planned for the SFY2016 Financing Program, the Trust will continue to
review prior bond issues to determine if refinancing would provide substantial savings to borrowers. The Trust will proceed
with the refinancing of prior issues when circumstances warrant such action. To the extent permitted by law, such
refunding bonds will have the same security features as the issue being refunded.
ELIGIBLE ACTIVITIES
The clean water component of the NJEIFP finances both emergency type projects which include unforeseen failures of
collection, conveyance and/or treatment systems as well as wastewater management, stormwater management, and
non-point source pollution control projects, such as land acquisition, landfill closure and new cell construction, well sealing
and remedial actions to protect water resources for eligible municipalities, counties and authorities throughout the state.
The drinking water component of the NJEIFP finances drinking water projects for eligible authorities, municipalities,
counties and privately owned or nonprofit non-community drinking water systems.
The Tax Reform Act of 1986 imposes restrictions on the types of projects that can be financed with tax-exempt bonds. In
the past, the Trust was authorized to finance projects that were government owned and either governmentally owned or
15
operated by private entities under conforming management contracts under IRS guidelines. Where these IRS guidelines
could not be met, the Trust has issued AMT bonds for clean water projects in the past. However, with the authorization
to finance private or nonprofit drinking water systems, the Trust may issue additional series of AMT bonds or taxable
bonds to finance projects involving nonprofit use, private use, private payments, or private loans and not otherwise
complying with Federal income tax requirements for tax exempt governmental bonds. If allowable under applicable law,
the Trust will seek to combine these respective series of drinking water project bonds with like series of clean water project
bonds.
The issuance of AMT bonds imposes additional conditions precedent to the issuance of Trust bonds, including, without
limitation, the receipt of a volume cap allocation from the Treasurer, 2% costs of issuance limitation and hearings under
the Tax and Equity Fiscal Responsibility Act of 1982 (“TEFRA”).
Eligibility to seek funding in the SFY2016 Financing Program is limited to (1) projects for which letters of intent and planning
documents were submitted by October 10, 2014, applications, construction drawings, and contract documents submitted
by March 6, 2015 (Track I Projects); (2) projects for which letters of intent, planning documents, applications, construction
drawings, and contract documents were submitted by March 6, 2015 (Track II Projects).
Only drinking water systems and their owner(s) who demonstrate adequate technical, managerial and financial capacity,
or that the award of financing will address the noted compliance issues are eligible for funding under the federal Safe
Drinking Water Act. Generally, the three areas of capacity development may be summarized as follows:
•
•
•
Technical capacity – The project sponsor must be in compliance with New Jersey’s Safe Drinking Water rules,
Water Supply Allocation Permit rules and statutes, must have a licensed operator pursuant to N.J.A.C. 7:10A
and not be in significant noncompliance.
Managerial capacity – The project sponsor or water system must not be in receivership, must demonstrate
clear ownership and must not have any continuing violations.
Financial capacity – Drinking water systems must receive approvals from the Local Finance Board or the Board
of Public Utilities. Those private drinking water systems not subject to BPU review will be evaluated on a case
by case basis.
A more detailed discussion of technical, managerial, and financial capacity appear in the New Jersey Drinking Water State
Revolving Fund FFY2015 Intended Use Plan.
PROJECT LIST / RANKING
The SFY2016 January Report (published in January of 2015) identified, among other things, the SFY2016 Financing Program
Clean Water and Drinking Water Project Priority Lists. The Clean Water Project Priority List identified eighty (80) projects
with an estimated cost of $787.6 million. The Drinking Water Project Priority List identified seventy six (76) projects with
an estimated cost of $243.3 million. The detailed ranking methodologies for Clean Water and Drinking Water Projects are
set forth in the FFY2015 Intended Use Plans available at www.njeit.org/publications.
The SFY2016 Clean Water and Drinking Water Project Priority Lists have been modified both with regard to structure and
project pool due to one change in the Financing Program. At the time of publication of the SFY2016 January Report, the
SFY2016 Track II Application schedule was not announced. The Program accepted additional Letters of Intent and
Applications through March 6, 2015 resulting in 21 additional projects in the SFY2016 Financing Program at an estimated
cost of $37.9 million all of which are ranked below Track I projects. In addition, the SFY2016 Financing Program includes
103 SFY2015 projects at an estimated cost of $869 million whose funding (receipt of an authorization to award
construction) on or before June 30, 2015 was uncertain at the time of this writing.
The SFY2016 Financing Program Project Priority Lists include a total of 280 projects at an estimated cost of $1.94 billion.
Given the broad parameters provided by the EPA in defining Clean Water Sandy NJEIFP eligible projects, i.e, projects that
improve the resiliency of systems adversely impacted during Superstorm Sandy, as well as the preliminary finding that
portions of certain projects will be considered as improving resiliency, the Clean Water Base SFY2016 and Clean Water
Sandy NJEIFP projects have not been segregated.
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The Drinking Water Program has separately prioritized projects eligible for Sandy NJEIFP Loans. Projects are prioritized
based on reductions in system vulnerability, projects to prevent flooding of a water treatment plant or well house, other
improvements to resiliency projects, projects in water supply systems with inadequate source capacity, auxiliary power
projects, inadequate storage projects and other projects as more fully set forth in the DEP’s FFY2015 Drinking Water
Superstorm Sandy Intended Use Plan. The Drinking Water Sandy NJEIFP project priority list is set forth in Appendix C.
Notwithstanding the need to separately identify such projects, given the potential that a project may be deemed ineligible
for all or a portion of a Sandy NJEIFP Loan, all Sandy NJEIFP projects are also identified in the Base SFY2016 DW Project
priority list set forth in Appendix B.
The Clean Water Project Priority List includes 154 projects at an estimated cost of $1.47 billion are set forth in Appendix
A. The Clean Water list also includes 5 clean water supplemental loan projects funded in a prior Financing Program at an
estimated cost of $6.6 million. These supplemental loans cover the difference between the loan amounts based on
engineering estimates (i.e., amounts certified and loaned in prior funding years) and the actual costs based on bids
received, and/or additional funding due as a result of the changes to the rules. The supplemental loans for this year’s
Financing Program will be given priority over new project loans in each of the programs.
A maximum of $5,000,000 is reserved for equipment purchases in support of the Trust’s establishment of an open
application process for certain equipment purchase projects. For the purposes of this reserve, equipment is limited to
street sweepers, jet-vac trucks, portable generators and other equipment where construction services are not needed to
effectuate the project. Funding priority for equipment purchases will be based exclusively on the order of approval.
Principal forgiveness loans are available to CSO Abatement projects with a focus on those projects utilizing green
technology (e.g., green roofs, rain gardens, porous pavement, and other activities that maintain and restore natural
hydrology). They are included and separately identified on the Clean Water Project List. There are a total of 6 CSO
Abatement projects on the CW Project Priority List at an estimated cost of $40 million. Funding eligibility is based on the
ranked order of CSO Abatement projects relative to other such projects as they appear on the project list with CSO Green
projects ranked above other CSO projects.
In this fifth year of advancing Governor Christie’s initiative to improve the water quality of the Barnegat Bay Watershed,
the NJEIFP continues to offer Barnegat Bay Watershed principal forgiveness loans to clean water environmental
infrastructure projects. There are a total of 7 Barnegat Bay Watershed projects on the CW Project Priority List at an
estimated cost of $23.8 million. These projects are separately identified on the project list. Funding eligibility of Barnegat
Bay Watershed projects is based on the ranked order relative to other such projects as they appear on the project list.
Funding in the amount of as much as $20 million is available for Barnegat Bay project loans (of which up to $10 million
will be available as principal forgiveness), which is a portion of the total $520 million in available CW funding.
Also, the SFY2016 Financing Program includes a Green Project Reserve (GPR) for clean water projects, to the extent that
the federal appropriation to CW SRF Program requires it.
The SFY2016 Financing Program also includes a Redevelopment Project Reserve for eligible redevelopment projects. There
are a total of 6 Redevelopment Projects on the CW Project Priority List at an estimated cost of $232.3 million. Loans
(combined State and Trust sources) in the amount of $40 million are available for clean water redevelopment loans, and
funding eligibility is based on the ranked order of Redevelopment Projects relative to other such projects as they appear
on the project list.
The Drinking Water Project priority List includes 121 projects at an estimated cost of $469 million are set forth in Appendix
B. As stated, a portion of these projects have separately been prioritized in the Superstorm Sandy NJEIFP project priority
list set forth in Appendix C. A total of 8 projects have been identified as potentially eligible for Sandy NJEIFP PFLs at a cost
of $51.4 million.
Typically, not all of the projects listed in the project list will receive funding for numerous reasons such as voluntary
withdrawal, failure to secure all permits and technical approvals, and failure to satisfy the program’s credit and security
requirements. As a result, the project lists only serve to define the pool of projects from which loans will be made. The
projects listed in Appendices A, B, C, D, and E are prospective recipients of financing in this year's Financing Program.
Similarly, the project costs set forth in the Appendices are based on Applicant engineering estimates and all are subject to
adjustments during application review process for project eligibility.
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PROGRAM STRUCTURE
LOAN STRUCTURE / SOURCES OF FUNDS
1.
Long Term Loans. Long Term loans are available for allowable project costs consisting of an interest-bearing
loan from the Trust, and a zero percent interest loan from the Department. The Trust's interest bearing loans are typically
financed from the sale of Revenue Bonds. The Bond Sale for SFY2016 Base NJEIFP and Sandy NJEIFP Loans are scheduled
to occur in November of 2015 and May of 2016 and loan closings will occur immediately thereafter. The Trust serves as
the funding source for the “market rate” loan component of each loan referenced herein. Department funds are
capitalized from four major sources: 1) annual federal Clean Water Act State Revolving Fund and Safe Drinking Water Act
State Revolving Fund grants (capitalization grants), 2) various state bond issues, 3) loan repayments and 4) interest
earnings. The Department serves as the funding source for loan components subject to principal forgiveness or bearing a
zero interest rate referenced herein.
A. The Sandy CW and DW NJEIFP. Sandy financing will be in the form of PFLs, the large majority of which are
structured as follows: up to nineteen percent (19%) of the loan is subject to principal forgiveness, fifty six percent (56%)
of the loan is at zero interest rate and twenty five percent (25%) of the loan is at market rate. The loan structures also vary
based on project types as set forth in the following set asides and reserves for the Sandy NJEIFP:
CW Sandy NJEIFP Set Aside Loan Structures. The Department will award the balance of the Sandy CW SRF funds in that
was not committed in the SFY2015 Program. The Sandy CW SRF Program includes a principal forgiveness component of
approximately 19% of the allowable costs. If all Sandy CW SRF funds are awarded in SFY2015, new submittals will be
eligible under the 75% DEP and 25% Trust loan structure.
If there are insufficient applications to utilize the funds allocated to the above Sandy reserves and/or set-asides, the
unutilized funds may be reallocated to other reserves, set asides or other eligible Sandy CW NJEIFP projects as determined
by the Department subject to state or federal program constraints.
DW Sandy Set Aside Loan Structures. A maximum of $10 million in PFLs will be made available to projects that provide
auxiliary power to a publicly owned facility that was impacted by Superstorm Sandy. PFLs structured as follows: up to
nineteen percent (19%) of the loan is subject to principal forgiveness, fifty six percent (56%) of the loan is at zero interest
rate and twenty five percent (25%) of the loan is at market rate. Project priority will be offered to publicly owned
community water systems starting from smallest to largest systems.
If there are insufficient applications to utilize the funds allocated to the above Sandy reserves and/or set-asides, the
unutilized funds may be reallocated to other reserves, set asides or other eligible Sandy DW NJEIFP projects as determined
by the Department subject to state or federal program constraints.
B. The Base SFY2015 CW and DW NJEIFP consists of (1) Traditional project loans bearing an interest rate equal
to twenty five percent (25%) of the market rate and (2) PFLs of which between twenty percent (20%) and fifty percent
(50%) of eligible project costs will be subject to principal forgiveness with the remaining portion of the loan bearing an
interest rate equal to fifty percent (50%) of the market rate. The loan structures also vary based on project types as set
forth in the following set asides and reserves for the Base SFY2016 NJEIFP:
A maximum of $20 million in PFLs will be made available for Combined Sewer Overflow (CSO) abatement projects utilizing
green practices (such as green roofs, rain gardens, porous pavement, and other activities that maintain and restore natural
hydrology by infiltrating, evapotranspiring and harvesting and using stormwater). These PFLs are structured as follows: up
to fifty percent (50%) of each loan is subject to principal forgiveness (not to exceed $1 million per project sponsor), twenty
five percent (25%) of the loan is at zero interest and twenty five percent (25%) of the loan is at market rate.
A maximum of $20 million in PFLs will be made available for stormwater and non-point source pollution management
projects in the Barnegat Bay Watershed. These PFLs are structured as follows: up to fifty percent (50%) of each loan is
subject to principal forgiveness, twenty five percent (25%) of the loan is at zero interest and twenty five percent (25%) of
the loan is at market rate.
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A Green Project Reserve Loans (GPR) equal to a minimum of twenty percent (20%) (for the CW SRF) of the State’s FFY2015
allocation will be available in the Base SFY2016 NJEIFP if the FFY2015 federal appropriation include language requiring
such action. The loans will be structured as the base loans are with approximately twenty five percent (25%) market rate
component from the Trust.
Brownfield Set-Aside Loans of up to $30 million are available for Clean Water projects where a government unit serves
as the applicant on behalf of a private entity for a remediation or redevelopment project to statutorily qualify for NJEIFP
loans and where the loan is guaranteed by other than the government unit sponsor. The loans will be structured as twenty
five percent (25%) market rate loans. There is a $40 million per project limit on the amount of Fund monies that any
conduit borrower/private entity project can receive in the SFY2016 program. In cases where the available Fund loan does
not cover 75 percent of the allowable project costs, the Trust may finance the remaining allowable costs. Financing above
and beyond the amount set-aside for such projects will be considered if monies are available after the need for funding
of higher ranking projects during the funding cycle has been satisfied. Conduit borrowers will not be eligible for
supplemental fund loans from the Department to cover unanticipated cost increases due to bid receipt, differing site
conditions, change orders or other circumstances.
A Small System Set-Aside is being established in an amount equal to fifteen percent (15%) of the DW SRF for loans to
small Drinking Water systems serving 10,000 or fewer residents. The Small System Loan Program has been established in
support of the significant improvements to public health served by projects to improve small systems while also
recognizing the particular credit risk posed by small system borrowers.
The Small System Loan Program will serve as the primary source of funding for Drinking Water Loans for improvements
to water supply systems serving populations less than 10,000. For the SFY2016 Financing Program, the Small System Loan
Program will be funded in an amount not to exceed $500,000 for systems serving populations of 500 or less residents
wherein each Small System Loan shall consist of a one hundred percent (100%) DEP principal forgiveness loan.
Unexpended funds plus $3.5 million will be available for systems serving populations less than or equal to 10,000 residents
and each Small System loan shall consist of a fifty percent (50%) DEP principal forgiveness loan, a twenty five percent
(25%) DEP zero interest loan and a twenty five percent (25%) Trust loan. The Trust is authorized to expend a total of
$1,000,000 in Trust funds for Small System Loans. No single Small System Loan shall exceed $1,000,000.
Unique to the Small System Loan Program is the establishment of a Loan Loss Reserve Fund (LLR Fund)Small System Loan
Program applicants that do not directly or indirectly pledge ad valorem taxing authority as security for such loans will pay
an annual guarantee fee equal to 1% of the outstanding Trust loan (“LLR Fee”). The LLR Fee will be deposited into the LLR
Fund.
Unless otherwise specified above, for all Base SFY2016 NJEIFP CW and DW loans, in cases where the available Fund loan
does not cover fifty percent (50%) or seventy five percent (75%) of the allowable project costs, the Trust may finance the
remaining allowable costs, increasing the effective interest rate of the loan above twenty five percent (25%) or fifty
percent (50%). Financing above and beyond the amount set-aside for such projects will be considered if monies are
available after the need for funding of higher ranking projects during the funding cycle has been satisfied. Conversely, if
there are unexpended funds in the set-aside due to insufficient demand for the stated activities, the residual funds may
be used to finance lower ranked projects on the Priority List subject to State and/or federal program constraints.
Community Development Block Grants (CDBG) Loans will be offered to qualifying projects in low and middle income
communities as a 100% DEP loan with principal forgiveness for the borrower of up to 25% of the total loan amount. As
an additional benefit to the borrower, administration fees will be waived by the DEP.
Legacy Projects. Each year, a number of projects to be partially financed with Trust Bond proceeds are not included in the
bond pool as a result of failing to satisfy all program requirements by the last Bond Pool deadline (typically February 1). In
prior years, such projects would be subject to the financing terms of the ensuring year’s financing program. In an effort to
allay concerns of affected applicants, the NJEIFP now extends the terms and conditions of the SFY2015 Financing Program
(e.g., loan structures such as twenty five percent (25%) market rate loans and principal forgiveness) to any project
receiving short-term financing prior to June 30, 2015. An additional 45 Legacy Projects valued at $224 million are
anticipated to receive SFY2016 NJEIFP funding through the NJEIT Construction Loan Program prior to June 30, 2015.
19
Direct Loans. The Trust utilizes cash on hand in lieu of Trust bond proceeds as the source of funds for its loan component
(aka the market rate interest component of the loan) for projects eligible to receive relatively small NJEIFP loans. T h e s e
“ Direct Loans” are generally available for small projects or for entities that are either fiscally constrained or lack the
administrative capability to participate in a complex bond transaction. Note: Direct Loans are only available for projects
that have fully satisfied all program requirements including but not limited to submission of all application related
documents compliant with submission deadlines and secure all project related and financial approvals. Direct Loans in
the SFY2016 Financing Program are anticipated to be structured as twenty five percent (25%) market rate loans and will
be capped at $1.2 million per project.
Supplemental Loans. Periodically, a project’s costs exceed the amount financed in its Long-Term or Direct Loan due to
differing site conditions or when the low bid building cost exceeds the original loan amount. Such costs may be eligible to
receive financing through a Supplemental Loan. See N.J.A.C. 7:22-3.11. The loan requirements for a supplemental loan
are identical to that of the Long-Term loan subject to the following exceptions: revised planning documents, and design
documents are not required provided the project scope of work has not increased. The loan structure (e.g., a twenty five
percent (25%) market rate loan) for Supplemental Loans is generally identical to that of the original project loan.
C. Hybrid Loans. A number of project sponsors have expressed an interest in securing short-term financing to
meet cash flow needs in anticipation of reimbursement of federal funds (FEMA/HUD) as well as long-term financing for
non-reimbursable costs (typically local share). The review and approval of such projects must contemplate satisfaction of
multiple federal funding programs. Hybrid Loan borrowers will receive a SAIL loan for both reimbursable and eligible nonreimbursable project costs and one or more long-term loans for project costs for which federal reimbursement has not
been received. The structure of such loans will reflect the underlying short- term loan vehicle (IFP Loan or SAIL Loan) as
well as the long-term loan vehicle (Base SFY2016 NJEIFP, Sandy NJEIFP, Trust Only Loan or combination thereof).
D. Trust Only Long-Term Loans. Notwithstanding efforts to ensure project costs to repair and improve the
resiliency of Superstorm Sandy impacted systems are compliant with and reimbursed by FEMA/HUD, in the event
reimbursement is not received and project components otherwise fail to qualify for CW or DW NJEIFP long-term loans,
Trust only Long-Term Loans are available for such costs. It is anticipated that Trust only Long-term loans will be utilized
to make up for short-falls that may arise in structuring a borrower’s H2LOans long-term loans to ensure financing for the
entire project can be achieved through H2LOans. The Trust anticipates utilizing bond proceeds for such loans.
2. Short-Term Loans:
A. SAIL Loans. The SAIL Program (also known as the “Disaster Relief Emergency Financing Program”) is a
source of short-term and temporary loans for projects to repair damages incurred during disasters and projects to
improve the resiliency of clean water and drinking water systems in future disasters. For additional eligibility requirements
see N.J.S.A. 58:11B-9.5. Projects funded through SAIL must be identified in a project eligibility list submitted to the
legislature prior to receipt of SAIL financing pursuant to N.J.S.A. 58:11B-9.5(c). The current SAIL Eligibility List was
submitted to the legislature in satisfaction of this legislative publication requirement on April 22, 2015.
SAIL loans are available to local government units seeking short-term funding assistance to address immediate
cash flow needs for their disaster related water infrastructure projects whether it be for local match requirement and/or
in anticipation of reimbursement through federal grant programs such as Federal Emergency Management Act (FEMA) or
Housing and Urban Development, (HUD), Community Development Block Grants (CDBG). It is anticipated that SAIL Loans
made in SFY2016 will be structured as twenty five percent (25%) market rate loans, the market rate of which will be
determined at SAIL loan closing. SAIL loans may be issued for terms not to exceed three fiscal years (up to 47 months).
Given the necessity that project expenses meet FEMA / HUD requirements as a condition of reimbursement,
and the need to have such applications approved expeditiously, the program has retained an outside engineering
consulting firm to assist in the review of construction design and eligible costs, conduct site visits and review disbursement
requests. SAIL program borrowers are responsible for payment of such costs in an amount not to exceed two and a half
percent (2.5%). Such costs will typically be incorporated into the long-term financing program package.
B. Construction Loans. Each year there are projects that are ready to proceed with construction prior to the
issuance of the Trust Bonds. In order to move forward with such projects, the participant must procure financing for the
20
period between receipt of the authorization to award the final construction contract and the Traditional Financing
Program loan closing. In 2002, the Trust’s enabling legislation was amended authorizing the Trust to establish an Interim
Financing Program as another source of short-term financing available to participants for pre-award projects. Prior to
SFY2015, eligible projects would receive Trust-only interim loans for eligible project costs consistent with each project’s
draw down schedule until the interim Loan was replaced with a traditional NJEIFP loan at long-term loan closing within
the same fiscal year.
The Trust received legislative authorization in State Fiscal Year 2015 to issue Interim Financing Program loans
for terms of up to three (3) fiscal years. The intent of the multi-year, short-term loan is to provide funding for the duration
of a project’s construction (Construction Loans). Issuing long-term financing upon completion of construction minimizes
loan expenses for participating borrowers and ensures accuracy of project costs in sizing such projects for long-term
funding, a significant improvement relative to the prior single-year, Interim Financing Program. Moreover, issuing
Construction Loans prior to bond funding mirrors the practice utilized by many local government units throughout the
State of financing public projects through Bond Anticipation Notes during construction with the added benefit of
significantly lowering interest rates and increasing cash flow flexibility. Commencing in SFY2016, all projects will be
financed through Construction Loans.
Construction Loans are required for all SFY2016 projects provided all of the following conditions are met:
i.
The project sponsor has received an authorization to award the final construction contract and project
certification from the DEP and the Trust;
ii. The Applicant satisfies the Trust’s credit worthiness standards;
iii. The project is in the fundable range for the current year’s funding cycle given the availability of Trust and Fund
funds for loans;
iv. Funds are available in the Trust’s Construction Loan Program account; and
v. The project sponsor enters into the requisite Construction loan documentation with the Trust.
The project sponsor is limited to one Construction Loan per project scope and Construction Loans will be made on a
readiness to proceed basis until the funds available for Construction Loan awards are exhausted.
The loan is required to be repaid on the day of closing of the long-term loan, even if, for some reason, the borrower has
failed to meet the requirements for the long-term loan and is not included in the pooled financing. The Construction Loan
will be paid in one of two ways; 1) if the borrower is in the Traditional Financing Program, the loan will be repaid from
funds made available from both the Trust and Fund loans; or 2) if the borrower has failed to meet the Traditional Financing
Program requirements, the borrower must find another source to repay the Construction Loan.
The loans will be subject to an interest rate determined by the Trust Board. The interest rate for a Construction Loan
issued to a local government unit in the SFY2015 Financing Program was twenty five percent (25%) of the market rate
based on a “AAA” governmental bond index as of the closing date.
The SFY2016 CLP Board Policy authorizes Construction loans at an interest rate equal to twenty five percent (25%) of the
market rate. Moreover, commencing in 2008, the IFP Board Policy permits the Trust to fund Construction Loans through
a line of credit in the event NJEIFP reserves are committed to project loans. The line of credit will be procured in
compliance with State procurement laws. In proposed legislation is an amendment to the Trust’s enabling legislation that
will authorize the Trust to offer a variable rate of interest on short term loans. This amendment aims to provide further
savings to the borrowers by calculating interest on the funds as they are made available to the borrowers.
Preserving eligibility for project costs incurred to be financed at a future date through the Financing Program is an
important component of the Construction Loan Program. To maintain the eligibility of such costs, project planning
(including the issuance and expiration of an Environmental Assessment prepared by the DEP) and design and contract
documents (including issuance of Authorization-to-Advertise and Authorization-to-Award contracts for which
reimbursement is sought) must be reviewed and approved by the DEP’s Municipal Finance and Construction Element. In
addition to securing all permits and approvals for the construction of the project, executed construction contracts must
be presented to the Department subsequent to receipt of an Authorization to Award. No more than one-half of soft costs
21
may be disbursed in an Interim Financing Loan. It should be noted that federal policy limits the amount of funds the States
may withdraw from capitalization grants for “refinancing’s.” Because federal policy defines any costs incurred prior to
loan award to be “refinanced,” there is a possibility that reimbursement for all pre-award costs may not be feasible at the
time of loan award.
C. Planning and Design Loans. Planning and Design Loans are utilized to finance the cost of environmental
planning and engineering design services for environmental infrastructure projects, utilizing loan monies provided by the
Trust from Trust accounts, such as interest earnings. The loans are structured as temporary financing for preliminary
project activities, with the expectation that the environmental infrastructure projects will secure long-term financing
through the NJEIFP. Planning and Design loans are for periods not to exceed three years (ten years for CSO projects).
These short-term loans are available to pay for up to 50% of engineering and design costs for projects not identified in a
project priority list. SFY2016 P&D loans may be for terms of up to two years at twenty five percent (25%) of the market
rate.
The Planning and Design Loans provide low interest loans to finance the cost of environmental planning and engineering
design services for environmental infrastructure projects, utilizing loan monies provided by the Trust from Trust accounts,
such as interest earnings. The loans are structured as temporary financing for preliminary project activities, with the
expectation that the projects will secure long-term financing through the NJEIFP.
Upon receipt of an application, the DEP makes a determination as to project eligibility. Project loans are made upon a
project sponsor’s compliance with NJEIFP loan requirements. Planning and Design loans are made at interest rates
established by the Trust’s Board of Directors. The Planning and Design Loan Program provides loans up to $500,000 per
project loan.
D. Emergency (Non-SAIL) Loans. The NJEIFP recognizes that environmental infrastructure emergencies may
occur that endanger public health and welfare, and can result in substantial environmental damage. Qualifying emergency
conditions are limited to those where failure has occurred or where failure is imminent and, unless corrected, will result
in substantial pollution of the environment (such as collapse of a wastewater line) and/or substantial curtailment of the
functions of the infrastructure.
Non-SAIL emergency financing is available in two scenarios. The first arises for the temporary repair of a facility to address
an emergency condition, when the failure occurs during the course of NJEIFP application review and the project for which
NJEIFP financing sought is for the improvement to the facility which has experienced failure. Given the necessity for an
immediate response, a complete technical and environmental review in advance of construction is not possible. The DEP
secures basic project information from the project loan applicant, makes an eligibility determination and issues project
approval so that owners/operators can undertake the needed repairs and maintain eligibility for those expenditures
through the NJEIFP. The second scenario requiring emergency financing arises for the temporary repair of facilities which
are not otherwise under NJEIFP application review. Since 2008, the Trust has implemented an Emergency Loan Program
whereby the loans are funded by the Trust from Trust operating accounts.
The Trust Board of Directors has formally adopted a resolution outlining Emergency Loan eligibility, the limitation of the
loan amounts and the calculation of the interest rates. Emergency Repairs may be undertaken upon receipt of a DEP
declaration that a project is an eligible environmental infrastructure project the repair of which will negate an imminent
threat to the environment and preliminary eligibility determination by the Trust Executive Director. Emergency Loan
eligibility also requires satisfaction of loan eligibility requirements and the applicant’s agreement to implement an asset
management program (neither of these requirements are conditions precedent to commencement of emergency repairs).
The Emergency Loan Program provides Trust loans up to $600,000 per project provided total Program Loans do not exceed
$2 million at any given time. The SFY2016 Emergency loans may be for a term not to exceed twenty four months at an
interest rate equivalent to 25% of the market rate.
The Comprehensive Priority Lists in Appendices D and E of this report represent an updated IFP Eligibility List for both
Clean Water and Drinking Water Projects.
The NJEIFP recognizes that environmental infrastructure emergencies may occur that endanger public health and welfare,
and can result in substantial environmental damage. Qualifying emergency conditions are limited to those where failure
22
has occurred or where failure is imminent and, unless corrected, will result in substantial pollution of the environment
(such as collapse of a wastewater line) and/or substantial curtailment of the functions of the infrastructure.
Non-SAIL emergency financing is available in two scenarios. The first arises for the temporary repair of a facility to address
an emergency condition, when the failure occurs during the course of NJEIFP application review and the project for which
NJEIFP financing sought is for the improvement to the facility which has experienced failure. Given the necessity for an
immediate response, a complete technical and environmental review in advance of construction is not possible. The DEP
secures basic project information from the project loan applicant, makes an eligibility determination and issues project
approval so that owners/operators can undertake the needed repairs and maintain eligibility for those expenditures
through the NJEIFP. The second scenario requiring emergency financing arises for the temporary repair of facilities that
are not otherwise under NJEIFP application review. Since 2008, the Trust has implemented an Emergency Loan Program
whereby the loans are funded by the Trust from Trust operating accounts. The Trust Board of Directors has formally
adopted a resolution outlining Emergency Loan eligibility, the limitation of the loan amounts and the calculation of the
interest rates. Emergency Repairs may be undertaken upon receipt of a DEP declaration that a project is an eligible
environmental infrastructure project the repair of which will negate an imminent threat to the environment and
preliminary eligibility determination by the Trust Executive Director. Emergency Loan eligibility also requires satisfaction
of loan eligibility requirements and the applicant’s agreement to implement an asset management program (neither of
these requirements are conditions precedent to commencement of emergency repairs). The Emergency Loan Program
provides Trust loans up to $600,000 per project.
Miscellaneous Provisions Pertaining to all SFY2016 Financing Program Loans
•
The Trust will finance up to 100% of the cost of reserve capacity. However, in support of the Smart Growth
and Green Project Initiatives, the DEP may issue a zero interest loan for a portion of the reserve capacity
depending upon the type and location of the project. The Trust will finance the balance.
•
A borrower may issue its own bonds to finance unallowable costs, or may finance these costs from other
funds.
•
A borrower may apply for a supplemental loan for the project to cover allowable increased project costs.
•
Trust bonds prior to 2007 were secured by a debt service reserve fund of approximately 10% of the issue size.
The Trust’s Debt Service Reserve Fund was generally funded from a portion of the required state match (20%
of the federal grant), General obligation Bond proceeds and project loan repayments. Commencing in 2007,
the Trust was able to maintain its natural AAA credit rating without posting a debt service reserve enabling
the Trust to utilize eligible funds for project loans. This practice will be continued in SFY2016, to the extent
permitted by the rating agencies, for local government unit borrowers.
Table 1: CW SRF and DW SRF Funding Histories - The following table indicates New Jersey’s historical share of CW SRF
and DW SRF funds. Starting in 1999, the DEP initiated, in accordance with the provisions of the Federal Safe Drinking Water
Act, the transfer of funds from the repayments of loans issued under the Clean Water Program to the Drinking Water SRF
Program. These figures are listed on the following table in the fourth column. It is possible that an amount up to $6.0
million may be transferred in the SFY2015 Financing Program.
Federal Fiscal Year
1988
1989
1990
1991
1992
Clean Water
Capitalization Grant
Amount
(in millions)
$70
65
69
84
79
Drinking Water Capitalization
Grant Amount
(in millions)
N/A
N/A
N/A
N/A
N/A
23
Clean Water SRF Funds
Transferred to the
Drinking Water SRF
(in millions)
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2009 ARRA
2010
2011 (SFY12)
2012 (SFY13)
2013 (SFY14)
2014 (SFY15)
Sa ndy
TOTAL
78
49
50
82
25
59
55
55
55
54
54
54
44
36
51
28
18
63
83
81
60
50
50
191
$1,792
N/A
N/A
N/A
N/A
28
17
18
19
19
19
18
19
19
18
18
18
18
43
29
20
20
14
14
38
$425
9
12
12
6
6
6
6
6
6
0
7
7
7
7
0
12
6
0
$115
USEPA policies and requirements have been evolving as the federal CW SRF program has matured. Since New Jersey has
already negotiated and executed twenty-four CW SRF Capitalization Grant Agreements with USEPA, any non-substantive
changes in policies or requirements can easily be addressed by amendments to the operating agreement (OA) for the
Clean Water Program. New Jersey has already negotiated and executed sixteen DW SRF Capitalization Grant Agreements
with USEPA. Similarly, any non-substantive changes in policies or requirements can easily be addressed by amendments
to the OA for the Drinking Water Program. The DW SRF OA and CW SRF OA were amended to include the requirement
that New Jersey has agreed to conduct a single program joint audit for the DEP and the Trust annually.
LOAN TERM
Since the Program’s first loan in 1987, the maximum term of CW loans has been limited by both State statute and federal
law to the shorter of 20 years or an asset’s average useful life. However, in June of 2014, President Obama signed the
Water Resources Reform and Development Act (WRRDA). One of the components of WRRDA is to allow State Revolving
Fund (SRF) Programs, such as the NJEIFP, to lend Clean Water SRF loans for terms as long as 30 years. This brings the
State’s Clean Water SRF program in line with the Drinking Water SRF Program in terms of the ability to lend both grant
and repayment monies for as long as 30 years. While the Trust is presently constrained by its Enabling Act to issue bonds
for no longer than 20 years, an amendment in proposed legislation (A-3548/S-2354) would authorize the issuance of 30
year bonds. If enacted into law, new NJEIFP loans would be extended for terms equal to the lesser of a project’s useful
life or 30 years for certain project categories.
A borrower may elect a shorter repayment term. Participants have the option to capitalize interest during construction
for up to three years. Repayment of principal begins no later than the fourth year for both Trust and Fund loans. Debt
service payments on the Trust loan pays debt service on the Trust bonds. Debt service payments on the Fund loan are
repayments of principal only, since the Fund loan is at a zero interest rate. After providing security for Trust revenue bonds
for a period of approximately one year, the Fund loan repayments will be made available to future NJEIFP participants to
finance additional environmental infrastructure projects and will be matched by the Trust through new leveraged bond
issues.
24
OTHER LOAN PROGRAMS
TRUST / FUND / GREEN ACRES FINANCING PROGRAM
Since 2001, this Financing Program has financed open space land acquisition projects. The land purchases financed must
help to protect or maintain ground or surface water quality in the project areas. Water quality related restrictions are
placed on the use of parcels purchased with Clean Water SRF funds.
1. Projects certified under this financing program generally receive a grant from the Green Acres
Program for a portion of the allowable cost and up to a twenty-year loan from the Trust/Fund for
the remaining allowable cost.
2. Participants may issue their own bonds to finance the unallowable costs of the project and allowable
costs which exceed the Trust/Fund/Green Acres amounts or participants may finance these costs
from other funds. Each participant must be capable of financing these costs in order to be eligible
for financing from the NJEIFP.
3. Participants may apply for a supplemental Trust/Fund loan to cover increased allowable project cost
not covered by the original Trust/Fund loan or Green Acres financing.
4. If a portion of a property does not conform to the NJEIFP's allowable uses, NJEIFP financing will be
utilized to fund the portion of the property that is eligible.
5. Like other NJEIFP funded projects, financing may be secured for project administration (up to 3% of
land costs) and/or taking an allowance for planning and design (generally 10 to 15% of land costs).
6. The Trust Construction Loan Program is also available for these projects.
THE TRUST / PINELANDS FINANCING PROGRAM
Established by the Pinelands Infrastructure Trust Bond Act of 1985, this program provides funding for infrastructure
projects needed to accommodate existing and future needs in the 23 designated Pinelands Regional Growth Areas.
Funding is available for the construction of new collection systems, interceptors, and the expansion/upgrading of
wastewater treatment facilities. Water supply projects are also authorized in the existing Bond Act, however none have
been financed. Unfortunately, the funds from the Bond Act have been exhausted.
1. When additional funds become available, Pinelands/Trust financing for environmental infrastructure projects
would come from the following sources:
2. Projects certified under this program generally receive a grant for up to 40% of the allowable cost and a
twenty-year, half market rate loan for up to 20% of the allowable cost. Projects are funded by the DEP from
the Pinelands Infrastructure Trust Bond Act of 1985.
3. The Trust loan will represent approximately 40% of the remaining cost of the allowable project. However, if
the Pinelands grant/loan is not sufficient to cover 60% of the allowable cost, the Trust loan will be increased
to cover the balance not covered by the Pinelands grant/loan. The interest rate on this loan is the rate on the
Trust revenue bonds sold to finance the loans to the program participants. Pinelands participants are required
to authorize the Trust to bond for the debt service reserve fund amount associated with the Trust loan.
4. A participant may issue their own bonds to finance the unallowable costs of the project and allowable costs
which exceed the Trust/Pinelands amounts or participants may finance these costs from other funds. Each
participant must be capable of financing these costs in order to be eligible for financing from the Financing
Program.
5. The Trust may only fund those eligible costs not funded with a Pinelands grant/loan.
25
6. A participant may apply for a supplemental Trust loan to cover increased allowable project costs and may be
eligible (limited to no more than 10 percent of the amount originally allocated to the projects) for receipt of
additional monies through the Pinelands Program, if funds are available.
The loans are normally for a 20-year period, although a borrower may elect a shorter repayment term. The Trust loan
permits participants to capitalize interest during construction for up to three years. Principal repayment begins no later
than the fourth year for both Trust and Pinelands loans. Debt service payments on the Trust loan go to pay debt service
on the Trust bonds. Debt service payments on the Pinelands loan are for both principal and interest. The Pinelands loan
repayments will be made available to future financing program participants to finance additional projects. These funds
may be matched by the Trust through new leveraged bond issues.
There are no Pinelands Projects participating in the SFY2016 Financing Program.
BENEFITS OF PARTICIPATING IN THE FINANCING PROGRAM
The NJEIFP enables participants to join together to finance their environmental infrastructure projects at a lower cost than
if they financed their projects independently. The main cost savings are achieved by combining the zero-interest Fund
loan and the market-rate, AAA rated Trust loan. In the case of a Pinelands and/or Green Acres financed project, the savings
come from the combination of the Pinelands and or Green Acres grant/loan and the market-rate, AAA rated Trust loan.
Moreover, with a combined issue, smaller or lower-rated borrowers have better access to the debt market. Finally,
aggregating many project financings into one bond issue reduces financing costs for program participants. Participating in
the NJEIFP has resulted in Borrower savings between twenty five and thirty percent of the cost of debt service relative to
borrowing on their own. In total, borrowers have saved in excess of $2.2 billion since the NJEIFP’s inception. The addition
of aggressive loan discounts for CSO communities and stormwater controls such as pervious surface, green roofs, and rain
gardens in the Barnegat Bay Watershed through loans consisting of up to fifty percent (50%) principal in SFY2016 provide
substantial additional savings.
In addition to low interest rates, Trust loans eliminate the need for borrowers to obtain bond insurance, manage arbitrage
responsibilities, and reduce many other ancillary borrowing costs. Moreover, the Trust continually monitors market
conditions to assess when interest rates meet the Trust’s savings threshold for refunding prior bonds. All savings realized
from prior bond refundings, a total of $100.5 million, are passed on to borrowers, further lowering loan costs. The SFY2016
Financing Program also permits level debt service payments, allow borrowers to capitalize interest and implement net
funding of the project.
FINANCING PROJECTS THROUGH THE NJEIFP
The discussion that follows represents the current expectations for the loan agreements under the NJEIFP and is based
upon loan agreements with general obligation borrowers, although the other agreement forms may be mentioned. Not
all the differences among the various agreements are presented. Likewise, not every condition appearing in the various
loan agreements is described. The Trust and the State reserve the right to include special items in individual loan
agreements, conditions, and covenants unique to the circumstances of particular borrowers, when necessary even if not
anticipated in this document. Additionally, Principal Forgiveness Loan agreements may contain additional representations
and covenants that are not contained in the loan agreements with respect to the Traditional Loans.
PROGRAM OBJECTIVE
As in the past, the goal of this year's NJEIFP is to provide subsidized financing to eligible applicants in order to spur the
construction of environmental infrastructure projects. There are generally four prerequisites to any applicant’s eligibility
to receive a Traditional SFY2016 or Sandy NJEIFP loan for a particular project:
26
i. Availability of funds;
ii. identification of the project on a project priority list;;
iii. project approval (issuance by the DEP of an “Authorization to Award” and project certification by the
Commissioner); and
iv. the applicant’s satisfaction of financial eligibility and loan closing requirements.
THE TRUST AND FUND LOANS
Each borrower enters into two loan agreements: one agreement with the Trust and one with the State, acting by and
through the DEP, for the Fund or the Pinelands Program. These loan agreements have been drafted to reflect the
differences between the security features for general obligation borrowers, revenue borrowers and private water system
borrowers. The principal terms and conditions are conformed among the versions and permit a generic description of the
terms and conditions.
The Trust Loans - Historically, up to half of each project's estimated allowable costs have been funded with a loan from
the Trust. The Trust finances these loans by issuing its own revenue bonds and lending the proceeds to the program
participants. Funds are disbursed pursuant to draw schedules established by the participants. As described above, funding
from the Trust in the SFY2016 Financing Program for a large majority of projects will be twenty five percent (25%) of each
loan but may equal fifty percent (50%) for certain loans depending upon the nature, type and location of the project.
Each Trust bond issue is structured to allow for composite level debt service after the project construction period.
Participants will be permitted a construction period and capitalized interest of up to three years, with principal repayments
to commence in year four or sooner if the projected construction period is shorter than three years, or if a participant
desires to begin principal amortization earlier.
The Trust bonds are expected to net fund the project account to be established by the Trust bond resolution. The
capitalized interest account will be either net funded or fully funded by the Trust bonds. The bonds are also expected to
finance the underwriters' discount, any bond insurance premium, and a loan surcharge of up to 0.1% of the issue size for
other costs of issuance, and one half of the State fee. The Trust bonds will fund the allocable share of the Debt Service
Reserve Fund for reserve capacity borrowers, Pinelands/Green Acres borrowers and private drinking water system
borrowers. Final maturity of the bonds will not exceed 20 years.
The Trust Loans are structured to match the Trust bonds. The rate on the loan to each program participant includes the
interest rate on the Trust bonds. The aggregate of the debt service schedules of all of the participants loans also cover the
debt service schedule on the Trust bonds.
Trust bonds are ultimately secured by a general obligation pledge from each municipal borrower to levy and collect taxes
to pay debt service. Authority borrowers are expected to have deficiency agreements in place with their underlying
municipalities, backed by general obligation pledges from those underlying municipalities. If such deficiency agreements
cannot be obtained, the bonds issued to the Trust by the Authorities are expected to have at least an investment grade
rating (which may be a shadow rating) and may be required to be supported by some form of credit enhancement, unless
these loans fall into a deminimis size or other related exception. In the case of private drinking water systems, loans will
be secured by collateral, which may include letters of credit, water system mortgages and/or guaranties of owners or
operators or any other collateral that the Trust may deem appropriate.
The Trust bonds are also secured by the intercept of State-aid payable to all municipal participants and the municipalities
underlying those Authority participants that have executed deficiency agreements with such underlying municipalities. If
a participant fails to make timely debt service payments to the Trust, the Fund Loan repayments from this year and prior
years will be available; the State-aid intercept mechanism authorized in the Trust's enabling statute may be triggered and
State-aid may be diverted from the participant, or an underlying municipality of the participant, to the bond trustee to
pay debt service to the bondholders.
The Fund Loans - The Base SFY2016 Financing Program Fund Loan (a.k.a. State loan component) will be issued at a zero
percent interest rate. Participants will begin repaying the principal on their Traditional Fund Loans coincident with the
27
initiation of debt service payments on the Trust Loans. Unless changed due to specific project circumstances, annual
repayments of Fund Loan principal are designed to be level for the duration of the loans when combined with the Trust
principal and interest repayments.
The State loan component of Traditional Project Loans will comprise seventy five percent (75%) of the total loan for most
loans. Supplemental loans are structured consistent with that of the original project loan. The majority of PFLs issued in
the Base SFY2016 NJEIFP will consist of a State loan component comprising seventy five percent (75%) of the total
allowable project costs with the remaining twenty five percent (25%) financed through a Trust market rate loan. The Base
SFY2016 NJEIFP may also include the other PFLs for CSO and Barnegat Bay Watershed projects on the CW side and for
Small Systems and high ranking projects on the DW side.
The Funds are set up as revolving loan funds. As the Fund Loans are repaid, the money is held for approximately one year
by the Master Program Trustee to provide security for Trust bonds designated to benefit from this security. Thereafter,
the money is transferred back to the State and made available for originating new loans to participants in future financing
cycles.
Fees
1. The Fund Loan Origination Fee. It is anticipated that the SFY2016 Appropriation Act will require the DEP to
assess an annual administrative fee and provide monies to the State Treasury to help offset the cost of NJEIFP
administration. The DEP received legislative approval in June 2005 to institute a 2 percent loan origination fee
to fund the annual fee requirement. This origination fee was based on a five-year program cost evaluation.
This evaluation will be conducted annually to ensure NJEIFP funding is adequate. This fee will be assessed on
the total loan amount regardless of any amounts subject to principal forgiveness. Generally, 1% of this fee is
financed as part of each borrower’s Trust Loan and 1% is collected as a post-closing administrative fee via
eight equal semiannual installments.
Any fees collected above the amount necessary to fund the NJEIFP will be held by the Trust in a separate
account. Interest earned on this account will be applied toward NJEIFP administrative costs. Specifically, funds
from the account will be disbursed to Treasury every year to meet the anticipated State revenue established
under the Annual Appropriations Act. If the fees collected are insufficient to fund the program, the DEP will
request that the shortfall amount be appropriated from the special account. (Note: In the past, monies
collected through the DEP Fee can only be used for NJEIFP administrative costs or for state match purposes.
However, pending legislation would permit application of the Loan Origination Fee Fund by the department for State
matching funds or loans to local government units for the cost of wastewater treatment system or water supply projects.)
2. Trust Loan Origination Fee. For SFY2016, the Trust Loan is typically one-fourth of the total loan. A Trust Loan
origination fee of 0.01 percent may be applied to the Trust loan to fund the costs of issuance associated with
the bond sale and any such fee shall be uniformly applied to all borrowers. This fee is generally financed as
part of each borrower’s Trust Loan.
3. The Trust Annual Administrative Fee. The Trust will charge SFY2016 borrowers an annual administrative fee
payable semiannually commencing early 2016 and ending with the final loan payment. The Trust charges 0.3%
of the initial principal amount of the Trust loan and such fees are uniformly applied to all borrowers. The fee
shall be utilized to fund NJEIT’s activities as enumerated in the SFY2016 operating budget (Appendix I).
4. Security Research Fee. The Trust may charge non-governmental participants for any expenses incurred by or
on behalf of the Trust in connection with the evaluation of the acceptability of any collateral provided as
security for the Trust and Fund loans, regardless of whether the loan is actually closed. The Trust will not incur
such expense without the prior notification to the potential borrower.
5. Late Fee. To the extent any Borrower makes its Loan repayment after the due date thereof (February 1 and
August 1), the Borrower will be charged a late fee equal to the greater of 12% or the Prime Rate plus ½%. Prior
to SFY2015, such fee was not assessed unless a Borrower was more than ten days late with its payment.
28
BORROWER ELIGIBILITY
A municipal borrower must be a municipal corporation established under the laws of New Jersey. Local, regional and State
authorities must be constituted as public bodies corporate and politic, with corporate succession. Private drinking water
systems must be corporations or other entities duly organized and existing under or authorized to transact business under
the corporation or other applicable laws of New Jersey. Each borrower must have made a timely application to, and
received approval from, the Trust and the DEP (for the Fund or Pinelands Program). The municipal and authority NJEIFP
participants must issue a bond to secure the Trust Loan and a bond to the State to secure either the Fund Loan or the
Pinelands Loan. Participants must agree to complete the project and perform under the specific terms and covenants of
the loan agreements. Each of the loan agreements will cite the source of funds for the loan. In the case of private drinking
water systems, collateral issued to secure the Trust and Fund Loans (which may include bonds, particularly in the case of
larger private drinking water systems) must be approved by both the Trust and the State.
FINANCING SCHEDULE OVERVIEW
1. Financial Addendum - Each borrower is required to complete a Financial Addendum form by the submission
deadline to demonstrate a project sponsor’s commitment to proceed with project financing. A single Financial
Addendum is required to request financing for a Traditional or Principal Forgiveness project loan for either a
clean water or drinking water project. Two financial addenda must be submitted if both clean water and
drinking water project loans are sought. This submission is in addition to the State loan application typically
due in March of each year. While the actual requirements typically vary by type of applicant (municipal,
authority or public water utility), applicant obligations generally include but are not limited to completion of
a financial addendum form, passage of an authorizing resolution, reimbursement resolution and bond
resolution.
2. Local Finance Board/Board of Public Utilities Approval - Each Project must secure approval from the Local
Finance Board or Board of Public Utilities, as applicable, as a statutory requirement of the Financing Program
(other than private entities which are not subject to NJBPU jurisdiction).
3. DEP Project Certification - For a project to receive NJEIFP financing, the DEP must certify to the Trust that all
planning and design requirements have been completed in accordance with the Financing Program Rules; all
of the environmental issues have been adequately addressed; all of the required permits for the project have
been obtained, and an authorization to award has been issued.
4. Trust Project Certification - Loan Certification is required for all projects seeking program financing and is
most frequently issued by the Trust Board of Directors. Trust Loan certification is awarded upon DEP project
certification and the applicant’s satisfaction of the Program’s credit worthiness requirements.
5. Escrow Closing - Upon issuance of project certification, and when the borrower has all the necessary
ordinances, resolutions, authorizations and necessary financial covenants in place, the Trust conducts an
escrow closing for each participant.
6. Bond Issue - Subsequent to escrow closing, the Trust will schedule its bond sales. Both the Trust's enabling
legislation and the Annual Debt Management Plan require that the Trust's bonds be sold on a competitive
basis.
7. Loan Closing - Typically within two weeks of bond sale, the Trust will conduct loan closings with the borrowers.
THE TRUST FINANCING DETAIL
THE TRUST BONDS
The Trust currently intends to issue one or more series of bonds for governmental borrowers participating in the SFY2016
Financing Program. These series will be secured by the availability of Fund loan repayments from the SFY2016 Financing
29
Program and from certain prior bond issues and local unit bonds which are, in turn, secured by one or more of the
following: project operating revenues, ad valorem taxes, deficiency agreements or credit enhancements covering such
local unit bonds. All series of Trust bonds will also be secured by the State aid intercept to the extent each such series is
secured by local unit bonds of municipalities or counties, or authorities that have entered into deficiency agreements with
underlying municipalities.
The Trust may also, depending upon the borrowers’ characteristics, issue a series of alternative minimum tax (AMT) bonds
for the private drinking water systems or other projects with a significant private use component in this year’s financing.
In past years, the Trust has funded a separate series of AMT bonds for clean water projects and may do so again depending
on the responses received from borrowers in their financial addenda. If clean water AMT bonds and drinking water AMT
bonds are necessitated by the operational and financial structure of certain borrowers, the Trust will attempt to combine
the AMT bonds in a single series of Trust bonds, to the extent practicable and allowed under the Clean Water Act and the
Safe Drinking Water Act and other applicable law. Through the issuance of AMT bonds, the Trust retains the flexibility to
finance certain kinds of projects involving private use, private payments or private loans in excess of Federal income tax
standards available for the more traditional type of Trust financing. Drinking water loans may be secured by letters of
credit, mortgages on drinking water facilities, personal guaranties of system owners or operators, special reserves and/or
other available security required by the Trust to ensure repayment.
A taxable series of bonds may also be issued, such as in situations where some projects have non-governmental
relationships beyond allowable limits set by Federal income tax law. Any series of taxable or AMT bonds will have the
same security features as any other series of Trust bonds or, in the case of private drinking water systems, collateral
acceptable to the Trust and the DEP.
The Trust will consider various alternative structural features with respect to its bonds to be issued for the purpose of
funding Trust loans for borrowers participating in the SFY2016 Financing Program to the extent such structural features
will serve the best interests of the NJEIFP and will provide additional savings for such borrowers.
The Trust will consider all such new structural features, permissible pursuant to state and federal law, to the extent that
such new structural features will serve the best intent of the NJEIFP and will provide additional savings for borrowers.
Each series of bonds will fund a pool of loans. Participants will be assigned to a loan pool based upon their individual credit
characteristics, effect on coverage, the terms and conditions of their own outstanding bond documents and the following
considerations:
•
Trust bond ratings - Because of the cash flow structure of the Financing Program, most participants will be
placed in a single uninsured pool for which the Trust anticipates AAA/AAA/Aaa ratings from Fitch, Standard &
Poor's and Moody's, respectively.
•
The Trust's need to minimize transaction costs - Assigning participants to various pools can minimize the
complexity and cost of the bond issue.
•
Participants' need for insurance or other credit enhancement - Some participants may be required to insure
or obtain other credit enhancement with respect to the bonds they sell to the Trust. This may include
participants who do not have an investment grade rating of their own, who cannot obtain deficiency
agreements, who have certain restrictions in their existing bond documents, or who are required to issue
junior lien debt. At times, the Trust may request a waiver by the State Treasurer of the state’s credit
worthiness standards for a specific borrower.
•
Federal tax law considerations - AMT bonds, taxable bonds and varying construction draw schedules among
participants may make it beneficial to pool certain participants together in order to comply with federal tax
law.
•
State law limitations - Restrictions in certain State general obligation bond acts preclude the use of certain
bond act moneys as security for private borrowers.
Based primarily on the above considerations, the Trust will decide on the number of and the participants for each bond
series to be issued when the final list for this year's Financing Program is established.
30
ESCROW CLOSING
Upon the Trust’s and DEP’s issuance of project certification, and the borrower has all the necessary ordinances,
resolutions, authorizations and necessary financial covenants in place, the Trust conducts an escrow closing for each
participant. This closing is a full financial closing (i.e., loan agreements executed, bonds issued, and approved collateral
pledged in escrow) without the benefit of the bond sale. These documents are held in escrow until after bond sale and all
conditions precedent to final closing have been met. At that time, the documents are released from escrow and final
closing takes place.
This process assures, to the greatest extent possible, that the competitive bond sale and the closing can go forward as
planned. Escrow is estimated to commence two months prior to each bond sale. (See schedule herein).
COMPETITIVE SALE OF TRUST BONDS
Subsequent to escrow closing, the Trust will schedule its respective bond sales. Currently, both the Trust's enabling
legislation and the Annual Debt Management Plan require that the Trust's bonds be sold on a competitive basis. Proposed
legislation will authorize the Trust the option to offer bonds for sale pursuant to a private negotiated sale. If this legislation
is passed, the Trust will have the option to utilize private funds, augmenting the pool of funds presently available to the
DEP and Trust for short term loans. The Trust's enabling legislation allows the Trust to publish a summary of the Notice of
Sale once in three New Jersey newspapers and once in a recognized bond publication. The bonds will be awarded on the
basis of the lowest true interest cost bid. In the past, several underwriting syndicates have bid on the bonds and it is
expected that several will do so again this year. The Trust will require bidders to submit their bids electronically for its
Series 2016 bond issues.
The Trust has provided underwriting syndicates with the option to include term bond(s) with sinking fund installments in
their bids. Under certain market conditions, the use of term bonds in place of serial bonds will result in lower financing
costs for the participants. The Trust, depending on market conditions at the time of the publication of the Notice of Sale,
will permit underwriting syndicates to increase the amount of original issue discount which they may include in the bids.
Generally, however, bidders must specify a purchase price which equals or exceeds 98% of the initial aggregate purchase
price of the bonds. Given current conditions, a premium bid, e.g., one in which the purchase price exceeds 100% of the
initial price, is also a possible outcome of the bidder. Both the use of term bond(s) and a larger original issue discount will
provide underwriting syndicates increased flexibility which may result in a lower true interest cost for the Trust's bonds.
The Trust reserves the right to issue premium bonds to the extent market anomalies would dictate their use or to satisfy
authorization or other limitations.
The Trust will utilize a streamlined procedure for its investment of bond proceeds by establishing, prior to the bond sale,
either the portfolio of securities or a flexible repurchase agreement to be bid on. Since the investment earnings are taken
into account in sizing the bond issues, the investments must be calculated on the day of bond sale. The effect of this
procedure allows for a much quicker award of the Trust bonds to the successful underwriters. This reduction in award
time results in a higher rate of return on Trust investments. Trust may also determine to accept investment bids on an
electronic basis.
DISCLOSURE
Program participants are expected to provide, through completion of the Financial Addendum Form and certification of
the data's accuracy, information necessary for disclosure in the Trust's Official Statements. As discussed below, full
disclosure will be required for pool participants whose debt service payments make up 10% or more of the total cash flow
of the combined pools. Reduced disclosure will be required from the balance of the participants.
31
SECONDARY MARKET DISCLOSURE
Rule 15c2-12 of the Securities and Exchange Commission requires that certain issuers provide information on an ongoing
basis for use in the secondary bond market. The Trust has developed a policy consistent with Rule 15c2-12 that will place
responsibility on the borrowers to provide ongoing information. Based on the policy as set forth below, very few borrowers
will be required to provide ongoing secondary disclosure.
Those Borrowers (for any particular Financing Program) whose remaining Fund Loan repayments in all Coverage Providing
Financing Programs, when aggregated with their remaining Trust Loan repayments for any such particular Financing
Program, if any, exceed ten percent (10%) of the sum of:
1. The aggregate of all remaining Fund Loan repayments from all Borrowers in all Coverage Providing Financing
Programs, and
2. The aggregate of all remaining Trust Loan repayments in any such particular Financing Program from all
Borrowers shall be considered material "obligated persons" within the meaning and for the purposes of Rule
15c2-12. To the extent any such material “obligated person” Borrowers have entered into Borrower Service
Agreements with Participants and if any such Participants have entered into Indirect Borrower Service
Agreements with Indirect Participants whereby Annual Charges or Indirect Annual Charges, as the case may
be, materially secure such Loan payments of any such Borrower, any such Participants and Indirect
Participants shall also be considered material "obligated persons" within the meaning and for the purposes of
Rule 15c2-12 for the Series 1995 and subsequent Financing Programs.
Under certain commentary promulgated by the SEC pursuant to Rule 15c2-12, the Financing Programs that provide
coverage appear to be considered materially “obligated persons" under the Rule. Accordingly, the Trust will make the
appropriate secondary market disclosures on these Financing Programs in the 2016 Financing Program as it has in the past
programs commencing in 1995.
UNDERFUNDED OR OVERFUNDED ALLOWABLE COSTS
Financing is based upon awarded contracts or the best estimate of project costs available at the time the loans are
executed. If final bids are higher than the estimates, or if differing site conditions are encountered, the participant is
eligible to return to the Financing Program for supplemental funding for the increased allowable costs, subject to certain
IRS procedural requirements that must be followed. In the interim, the participant must be able to finance the extra costs
before they are eligible to receive their loan disbursements.
If final bids for a participating project are lower than the original awards, or if final building costs are lower than the
allowable costs based on the low bid building cost, a surplus of monies may exist. In the case of a Trust Loan, this money
is expected to be used to make debt service payments on the participant's Trust Loan or go towards a defeasance. These
Trust monies may also be available to fund cost increases due to differing site conditions, certain other project costs or
for allowable reserve capacity costs, subject to approval by the Trust. In the case of a Fund Loan or Pinelands and/or Green
Acres Grant/Loan, this surplus will be de-obligated via an amended debt service schedule eliminating payments starting
from the back end (year 20) and moving forward until the de-obligated amount is realized.
UNALLOWABLE COSTS
Project financing for the unallowable portion of project costs must come from the program participant, who may bond
for this cost or pay for it out of other funds. For municipal or county borrowers, local financing must be available before
they can receive their loans. This means that the municipal or county borrower must have either cash available or bond
ordinances and Local Finance Board approvals (if required) authorizing the borrowing of the necessary funds. Authorities
and private drinking water systems must have cash on hand or the equivalent thereof prior to any disbursement of their
loans. The Trust has imposed these requirements to provide assurance that projects will be completed.
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PROJECT ACCOUNT DISBURSEMENTS
Financing Program participants draw their funds for construction from two sources: one funded by the Trust bonds and
the other funded by either (i) the Clean Water or Drinking Water State Revolving Fund, (ii) CW SRF or DW SRF repayments,
or (iii) State Bond proceeds. The project construction drawdown schedules are developed by the DEP, based upon the
participants' own submissions, prior to the escrow closings. The Trust then develops a composite drawdown schedule
from all of the individual borrowers in any given pool in order to net fund the Construction Fund from bond proceeds for
the Trust component. Depending on market conditions and the timing of the draw schedules, the Trust may also gross
fund the accounts.
LOAN REPAYMENTS
Participants make scheduled debt service payments on both of their loans with a single payment to a loan servicer, which
may be the Trust. Payments are required to begin by the fourth year of the loans, but may commence earlier if the
construction period is shorter or if the borrower chooses to begin amortization prior to the end of its construction period.
Each debt service payment is determined as follows:
•
Scheduled principal and interest due the Trust, net of investment income on the reserve fund credited for the
period and net of any other applicable credits;
•
Scheduled principal due to the Clean Water or Drinking Water Fund or State Bond Fund or principal and
interest due under the Pinelands Loan; and
•
Any administrative fees owed to the DEP and the Trust.
INVESTMENT OF PROJECT LOAN ACCOUNT PROCEEDS
The Trust will continue to invest project loan account monies on an aggregate basis to the expected drawdown dates for
any construction not completed under the construction loan program. These investments will either continue to be in U.S.
Treasury securities, the providers of which will be chosen competitively or on a collateralized guaranteed investment
contract that will also be competitively procured. If determined to be advantageous, the project account may be invested
in State and Local Government Securities or other securities as allowed under the bond resolution.
Each year, the Trust considers the feasibility of using flexible repurchase agreements, guaranteed income contracts or
other forms of investment agreements to reinvest bond proceeds deposited into the project loan account. Subject to State
and federal constraints, if any are found to be advantageous, the Trust will seek authorization from the Director of the
Division of Investment in the Department of the Treasury to use them.
FLOW OF REPAYMENTS
The Loan Servicer or Trustee receives the above noted repayments from the borrower and within each pool: (1) satisfies
the requirements to pay the bondholders; (2) deposits and disburses the collected administrative fees; and (3) pays the
Master Program Trustee the Fund repayments. The Master Program Trustee will hold these funds for a period of up to
one year to provide coverage for the next two payments due on all outstanding Trust bonds issued. Immediately following
the second payment upon which the funds were available, the Master Program Trustee will deposit the principal and any
interest earnings while invested by the Master Program Trustee in a state DEP account which the DEP will then deposit
into the respective State CW SRF, DW SRF and non-SRF accounts. Once deposited in the revolving fund accounts, these
monies are available to make future loans for clean water and drinking water purposes, respectively.
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MISCELLANEOUS PROVISIONS
The Trust plans to sell its bonds soon after project loan agreements and local unit bonds evidencing such loans or other
collateral provided by private drinking water systems to evidence such loans are delivered in escrow.
Construction draws will be made pursuant to requisitions submitted by project participants. During the construction
period, money in the project loan account established under the Trust bond resolution for each participant will be
invested. The corpus and associated interest earnings will be used to fund each project’s allowable project costs.
All of the Trust bonds will mature within thirty years from the respective date of issuance thereof. Interest on each Trust
Loan will be payable at least semiannually and after an initial optional deferment period for construction completion,
principal will be retired at least annually. It is possible that nonprofit or private drinking water system borrowers for
drinking water projects may be required to pay debt service on a monthly or quarterly basis. Payments are typically
structured to provide level debt service payments after the construction period for the life of the loan.
If a borrower elects to capitalize interest during this period, its allocable share of the interest earnings derived from its
capitalized interest account will be credited against the capitalized interest. The borrower's allocable share of earnings
from any Debt Service Reserve Fund, if any, will also be used in this manner during the capitalized interest period.
For participants who elect not to capitalize interest and for all other participants following the construction period, all
such participants will receive their proportionate share of the reserve fund earnings, if any, through a credit against their
Trust Loan repayment obligations. The allocations of earnings from the reserve fund are based on the total Trust loan size.
The Trust and State reserve the right to make such modifications as may, in their discretion, be necessary, convenient, or
desirable to the NJEIFP provided such modifications are consistent with the purposes of the Financing Program and with
the provisions of the enabling legislation and corresponding rules and regulations.
CREDIT OF THE TRUST BONDS
CREDIT STRUCTURE AND BOND RATING
The credit structure of the Trust’s Bonds provides a major benefit to borrowers by allowing the Fund loan repayments of
one borrower to secure the Trust loan repayments of all borrowers within the same pool of loans. In addition, Fund Loan
repayments from all borrowers participating in outstanding Financing Programs will be used to cross collateralize, on a
subordinated basis, all or a portion of future Trust Bond issues as allowable. Since 1995, this technique has been used to
enhance Trust Bond ratings with respect to particular pools or specific loans.
The Trust’s structure has produced AAA/AAA/Aaa bond ratings from all three rating agencies (Fitch Ratings, Standard &
Poor's and Moody's) for each series of Trust bonds issued since 1995. This “true pool” structure further secures the Trust
Bonds, improves the bond ratings, lowers the interest cost of the Bonds, and eliminates the need for bond insurance. In
addition, the Trust established cross collateralization between the Clean Water and Drinking Water Programs to extend
the benefits available to clean water borrowers to drinking water borrowers. New Jersey was first in the nation to be
approved for cross-collateralization between the two programs.
Participants will finance their projects through one or more loan pools. The Trust will place Program participants in a pool
that best meets their needs and the interest of the Trust. Given the financing structures described above, it is likely that
most participants will be included in an uninsured tax-exempt pool.
With private water systems eligible to participate in the Drinking Water SRF, the Trust expects to issue bonds subject to
the alternative minimum tax (AMT). In past years, the Trust has funded a separate series of AMT bonds for clean water
projects and may do so again depending on the responses received from borrowers in their Financial Addenda. If clean
water AMT bonds and drinking water AMT bonds are needed due to the operational and financial structure of borrowers,
the Trust will attempt to combine the AMT bonds in a single series of Trust bonds.
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Through the issuance of AMT bonds, the Trust retains the flexibility to finance certain projects involving private use,
private payments or private loans in excess of Federal income tax standards available for more traditional types of Trust
financing.
If necessary, the Trust will consider funding additional pools of loans by issuing taxable bonds.
The Trust may also consider alternative financing structures, such as Build America Bonds, as described in Section II(E)(5)(a)
of this financial plan.
MARKETING TRUST BONDS
Minimizing costs for the participants in the Financing Program requires that the Trust bonds be backed by the strongest
available credit structure. Without a uniform credit feature, the rating agencies would rate the Trust bonds no higher than
the lowest credit in the group. The credit structure of the Financing Program attempts to provide that uniform credit,
while also simplifying the Trust's credit and security arrangements.
SECURITY FOR TRUST BONDS
The Trust may issue tax-exempt, AMT or taxable bonds that will be uninsured to finance its share of the SFY2016 Financing
Program. The credit structure for the Trust's bonds is created through provisions in the bond documents, loan agreements
and related support agreements executed by the participants.
Security for the Trust bonds relies on the following seven major credit features, as well as other protective covenants
typically supporting revenue bonds:
•
The pledge of revenues from self-supporting projects;
•
For a municipal borrower, the pledge of its full faith and credit and taxing power to pay debt service on bonds
sold to the Trust. For an authority borrower; a deficiency agreement under which the municipalities being
directly or indirectly served by the borrower make this pledge; for a private water system, collateral approved
by the Trust;
•
Other forms of credit enhancement, if necessary;
•
The ability of the State to intercept State-aid payable to borrower municipalities or, in the case of authority
borrowers, underlying municipalities;
•
A pledge of the debt reserve fund, if any, to pay debt service on the Trust bonds in the event of default by a
participant;
•
Subordination of Fund Loans and Pinelands Loans to the Trust Loans within the particular pool to increase
coverage of debt service on the Trust bonds; and
•
Cross coverage from all outstanding pools, after the individual pool Trust payments have been made, to
provide additional coverage for Trust bonds sold in 1995-2015 and into the future (if so designated by the
Trust) as allowable.
SELF-SUFFICIENCY OF PROJECTS
The Trust Loan agreements impose debt service coverage tests and other requirements on those loans secured by project
revenues to assure that the project will be self-sufficient. Projects supported solely by the taxing power of local
governments through general obligation bonds are not necessarily self-supporting. Some local governments operating
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environmental infrastructure systems have decided to pay for their systems with ad valorem property taxes, and the Trust
does not plan to alter such arrangements.
DEFICIENCY AGREEMENT / CREDIT ENHANCEMENTS
In the case of authorities which have no taxing power, which must secure their bonds with project revenues and which,
absent credit enhancement, do not themselves have an investment grade rating, the Trust may require the local unit
bonds to be additionally secured by general obligation deficiency agreements with underlying municipalities, bond
insurance or other form of credit enhancement. The use of deficiency agreements is a conventional tool for governmental
utility revenue bond financings in New Jersey. It is anticipated that local unit bonds supported by such deficiency
agreements will have the same credit quality as the general obligation bonds issued by the underlying municipalities.
COLLATERAL FOR PRIV ATE DRINKING WATER SYSTEMS
All private water system projects must demonstrate that revenue is sufficient to cover operation, maintenance and debt
service. For large private drinking water systems, the Trust will require a revenue bond to be issued to the Trust as part of
the collateral for the loan. For very small private community and nonprofit non-community drinking water systems, a
variety of collateral will be considered on a case by case basis for Small System and other program loans. Some of the
collateral that may be considered will include, but not be limited to, a bank letter of credit, a mortgage on property and
facilities, personal guarantee of owner, increased reserve funds, etc. The intermediate private drinking water systems will
require some combination of the above based on a case by case determination.
COLLATERAL FOR SMALL BORROWERS
For some of the smaller borrowers, additional security in the form of a borrower financed two-year reserve fund may be
required. This fund will be held by the Trustee in the case of a bond financed Trust loan or by the Trust in the case of a
direct loan. Draw downs on the loan may also be restricted to the percentage of the fund-up of the special borrower
financed reserve fund.
SMALL SYSTEM LOAN PROGRAM
Small System loans are one source of funding to drinking water projects serving populations less than or equal to 10,000
residents. Unique to the Small System Loan Program is the establishment of a Loan Loss Reserve Fund (LLR Fund).
Moreover, Small System Loan Program applicants that do not directly or indirectly pledge ad valorem taxing authority as
security for such loans will pay an annual guarantee fee equal to 1% of the outstanding Trust loan (“LLR Fee”). The LLR Fee
will be deposited into the LLR Fund.
STATE-AID INTERCEPT
The Trust's enabling legislation authorizes the State Treasurer to intercept State aid to local governments borrowing or
certain local governments benefiting from the borrowing of money from the Trust. This money will be used to meet the
obligations to the Trust if the local unit defaults.
The model for this approach is the State's Municipal Qualified Bond Program, which has been widely used by the State's
lower rated urban borrowers. Many of the revenues securing Qualified Bonds issued by participants in the Municipal
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Qualified Bond Program can be intercepted by the Trust as well. The State's experience with the Municipal Qualified Bond
Program indicates that the State aid intercept can raise the ratings on bonds issued by weaker borrowers to at least one
step below the State’s rating. Therefore, participating municipalities and municipalities which are subject to deficiency
agreements with participating authorities will be required to allow the State Treasurer to intercept their State aid on
behalf of the Trust if project revenues are ever insufficient to pay debt service on the Trust Loan. The Trust may also
require certain participating communities benefiting from projects and receiving small quantities of State aid to execute
agreements which allow the Trust to tap their State aid.
The intercept under the Trust Program is subordinate to the intercept securing bonds issued under the Municipal Qualified
Bond Program. Should participants in the Financing Program have outstanding Municipal Qualified Bonds, financing
documents will include covenants requiring that the coverage ratio of debt service by State aid be calculated by including
those bonds as well as both Financing Program loans. This will mitigate the adverse effect of the senior claim on State aid
of those Qualified Bonds.
The Trust will continue to employ its State aid intercept powers to intercept the State funds of any borrower who has
defaulted on its Trust obligation. Intercepted funds will be applied to make up any repayment deficiencies to the Trust.
Further, the Trust and/or the State may take other actions to cause the local government unit to repay in a timely manner
any sums in default. To date the Financing Program has not had to employ its State aid intercept powers.
RESERVE FUND
Trust bonds prior to 2007 were secured by a debt service reserve fund of approximately 10% of the issue size. Prior to
2007, the Trust’s Debt Service Reserve Fund was generally funded from a portion of the required state match (20% of the
federal grant), General obligation Bond proceeds and project loan repayments. Commencing in 2007, the Trust utilized
these funds for project loans while maintaining its natural AAA credit rating through the MPT. To the extent permitted by
the rating agencies, this practice will be continued in SFY2016.
SUBORDINATION OF STATE LOANS
Within each bond series, each borrower's Fund Loan or Pinelands Loan repayments are subordinated to that borrower's
Trust Loan repayments. Thus, a borrower's Fund Loan or Pinelands Loan repayments provide coverage on its Trust Loan
repayment obligations. In addition, the appropriation bills, Trust bond resolution, and loan servicing agreement by and
among the Trust, the State and the Financing Program's loan servicer will permit all Fund Loan and Pinelands Loan
repayments to be applied to any Trust bond debt service payment whenever any Trust Loan repayment deficiency by any
borrower occurs as allowable.
All Fund Loan repayments for each loan repayment period, once credited to such borrowers and once the Trust bond debt
service payment for the repayment period is satisfied, are paid to the Master Program Trustee to be held for a period of
up to one year to provide additional coverage as allowable for the next two Trust debt service payments due on all
outstanding Trust bonds and any future Trust bonds so designated prior to being paid to the State.
CROSS COVERAGE BETWEEN SERIES
As noted above, the credit quality of each issue of Trust Bonds is enhanced by the fact that Fund Loan or Pinelands Loan
repayments from all borrowers, as allowable, within each pool are available to make debt service payments on the Trust
Bonds in the event of a Trust Bond debt service payment deficiency by one or more borrowers in the pool. Since the Trust
began using this technique in its 1989 borrowing, it has never become necessary to use the Fund Loan repayments for this
purpose. Once each semi-annual Trust Bond debt service payment was satisfied, the Fund Loan repayments associated
with that payment date were transferred to the DEP.
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In 1995 the Trust instituted the concept of Cross Coverage. Once Trust debt service on individual bond issues is satisfied,
the remaining funds are transferred to the Master Program Trustee to cover potential debt service deficiencies for the
1995 bonds and subsequent bond issues so designated and as allowable. The Trust will continue to use some or all of the
Fund Loan repayments associated with the 1995 through 2015 Trust Bond issues, as well as subsequent Trust Bond issues
so designated, to cross collateralize, on a subordinated basis, all or a portion of future Trust Bond issues so designated.
This cross coverage credit structure reduces the risk of default on the Trust bonds by increasing the likelihood that
sufficient funds will be available to pay debt service on those bonds. It is important to note that, notwithstanding such
subordination, any borrower that has made its Trust, Fund or Pinelands Loan payments has fully discharged its obligation
to make such payment. This technique could potentially be used either to enhance all future Trust borrowings or to
enhance particular pools or even specific loans if a real cost benefit can be demonstrated.
CROSS COLLATERALIZATION BETWEEN THE CLEAN WATER AND DRINKING WATER PROGRAMS
Under the cross collateralization option, repayments of clean water and drinking water Fund Loans may be used to satisfy
defaults as allowable in Trust loan repayments from all deposits in the Master Program Trust Account for approximately
one year. Notwithstanding the foregoing, to the extent Fund loan repayments are received in connection with Fund loans
originally funded by State general obligation bond proceeds, these Fund Loan repayments may not be available to secure
Trust Loans made to private drinking water systems. Even after allowing for this minor restriction on cross collateralization,
the ability to use Clean Water and Drinking Water Program funds to support each Financing Program will result in
significant savings to the project sponsors under the Drinking Water Program. Since there is not a large pool of Fund Loan
repayments available for this program, the Drinking Water Program Trust bonds would almost certainly not receive the
AAA programmatic rating without this cross collateralization between Programs. However, the State’s cross
collateralization involves only a temporary use of funds from the CW SRF or the DW SRF, if a default in loan repayment
did occur (which, to date, has not occurred under the Clean Water Program). The Trust and the DEP would take steps to
collect the defaulted loan repayments to reimburse the appropriate Drinking Water or Clean Water Fund.
After being available for two semi-annual debt service payments, these cross-collateralized funds are returned to the State
for deposit in the respective CW SRF and DW SRF accounts. Once in the respective SRFs, these monies can be used to
make new loans for their respective Clean Water and Drinking Water Programs.
RATING THE TRUST BONDS
Because of the collateral structure described above, the Trust's 2015 bonds were rated, and the 2016 bonds are expected
to be rated, AAA/AAA/Aaa by all three rating agencies: Standard & Poor's, Fitch and Moody's, respectively. Cross Coverage
will help avoid weaker credits penalizing the stronger credits in the uninsured pool.
To the extent a series of taxable or AMT bonds will be issued to accommodate a single borrower, the advantages found in
the pooling structures will not apply. However, cross coverage and the primary advantage of the AAA/AAA/Aaa ratings
may still be available. Alternatively, a separate series of taxable or AMT bonds issued for several borrowers will reap the
benefits of the pooled structure and the ratings will be set accordingly.
JUNIOR LIEN BOND POLICY
Trust Loan Bonds are typically secured by revenues of the Authority Borrowers’ wastewater or water supply systems under
the terms of the Authority Borrowers Bond Resolutions, but sometimes are additionally secured by service, deficiency or
other agreements of (i) municipalities that possess and use their general obligation taxing power to secure their payment
obligations under such service agreements (“Direct Service Agreements”) or (ii) authority participants or customers, that
in turn have service, deficiency or other agreements with municipalities that possess and use their general obligation
38
taxing power to secure their payment obligations under such service agreements) “Indirect Service Agreements” and
together with Direct Service Agreements, “General Obligation Service Agreements”).
Some Authority Borrowers are required to fund a debt service reserve fund under the terms of their Authority Borrower
Bond Resolutions, but not under the terms of the Financing Program. In order to avoid the costs of funding such Authority
Borrower debt service reserve funds, some Authority Borrowers have requested permission from the Trust to issue
subordinate Trust Loan Bonds to the Trust under the Financing Program. In response, and upon consultation with the
State Treasurer, the Attorney General’s office and borrower bond counsel, the Trust has adopted a Junior Lien Bond Policy,
which provides:
1. The Trust may accept junior lien Trust Loan bonds of an Authority Borrower without forcing any such Authority
Borrower to close off their senior lien bond resolution, indenture or other related document, so long as such
junior lien Trust Loan Bonds:
a. Will be directly or indirectly secured by General Obligation Service Agreements.
b. would carry an investment grade rating (which may be evidenced by a shadow rating or otherwise) if
such bonds were not part of the Financing Program or would meet any of the “safe harbors” outlined
in the Trust Credit Policy or the letter of the State Treasurer dated October 29, 2001; and
c. The junior lien Authority Borrower Bond Resolution under which any such Trust Loan Bonds are to be
issued carries the same rate covenant applicable to such Borrower’s senior lien obligations.
2. Notwithstanding the foregoing, when determined to be in the best interest of the NJEIFP, the Executive
Director may determine not to accept a junior lien bond which complies with paragraph (a), so long as he
reports this action and the reasons therefore to the Trust board of directors at the next meeting.
COVENANTS AFFECTING THE LOCAL UNIT
The loan agreements are legally valid and binding obligations between the Trust/State and the borrower. The local unit
bonds or approved collateral are legally valid and binding obligations of the municipal government, authority or private
water system.
Consequently, each borrower must be able to make unequivocal representations concerning its status in the transaction.
Ordinances and resolutions of the governing body must be in place to establish that the borrower has the legal right and
authority to undertake the specific project, and own, efficiently operate and appropriately maintain an environmental
infrastructure system. All applicable permits and approvals for construction must be obtained as a precondition for
execution of the agreements and the local unit bonds. The borrower will need to certify that no undisclosed fact or event,
and no pending litigation, will materially adversely affect the environmental infrastructure system, the ability to make
timely loan repayments, or the prospects for completion of the project. A reasonable and accurate estimate of project
costs compiled by a New Jersey licensed professional engineer will be required, and the borrower must obligate itself to
assume capital costs in excess of the Trust and Fund or Trust and Pinelands funding from its resources.
Other covenants include:
•
For a general obligation borrower, a pledge of full faith and credit to exercise the unlimited taxing power of
the local government to insure the timely repayment of principal and interest;
•
The intercept of State aid payable to a general obligation borrower who fails to meet Trust Loan repayment
and/or administrative fee payment schedules; or
•
For a revenue borrower, an irrevocable pledge of (1) local or regional authority or private water system
revenues and other receipts of the environmental infrastructure system, (2) moneys payable pursuant to
service agreements or local unit bond credit enhancement, if any, and (3) State aid of municipalities, if any,
which have executed deficiency agreements with the borrower to secure Trust Loan repayments;
39
•
The establishment of levies, fees or rates sufficient to meet operating and maintenance expenses (particularly
with authority/privately owned drinking water system borrowers), to comply with all outstanding covenants
relating to bonds or other evidence of indebtedness, and to pay other amounts due;
•
A limitation on the borrower's discretion to issue Qualified Bonds unless the coverage afforded by State aid
anticipated for the current fiscal year is equal to a reasonable coverage test, which test in the past has been
equal to 2 times the sum of (1) the maximum debt service on all outstanding Qualified Bonds and (2) one year
of loan repayment obligations;
•
A limitation on the use of loan proceeds financing the allowable costs of the project funded by the loan, or
reimbursement for allowable costs previously paid or incurred by a borrower for those projects receiving preaward approvals from the DEP and the Trust for construction;
•
A limitation on the borrower's discretion to sell, lease, abandon or otherwise dispose of the environmental
infrastructure system without an effective assignment of the loan obligations and the prior written approval
of the Trust/State;
•
A prohibition on actions that may jeopardize the tax status of the bonds issued by the Trust and, where
appropriate, the State;
•
A provision to provide secondary market disclosure information in accordance with the provisions of SEC Rule
15c2-12 and the policy established by the Trust, if required under the Rule; and
•
The Trust and the State may impose additional covenants on PFLs borrowers in order to ensure compliance
provisions unique to the FFY2015 EPA Capitalization Grants.
TERMS OF DISBURSEMENT AND REPAYMENT
The NJEIFP intends to offer each borrower on the Clean Water and Drinking Water Project Priority Lists, the full amount
authorized by the appropriation bills subject to a borrower’s satisfaction of financing program requirements and funding
limitations, and unless reduced based on the DEP's review of allowable project costs. Interest begins accruing when the
Trust Loan proceeds are placed in the respective project loan accounts created under the Trust bond resolution. The Fund
Loan and Pinelands/Green Acres Loan (if applicable) are based on the moneys available and the DEP's review of allowable
project costs. In addition, the borrower, if a municipality, must certify to the Trust and the DEP that it has funds available,
or if an authority or private water system, moneys on hand, for project costs that exceed the actual amounts of the loan
commitments. This amount includes unallowable project costs.
Disbursement of Trust Loan proceeds will be made by the Trustee, acting as agent for the Trust, following receipt of
authorization from the Trust based on a borrower's certified requisitions. Fund Loan and Pinelands grant and loan
disbursements will be made by the State, also upon receipt of a borrower's certified requisitions.
The repayments for the Fund Loans and Pinelands/Green Acres Loans are subordinate to those received for the Trust and
may be used to satisfy Trust debt service obligations (across Trust programs beginning in 1995 and into the future) if any
Trust Loan repayment deficiencies exist as allowable. However, no borrower will be responsible for the repayments of any
other borrower.
Other terms include:
•
A level repayment schedule for Trust Loans with interest payable in semiannual installments, and principal
payable in annual installments, provided however, that private drinking water systems may be required to
pay more frequently than semiannually. Depending on the circumstances, such borrowers could be required
to pay 1/12 of their annual principal and 1/6 of their semi-annual interest on a monthly basis;
•
A level repayment schedule for Fund Loans at zero interest, with principal payable in semiannual installments
or, with respect to certain authority participants, annual installments; provided, however, that private
drinking water systems may be required to pay 1/12 of their annual principal on a monthly basis;
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•
A level repayment schedule for Pinelands Loans with interest payable in semiannual installments, and
principal payable in annual installments;
•
Semiannual payment of one half the administrative fee for the Trust beginning in 2016; provided, however,
that private drinking water systems may be required to pay more frequently than semiannually. Depending
on the circumstances, such borrowers could be required to pay 1/12 of their annual administrative fee on a
monthly basis;
•
Semiannual payment of one half the administrative fee for the DEP, if approved; provided, however, that
private drinking water systems may be required to pay more frequently than semiannually. Depending on the
circumstances, such borrowers could be required to pay 1/12 of their annual administrative fee on a monthly
basis;
•
A late charge of 12% per annum, or .50% above the prime rate, whichever is greater, calculated from the due
date;
•
The application of each Trust Loan repayment to interest first, then principal;
•
A credit against the debt service obligations of each project for the allocable share of reserve fund income, if
any;
•
Debt service payments to amortize principal must begin within one year of the anticipated date of completion
of construction;
•
The anticipated completion date must be established within three years of the loan closing date;
•
Tax exempt borrowers may capitalize interest for a period up to six months following the anticipated date of
completion of construction; and
•
Alternative Minimum Tax (AMT) borrowers may capitalize interest up to the payment date immediately
preceding the anticipated date of completion of construction.
The loan agreements may also provide borrowers with an option to prepay loan obligations. Prepayment of either the
Trust or Fund Loan requires a 90-day written notice to the Trust and a written approval thereof. Fund Loan prepayments
also require a 90-day written notice to the DEP and a written approval thereof. Trust Loan prepayments, at a minimum,
must take out accrued interest (if applicable), any premium, and principal through the prospective payment date for which
the prepayment is to be credited. Advance repayments will be applied first to interest on the portion prepaid, then to
principal. It should also be understood that the Trust/Fund financing is based on a split between the Trust and the State
for the financing of a project's eligible cost. Therefore, the prepayment of any Trust Loan must be accompanied by a
corresponding pro-rata prepayment on the State Loan. The Borrower is responsible for paying all the costs of the Trust
and the State associated with any prepayments. In addition, whether or not prepayment is involved, any refunding of the
local government bond securing a Trust Loan will require prior approval of the Trust.
DEFAULT
The loan agreements define an event of default as:
1. the failure by the borrower to make a loan repayment within 15 days of the due date;
2. the failure to make timely payment of an administrative fee on the Trust or Fund Loan within 30 days after
written notice is given;
3. the representation of false and misleading information that has a material effect on the integrity of the loan
agreements or related documents;
4. the appropriate filing by or against a borrower of any petition of bankruptcy or insolvency;
5. the general failure of the borrower to pay its debts; and
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6. the failure to observe or perform any other duties, obligations or responsibilities required by the Trust or State
for participation in the Financing Program, within 30 days after written notice.
With respect to the events of default specified in (2) and (6), the Trustee may be authorized to provide relief for up to 120
days if the borrower can represent that the failure to pay, observe or perform is correctable within that time frame. In
addition, default may be averted if a petition of bankruptcy or insolvency is dismissed without prospects for appeal.
In an event of payment default, the Trust and/or State may accelerate the Trust and State loans and in the event of any
default, the Trust and/or the State may elect to take whatever action at law or equity is necessary to recover the
deficiencies manifested by the default, or direct the Trustee (in the case of Trust Loans) to pursue these remedies.
Recovered funds may be applied in the following order:
1. To pay the fees for attorneys and other expenses incurred by virtue of the proceedings;
2. For interest payable on the Trust Loan obligation;
3. For principal payable on the Trust Loan obligation;
4. For other amounts due and payable to the Trust;
5. For interest, principal and other amounts due the Trust as the obligations become due and payable in
accordance with the terms of the loan agreement; and
6. For principal and other amounts due the State for the Fund or Pinelands Loan obligation and for other
amounts due and payable to the State.
ASSIGNMENT OF OBLIGATIONS
Each participant will acknowledge that all rights, title and interest of the Trust in the agreement and the local unit bond
or other approved collateral are, except for certain reserved rights, assigned by the Trust, at its discretion, to the Trustee.
Further, each participant will consent to any transfer of the loans deemed necessary by the Trust for any refunding or
additional debt issuance in connection with the NJEIFP.
A participant will be restrained from assigning its debt service obligation on its own bond or any other obligations under
the agreement unless certain conditions are met. Prior written approval of the Trust and the Trustee must be secured for
both the Trust and Fund or Pinelands Loans. In addition, the DEP must provide prior written approval for assignment of
Fund or Pinelands Loans. The assignee must have expressly represented in writing its full and faithful observance of the
covenants assumed; and the assignee cannot be, at the time of the assignment or as a result of the assignment, in default
on any obligations that would materially affect the loan agreement or the local unit bond. Finally, the Trust must receive
an opinion from bond counsel assuring that the terms of the assignment preserve the tax-exempt status of the Trust
bonds.
LEGISLATION
Bills providing for the authorizations and expenditures involved in the Financing Program have been submitted to the
Senate and Assembly. The appropriations package is currently expected to provide, in part, for the following:
•
Appropriation to the Trust from the Disaster Relief Appropriations Act (P.L. 113-2) and from repayments of
loans and interest deposited in any account, on or before June 30, 2016, and from any net earnings received
from the investment and reinvestment of such deposits, such sums necessary for Interim Financing Program
Loans or Natural Disaster Emergency Financing Program Loans.
•
Authorization to the Trust to expend over $1.294 billion of its revenue bond proceeds to make loans for up to
75% or more of the allowable project costs, plus, at the option of the borrower, 100% of the allowable costs
42
for reserve capacity, and to fund capitalized interest, issuance costs, debt service reserve fund requirements
(if necessary) for reserve capacity and private water system projects and loan origination fee.
•
Authorization to the Trust to expend over $1.94 billion of its revenue bond proceeds to make long-term loans
for up to 100% of the allowable SAIL project costs for environmental infrastructure projects to repair clean
water systems and drinking water facilities adversely impacted during Superstorm Sandy or improve the
resiliency of such systems and facilities in future disasters, at the option of the borrower for the limited
purpose of financing costs unreimbursed by State, federal or other funding sources.
•
Appropriation of the FFY2015 USEPA Clean Water Capitalization Grant funds, an appropriation of the 2013
Federal Disaster Relief Appropriations Act (P.L. No. 113-2), an appropriation of the FFY2015 USEPA Safe
Drinking Water Capitalization Grant funds, an appropriation of the “1981 Safe Drinking Water Supply Act”
funds pursuant to section 14 of the “Water Supply Bond Act of 1981” (P.L.1981, c.261), appropriation of the
"Wastewater Treatment Fund" established pursuant to section 15 of the "Wastewater Treatment Bond Act of
1985" (P.L.1985, c.329), “1992 Wastewater Treatment Fund” established pursuant to section 27 of the “Green
Acres, Clean Water, Farmland and Historic Preservation Bond Act of 1992” (P.L. 1992, c.88), “2003 Water
Resources and Wastewater Treatment Fund” established pursuant to subsection a. of section 19 of the “Dam,
Lake, Stream, Flood Control, Water Resources and Wastewater Treatment Project Bond Act of 2003” (P.L.
2003, c.162), and the Clean Water State Revolving Fund” established pursuant to section 1 of P.L.2009, c.77,
77, to be deposited in the respective Funds for zero interest loans to finance approximately seventy five
percent (75%) of the allowable project costs and for the purpose of State match to federal capitalization
grants.
•
Appropriation of additional 1981 Safe Drinking Water Supply Act funds from (1) unfunded interconnection
water supply system projects, (2) unfunded water supply contamination remediation projects; and (3)
unfunded water supply rehabilitation projects, to be deposited in the respective Funds for zero interest loans
to finance approximately seventy five percent (75%) of the allowable project costs and for the purpose of
State match to federal capitalization grants.
•
Provide for continued funding priority in the SFY2016 financing program for unfunded SFY2015 projects
provided such projects receive project approval and short-term funding prior to June 30, 2015.
•
Making available in cash, from previous Program Fund Loan repayments or the appropriate bond acts, up to
approximately 10% of the par amount of the Trust revenue bonds which will be used to establish a reserve
fund for the Trust to secure revenue bonds issued to publicly owned projects (if necessary).
•
Authorization for total program loans up to $20 million as clean water PFLs for Barnegat Bay Watershed and
CSO Abatement projects, wherein up to fifty percent (50%) of each loan will be subject to principal forgiveness.
•
Authorization for twenty-five percent market rate loans in the total amount of approximating $40 million for
clean water redevelopment projects.
•
Authorization for Drinking Water PFLs in the total amount of $500,000 for systems serving populations of 500
or less residents wherein principal forgiveness shall be 100% wherein each Small System Loan shall consist of
a one hundred percent (100%) DEP principal forgiveness loan. Unexpended funds plus $3.5 million will be
available for systems serving populations greater than 500 and less than or equal to 10,000 residents and each
PFL shall consist of a fifty percent (50%) DEP principal forgiveness loan, a twenty five percent (25%) DEP zero
interest loan and a twenty five percent (25%) Trust loan. Authorization for the Trust to temporarily use State
loan repayments as coverage, if necessary, to pay debt service on the Trust bonds issued under this year’s
Financing Program and thereafter, for an additional year, all Financing Programs of the Trust are eligible to
receive this security.
•
Continued authorization for the Trust to hold the DEP loan origination fee payments in excess of the annual
revenue anticipation amount. This excess amount is only to be used to cover years in which the DEP origination
fees received are less than the revenue anticipated.
43
•
Appropriation of the "Wastewater Treatment Fund" established pursuant to section 15 of the "Wastewater
Treatment Bond Act of 1985" (P.L.1985, c.329),“1992 Wastewater Treatment Fund” established pursuant to
section 27 of the “Green Acres, Clean Water, Farmland and Historic Preservation Bond Act of 1992” (P.L.1992,
c.88), “2003 Water Resources and Wastewater Treatment Fund” established pursuant to subsection a. of
section 19 of the “Dam, Lake, Stream, Flood Control, Water Resources and Wastewater Treatment Project
Bond Act of 2003” (P.L. 2003, c.162), and the Clean Water State Revolving Fund” established pursuant to
section 1 of P.L.2009, c.77, 77.
•
Appropriation to the DEP, of the unappropriated balances from the “Drinking Water State Revolving Fund”
established pursuant to section 1 of P.L.1998, c.84 for the purposes of drinking water project loans.
•
Appropriation to the DEP, such sums as may be or become available on or before June 30, 2016, from drinking
water loan repayments in the “Water Supply Fund” established pursuant to section 14 of the “Water Supply
Bond Act of 1981” (P.L.1981, c.261) for the purposes of making drinking water project loans and providing the
State match as required or will be required for the award of the capitalization grant made available to the
State for drinking water projects pursuant to the Federal Safe Drinking Water Act.
•
Appropriation to the Trust, such sums as may be or become available on or before June 30, 2016, from
repayments in the “Water Supply Fund” established pursuant to section 14 of the “Water Supply Bond Act of
1981” (P.L.1981, c.261) for the purposes of making drinking water project loans and providing the State match
as required or will be required for the award of the capitalization grant made available to the State for drinking
water projects pursuant to the Federal Safe Drinking Water Act.
•
Authorization to the Trust to issue Trust only loans for long-term financing in the event SAIL loan recipients
are unable to meet SAIL loan repayment obligations due to lower than anticipated federal (e.g., FEMA) or
other funding sources.
•
Authorization of the Trust to issue short-term or temporary loans for the purchase of equipment utilized to
maintain environmental infrastructure facilities and systems, such as backup generators, vacuum trucks and
street sweepers, for projects not identified in a project priority list, which will serve as the foundation for a
new NJEIFP loan program to accept simplified loan applications on a rolling basis and expedited approval for
equipment projects requiring minimal environmental, permitting and design review.
•
Appropriation to the DEP from the Loan Origination Fee Fund and interest thereon to supplement the sums
appropriated from the Drinking Water State Revolving Fund and the Clean Water State Revolving Fund for the
purposes of drinking water and/or clean water project loans and providing the State match as required or will
be required for the award of the capitalization grants made available to the State for drinking water projects
pursuant to the Federal Safe Drinking Water Act and/or Federal Clean Water Act.
•
Authorization to the Trust to use the amounts in the Loan Origination Fee Fund for application by the
department for administrative and operating expenses, State matching funds or loans to local government
units for the cost of wastewater treatment system or water supply projects.
•
Authorization to the DEP to issue loan amounts up to 100% of the total allowable loan amount of the
environmental infrastructure facility for clean water loans to municipalities that do not satisfy the New jersey
Environmental Infrastructure Trust Credit Policy but are subject to State financial supervision and oversight
pursuant to the Local Government Supervision Act (N.J.S.A. 52:27BB-1 et seq.) but not to exceed a total of
$10,000,000 for all such loans.
•
Authorization to the DEP to issue loan amounts up to 100% of the total allowable loan amount of the clean
water and drinking water loans to municipalities receiving funding under the United States Department of
Housing and Urban Development Community Development Block Grant – Disaster Recovery Program (CDBDDR).
•
Authorization to the Trust to sell bonds either pursuant to private negotiated sale or pursuant to a competitive
sale for bonds issued pursuant to short-term financing programs set forth in N.J.S.A. 58:11B-9, 9.1, 9.2, 9.3, 9.4, 9.5, and
9.6 .
44
•
Authorization to the Trust to issue short term or temporary loans bearing interest at a variable rate at the
discretion and determination of the Trust.
•
Authorization to the Trust to receive funds from any source, including any funds drawn by the Trust from a
revolving line of credit or other similar financial vehicle, that may be procured by the Trust for deposit into
the Interim Financing Program Fund.
•
Authorization to the Trust to issue short term or temporary Planning and Design loans that shall mature no
later than the last day of the third succeeding fiscal year following the closing date on which the Planning and
Design loan was made by the Trust to the project sponsor except that such loans for Combined Sewer
Overflow Abatement projects shall mature no later than the last day of the tenth succeeding fiscal year.
•
Authorization to the Trust to issue bonds notes or other obligations that shall mature and be paid not later
than 30 years from the effective date thereof.
45
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46
APPENDICES
SFY2016 State Clean Water Project Priority List (All Projects including Barnegat Bay, CSO Abatement)
Alphabetical Order
A1
Ranked Order
A2
Alphabetical Order
B1
Ranked Order
B2
SFY2016 State Drinking Water Project Priority List
State Superstorm Sandy Drinking Water Project Priority List
C
SFY2016 Clean Water Interim / Construction Financing Project List
D
SFY2016 Drinking Water Interim / Construction Financing Project List
E
Recently Issued Short Term NJEIFP Loans
F
Distribution of Financing Program Funds throughout the State SFY1987 - SFY2014
G
Status Reports on Projects Funded in the SFY1988 through SFY2015 Financing Programs
H
Pro Forma Aggregate Trust/Fund Financing for Allowable Project Costs
I
SFY2016 Financing Schedule – November 2015 Bond Sale
J
SFY2016 Financing Schedule – May 2016 Bond Sale
K
SFY2016 Proposed Budget
L
Review of the SFY2017 Financing Program (Proposed)
M
47
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APPENDIX A1
APPENDIX A1
State Clean Water Project Priority List
Sandy and FY2016 Financing Program
Alphabetical Order
Rank
Project
Number
Sponsor
Appropriation
Amount
Project Type
Supplemental Loans
_S1
S340523-04-1
S340640-062/09-2/11-2
_S3
Caldwell Borough
Camden County Municipal Utilities
Authority
Camden County Municipal Utilities
Authority
_S4
Old Bridge Municipal Utilities Authority
S340945-08-1
_S2
S340640-14-1
Supplemental Loans: #
Caldwell WWTP Upgrades
Supplemental #2 to 64006,09,11
Green & Gray Infrastructure
(Supplemental)
Crossroads Regional
Interceptor
$
886,000
$
2,520,000
$
1,890,000
$
1,260,000
Subtotal:
$
4
6,556,000
Sandy and Base SFY2016 Projects
588
Aberdeen Township
S340869-02
Collection System
$
8,789,217
542
Atlantic City
S340439-01
Stormwater Management
$
19,772,486
542
Atlantic City
S340439-03
Atlantis Avenue Flood Gate
$
2,536,000
61
Atlantic County Utilities Authority
S340809-23
Treatment Plant Resiliency
$
9,040,672
61
Atlantic County Utilities Authority
S340809-25
Seawall
$
14,323,193
61
Atlantic County Utilities Authority
S340809-26
STP Mitigation Projects
$
14,114,998
61
Atlantic County Utilities Authority
S340809-27
Automated Bar Screens
$
3,159,000
261
Atlantic County Utilities Authority
S340809-24
PS Resiliency
$
1,048,119
261
Atlantic County Utilities Authority
S340809-29
Brigantine Force Main
$
4,017,300
456
Atlantic County Utilities Authority
S340809-28
Sewer Sludge Incineration
$
2,215,500
199
Bay Head Borough
S344120-01
$
263,430
59
Bayshore Regional Sewerage Authority
S340697-05
$
60,975,717
59
Bayshore Regional Sewerage Authority
S340697-06
Stormwater/NPS
Restoration & Flood
Mitigation
Restoration & Flood
Mitigation
$
11,233,343
763
Bellmawr Borough
S342011-02
Landfill Closure
$
69,668,155
127
Bergen County Utilities Authority
S340386-17
Cogeneration
$
16,234,181
381
Brigantine City
S340827-04
Emergency Generators
$
3,165,134
694
Brigantine City
S340827-05
Flood Control
$
4,441,000
694
Brigantine City
S340827-06
Stormwater Improvements
$
953,000
694
Brigantine City
S340827-07
Floodwalls
$
1,049,450
635
Burlington County
S340818-07
Stormwater
$
2,239,650
330
Burlington Township
S340712-14
Sewer Rehabilitation
$
1,256,850
1011
Burlington Township
S340712-13
Emergency Generators
$
567,000
747
Califon Borough
S340431-01
Stormwater Improvements
$
1,663,815
S340366-07
Sewer Rehabilitation
$
7,192,500
S340640-17
Green & Gray Infrastructure
$
4,294,500
S340640-15
Green Infrastructure/CSO
$
9,003,000
S340640-16
$
13,650,378
S340640-18
STP Improvements
Delaware No.1 STP
Improvements
$
19,420,800
S340661-22
Concrete Wet Well Repairs
$
4,197,262
849
Camden City
Camden County Municipal Utilities
Authority
Camden County Municipal Utilities
Authority
Camden County Municipal Utilities
Authority
Camden County Municipal Utilities
Authority
Cape May County Municipal Utilities
Authority
Cape May County Municipal Utilities
Authority
S342017-04
Landfill Cell
$
6,898,713
669
Carteret Borough
S340939-09
Noe St. Stormwater PS
$
8,573,000
843
Carteret Borough
S340939-07
Marina Dredging
$
23,486,400
141
Cinnaminson Sewer Authority
S340170-07
STP Improvements
$
8,318,520
1075
Cliffside Park Borough
S340847-04
CSO Separation
$
5,264,700
624
Cranford Township
S340858-04
Stormwater Management
$
3,412,500
97
Cumberland County Utilities Authority
S340550-07
STP
$
1,044,750
215
Cumberland County Utilities Authority
S340550-08
Pump Station Replacement
$
1,118,250
106
Delran Township
S340794-08
STP Sand Filter
$
1,898,820
773
Edison Township
Egg Harbor Township Municipal Utilities
Authority
Egg Harbor Township Municipal Utilities
Authority
S342020-01
$
12,900,000
S340753-04
Landfill Closure
Washington Avenue
Interceptor
$
1,578,000
S340753-06
Faa Pump Station
$
651,193
41
Elizabeth City
S340942-13
Western Interceptor
$
12,393,000
41
Elizabeth City
S340942-17
$
5,313,000
41
Elizabeth City
S340942-18
$
4,628,000
41
Elizabeth City
S340942-19
South Street Flood Control
Progress Street Flood
Control
Trumbull Street Flood
Control
$
3,688,239
131
Gloucester City
S340958-06
$
764,000
552
Gloucester City
S340958-07
Water Street CSO
Freedom Pier Sewer
Extension
$
639,000
149
Gloucester County Utilities Authority
S340902-14
STP Improvements
$
44,715,300
646
Gloucester Township
S340364-11
Flood Mitigation
$
1,544,415
646
S340364-14
Stormwater Improvements
$
1,260,374
286
Gloucester Township
Gloucester Township Municipal Utilities
Authority
S340364-13
Sewer Rehabilitation
$
1,218,000
171
Hammonton Town
S340927-07
Boyer Ave Drip Irrigation
$
4,059,524
677
Hammonton Town
S340927-09
$
4,293,100
720
Highlands Borough
S340901-03
Stormwater Infrastructure
Stormwater System
Improvements
$
5,986,200
178
Hightstown Borough
S340915-05
UV Disinfection
$
1,277,976
575
Hillsborough Township
S340099-02
Sewer Extension
$
1,613,156
17
1
2
12
23
269
303
303
69
Hoboken City
S340635-04
Wet Weather Pump Station
$
15,989,376
69
Hoboken City
S340635-05
Southwest Park
$
5,082,159
69
Hoboken City
S340635-06
Basf Park
$
25,607,620
1000
Hoboken City
S340635-07
Green Infrastructure
$
2,756,863
1189
Jackson Township
S344050-02
$
1,048,929
29
Jersey City Municipal Utilities Authority
S340928-13
Equipment Purchase
Duncan St. Outfall
Replacement
$
16,608,060
29
Jersey City Municipal Utilities Authority
S340928-14
Grand St Sewer Repair
$
2,863,193
29
Jersey City Municipal Utilities Authority
S340928-15
Sewer Improvements
$
40,390,354
29
Jersey City Municipal Utilities Authority
S340928-16
Sixth Street CSO Extension
$
9,436,875
29
Jersey City Municipal Utilities Authority
S340928-17
Regulator Outfall Repair
$
17,196,795
29
Jersey City Municipal Utilities Authority
S340928-18
Claremont Carteret Outfall
$
6,910,470
29
Jersey City Municipal Utilities Authority
S340928-19
East Side Plant
$
6,945,556
29
Jersey City Municipal Utilities Authority
S340928-20
$
42,632,984
126
Jersey City Municipal Utilities Authority
S340928-21
Outfall Chambers
Phase 5 Sewer
Rehabilitation
$
11,582,550
1000
Jersey City Municipal Utilities Authority
S340928-22
Green Infrastructure
$
679,008
206
Kearny Municipal Utilities Authority
S340259-07
Pump Station Rehabilitation
$
9,364,400
50
Kearny Town
S340259-11
Dukes St. Pump Station
$
16,790,648
832
Kearny Town
S340259-12
Gunnel Oval Remediation
$
18,192,302
832
S340259-13
Kearny Point
$
112,966,241
230
Kearny Town
Little Egg Harbor Municipal Utilities
Authority
S340579-02
Sewer Rehabilitation
$
2,287,905
424
Long Beach Township
S340023-06
Sewer Replacement
$
4,965,318
622
Manasquan Borough
S340450-01
Resiliency
$
4,340,744
22
Middlesex County Utilities Authority
S340699-15
$
30,653,989
250
Middlesex County Utilities Authority
S340699-12
STP Upgrades
Sayreville Ps
Repair/Resiliency
$
92,809,500
250
Middlesex County Utilities Authority
S340699-13
Edison Ps Repair/Resiliency
$
42,939,448
250
Middlesex County Utilities Authority
S340699-14
Main Trunk Sewer Rehab
$
17,816,795
643
Middletown Township
S340097-01
Shadow Lake Restoration
$
4,272,188
Middletown Township Sewer Authority
S340097-04
STP Mitigation/Resiliency
$
20,826,694
237
Milltown Borough
S340102-03
Substation Relocation
$
16,206,750
854
Milltown Borough
S340102-01
Site Remediation
$
20,412,848
854
Milltown Borough
S340102-04
Ford Ave. Infrastructure
$
5,449,949
103
Millville City
S340921-07
STP Upgrade
$
11,371,185
1000
Montclair Township
S340837-03
Collection System Rehab
$
1,499,578
15
Newark City
S340815-22
Queen Ditch Restoration
$
5,346,023
15
Newark City
S340815-24
Small Sewer Rehabilitation
$
20,611,500
1000
Newark City
S340815-25
Green Infrastructure
$
347,267
North Hudson Sewer Authority
S340952-19
CSO Abatement
$
7,854,266
67
80
80
North Hudson Sewer Authority
S340952-21
$
2,854,444
S340952-22
CSO Rehab
W1234 Solids/Floatables
Controls
80
North Hudson Sewer Authority
$
16,224,439
80
North Hudson Sewer Authority
S340952-23
Adams Street STP
$
1,661,100
80
North Hudson Sewer Authority
S340952-24
$
3,130,260
1000
North Hudson Sewer Authority
S340952-26
Hamilton Ave Sewer Rehab
River Road WTP
Improvements
$
730,800
1000
North Hudson Sewer Authority
S340952-27
Sewer Improvements
$
532,875
213
North Wildwood City
Northwest Bergen County Utilities
Authority
S340663-06
Utility Reconstruction
$
13,745,512
S340700-13
$
3,185,700
S344080-04
$
946,258
3,980,284
S340372-54
Pump Station Generators
Nsa Pump Station
Improvements
$
255
Ocean County
Ocean County Municipal Utilities
Authority
Ocean County Municipal Utilities
Authority
STP Upgrades
Manufactured Treatment
Devices
$
4,775,651
58
Ocean County Utilities Authority
S340372-56
Area Wide Clarifier Rehab
$
7,943,796
255
Ocean County Utilities Authority
S340372-57
Ni-13 Interceptor Rehab
$
2,739,240
197
Ocean Gate Borough
S344180-01
Stormwater/NPS
$
2,419,130
388
Ocean Township
S340112-07
$
2,464,980
316
Ocean Township Sewer Authority
S340750-11
Sewer Improvements
Collection System
Improvements
$
5,267,745
316
Ocean Township Sewer Authority
S340750-12
Interlaken Pump Station
$
4,002,075
284
Old Bridge Municipal Utilities Authority
S340945-13
$
5,161,314
385
Oradell Borough
S340835-04
$
1,339,800
1000
Orange City
S340859-02
Laurence Harbor Bulkhead
Phase 4 Sewer
Improvements
Harvard Printing
Remediation
$
6,455,478
108
Passaic Valley Sewerage Commission
S340689-22
$
3,773,890
108
Passaic Valley Sewerage Commission
S340689-25
Yantacaw Pump Station
Administration Building
Rehab
$
11,156,153
108
Passaic Valley Sewerage Commission
S340689-30
$
2,207,184
108
Passaic Valley Sewerage Commission
S340689-31
Sump Pump Relocation
Sodium Hypochlorite
Storage
$
3,662,462
108
Passaic Valley Sewerage Commission
S340689-32
Newark Bay Outfall
$
3,601,500
108
Passaic Valley Sewerage Commission
S340689-33
Tunnel Flood Proofing
$
52,098,900
108
Passaic Valley Sewerage Commission
S340689-34
Waste Pump Station
$
2,356,179
1000
Passaic Valley Sewerage Commission
S340689-35
Admin Building Green
$
345,033
1000
Passaic Valley Sewerage Commission
S340689-36
Green Car Wash
$
219,240
712
Paulsboro Borough
S340164-01
$
2,570,371
92
Perth Amboy City
S340435-12
Stormwater Management
Replacement Of Catch
Basins
$
728,678
92
Perth Amboy City
S340435-11
Second St. PS Resiliency
$
1,466,549
1000
Perth Amboy City
S340435-13
Green Paving
$
725,130
377
Pine Hill Municipal Utilities Authority
S340274-05
Sewer Rehabilitation
$
1,681,426
121
182
255
S340372-53
196
S344190-02
107
Point Pleasant Beach Borough
Pompton Lakes Borough Municipal
Utilities Authority
$
9,391,477
S340636-08
Little Silver Lake
Clarifier Mechanism
Replacement
$
1,065,750
217
Princeton Borough
S340656-08
Sewer Rehabilitation
$
3,890,723
S340547-14
Sludge Digester Upgrades
$
4,710,300
S340485-09
Motor Control Center
$
2,748,533
S340485-11
Hcrhs Sewer Relocation
$
369,558
273
Rahway Valley Sewer Authority
Raritan Township Municipal Utilities
Authority
Raritan Township Municipal Utilities
Authority
Rockaway Valley Regional Sewerage
Authority
S340821-06
Jersey City Trunk Sewer
$
7,547,715
339
Roselle Borough
S340332-02
Sewer Lining
$
3,689,175
385
Runnemede Borough
S340363-06
Sewer Lining
$
1,590,750
744
Sea Girt Borough
S340468-01
Stormwater Management
$
4,573,800
546
Secaucus Town
S340029-04
Born Street Storm PS
$
2,466,293
757
Secaucus Town
S342021-01
Malanka Landfill Closure
$
22,249,352
867
S342013-01
$
17,389,617
$
9,594,492
S340377-04A
Landfill Closure
Pump Station
Improvements
Pump Station
Improvements
$
9,594,492
298
Somerville Borough
South Monmouth Regional Sewerage
Authority
South Monmouth Regional Sewerage
Authority
South Monmouth Regional Sewerage
Authority
S340377-05
Belmar Pump Station
$
2,908,500
153
Stafford Township
S344100-02
Stormwater/NPS
$
6,232,127
153
Stafford Township
S344100-03
Stormwater/NPS
$
3,512,565
241
Tuckerton Borough
S340034-02
Sewer Main Replacement
$
2,147,609
691
Ventnor City
S340667-02
Stormwater Management
$
9,940,080
691
S340667-03
Flood Walls
$
1,466,383
145
Ventnor City
Wanaque Valley Regional Sewerage
Authority
S340780-04
STP Improvements
$
4,072,635
14
Warren Township Sewer Authority
S340964-01
$
3,128,561
232
Warren Township Sewer Authority
Washington Township Municipal
Utilities Authority
Washington Township Municipal
Utilities Authority
West Milford Township Municipal
Utilities Authority
S340964-02
STP Upgrades
Fox Hill West & Heather
Lane PS
$
707,722
S340930-03
Sewer Rehabilitation
$
1,520,505
S340930-04
Forrest Dr. PS Replacement
$
985,110
S340701-12
Emergency Generators
$
333,291
Willingboro Municipal Utilities Authority
S340132-08
Collection System Resiliency
$
1,768,800
4
146
1000
298
298
301
1000
94
210
S340377-03
Sandy and Base SFY16 CW Projects: #
154
Subtotal
$
1,467,829,596
Total Clean Water Projects: #
159
Total Clean Water Projects:
$
1,474,385,596
APPENDIX A2
APPENDIX A2
State Clean Water Project Priority List
Sandy and FY2016 Financing Program
Ranked Order
Rank
Project
Number
Sponsor
Appropriation
Amount
Project Type
Supplemental Loans
_S1
S340523-04-1
S340640-062/09-2/11-2
_S3
Caldwell Borough
Camden County Municipal Utilities
Authority
Camden County Municipal Utilities
Authority
Caldwell WWTP Upgrades
Supplemental #2 to 64006,09,11
Green & Gray Infrastructure
(Supplemental)
Crossroads Regional
Interceptor
$
886,000
$
2,520,000
$
1,890,000
_S4
Old Bridge Municipal Utilities Authority
S340945-08-1
$
1,260,000
Subtotal:
$
1,467,572,357
S340640-17
Green & Gray Infrastructure
$
4,294,500
S340640-15
Green Infrastructure/CSO
$
9,003,000
S340547-14
Sludge Digester Upgrades
$
4,710,300
12
Rahway Valley Sewer Authority
Camden County Municipal Utilities
Authority
S340640-16
STP Improvements
$
13,650,378
14
Warren Township Sewer Authority
S340964-01
STP Upgrades
$
3,128,561
15
Newark City
S340815-22
Queen Ditch Restoration
$
5,346,023
15
Newark City
S340815-24
Small Sewer Rehabilitation
$
20,611,500
17
Camden City
S340366-07
Sewer Rehabilitation
$
7,192,500
22
S340699-15
30,653,989
$
19,420,800
29
Jersey City Municipal Utilities Authority
S340928-13
STP Upgrades
Delaware No.1 STP
Improvements
Duncan St. Outfall
Replacement
$
23
Middlesex County Utilities Authority
Camden County Municipal Utilities
Authority
$
16,608,060
29
Jersey City Municipal Utilities Authority
S340928-14
Grand St Sewer Repair
$
2,863,193
29
Jersey City Municipal Utilities Authority
S340928-15
Sewer Improvements
$
40,390,354
29
Jersey City Municipal Utilities Authority
S340928-16
Sixth Street CSO Extension
$
9,436,875
29
Jersey City Municipal Utilities Authority
S340928-17
Regulator Outfall Repair
$
17,196,795
29
Jersey City Municipal Utilities Authority
S340928-18
Claremont Carteret Outfall
$
6,910,470
29
Jersey City Municipal Utilities Authority
S340928-19
East Side Plant
$
6,945,556
29
Jersey City Municipal Utilities Authority
S340928-20
Outfall Chambers
$
42,632,984
41
Elizabeth City
S340942-13
Western Interceptor
$
12,393,000
41
Elizabeth City
S340942-17
South Street Flood Control
$
5,313,000
_S2
S340640-14-1
Supplemental Loans: #
1
2
4
Camden County Municipal Utilities
Authority
Camden County Municipal Utilities
Authority
4
Sandy and Base SFY2016 Projects
S340640-18
41
Elizabeth City
S340942-18
41
Elizabeth City
S340942-19
Progress Street Flood
Control
Trumbull Street Flood
Control
50
Kearny Town
S340259-11
58
Ocean County Utilities Authority
S340372-56
59
Bayshore Regional Sewerage Authority
S340697-05
59
Bayshore Regional Sewerage Authority
61
$
4,628,000
$
3,688,239
Dukes St. Pump Station
$
16,790,648
$
7,943,796
$
60,975,717
S340697-06
Area Wide Clarifier Rehab
Restoration & Flood
Mitigation
Restoration & Flood
Mitigation
$
11,233,343
Atlantic County Utilities Authority
S340809-23
Treatment Plant Resiliency
$
9,040,672
61
Atlantic County Utilities Authority
S340809-25
Seawall
$
14,323,193
61
Atlantic County Utilities Authority
S340809-26
STP Mitigation Projects
$
14,114,998
61
Atlantic County Utilities Authority
S340809-27
Automated Bar Screens
$
3,159,000
67
Middletown Township Sewer Authority
S340097-04
STP Mitigation/Resiliency
$
20,826,694
69
Hoboken City
S340635-04
Wet Weather Pump Station
$
15,989,376
69
Hoboken City
S340635-05
Southwest Park
$
5,082,159
69
Hoboken City
S340635-06
Basf Park
$
25,607,620
80
North Hudson Sewer Authority
S340952-19
CSO Abatement
$
7,854,266
80
North Hudson Sewer Authority
S340952-21
$
2,854,444
80
North Hudson Sewer Authority
S340952-22
CSO Rehab
W1234 Solids/Floatables
Controls
$
16,224,439
80
North Hudson Sewer Authority
S340952-23
Adams Street STP
$
1,661,100
80
North Hudson Sewer Authority
S340952-24
$
3,130,260
92
Perth Amboy City
S340435-12
Hamilton Ave Sewer Rehab
Replacement Of Catch
Basins
$
728,678
92
S340435-11
Second St. PS Resiliency
$
1,466,549
94
Perth Amboy City
West Milford Township Municipal
Utilities Authority
S340701-12
Emergency Generators
$
333,291
97
Cumberland County Utilities Authority
S340550-07
STP
$
1,044,750
103
Millville City
S340921-07
STP Upgrade
$
11,371,185
106
S340794-08
STP Sand Filter
Clarifier Mechanism
Replacement
$
1,898,820
107
Delran Township
Pompton Lakes Borough Municipal
Utilities Authority
$
1,065,750
108
Passaic Valley Sewerage Commission
S340689-22
$
3,773,890
108
Passaic Valley Sewerage Commission
S340689-25
Yantacaw Pump Station
Administration Building
Rehab
$
11,156,153
108
Passaic Valley Sewerage Commission
S340689-30
$
2,207,184
108
Passaic Valley Sewerage Commission
S340689-31
Sump Pump Relocation
Sodium Hypochlorite
Storage
$
3,662,462
108
Passaic Valley Sewerage Commission
S340689-32
Newark Bay Outfall
$
3,601,500
108
Passaic Valley Sewerage Commission
S340689-33
Tunnel Flood Proofing
$
52,098,900
108
Passaic Valley Sewerage Commission
Northwest Bergen County Utilities
Authority
S340689-34
Waste Pump Station
$
2,356,179
S340700-13
STP Upgrades
$
3,185,700
121
S340636-08
126
Jersey City Municipal Utilities Authority
S340928-21
Phase 5 Sewer
Rehabilitation
$
11,582,550
127
Bergen County Utilities Authority
S340386-17
Cogeneration
$
16,234,181
131
Gloucester City
S340958-06
Water Street CSO
$
764,000
141
S340170-07
STP Improvements
$
8,318,520
S340780-04
STP Improvements
$
4,072,635
146
Cinnaminson Sewer Authority
Wanaque Valley Regional Sewerage
Authority
Raritan Township Municipal Utilities
Authority
S340485-09
Motor Control Center
$
2,748,533
149
Gloucester County Utilities Authority
S340902-14
STP Improvements
$
44,715,300
153
Stafford Township
S344100-02
Stormwater/NPS
$
6,232,127
153
Stafford Township
S344100-03
Stormwater/NPS
$
3,512,565
171
Hammonton Town
S340927-07
Boyer Ave Drip Irrigation
$
4,059,524
178
Hightstown Borough
S340915-05
$
1,277,976
182
Ocean County
S344080-04
UV Disinfection
Manufactured Treatment
Devices
$
946,258
196
Point Pleasant Beach Borough
S344190-02
Little Silver Lake
$
9,391,477
197
Ocean Gate Borough
S344180-01
Stormwater/NPS
$
2,419,130
199
Bay Head Borough
S344120-01
Stormwater/NPS
$
263,430
206
Kearny Municipal Utilities Authority
S340259-07
Pump Station Rehabilitation
$
9,364,400
210
Willingboro Municipal Utilities Authority
S340132-08
Collection System Resiliency
$
1,768,800
213
North Wildwood City
S340663-06
Utility Reconstruction
$
13,745,512
215
Cumberland County Utilities Authority
S340550-08
Pump Station Replacement
$
1,118,250
217
S340656-08
Sewer Rehabilitation
$
3,890,723
230
Princeton Borough
Little Egg Harbor Municipal Utilities
Authority
S340579-02
$
2,287,905
232
Warren Township Sewer Authority
S340964-02
Sewer Rehabilitation
Fox Hill West & Heather
Lane PS
$
707,722
237
Milltown Borough
S340102-03
Substation Relocation
$
16,206,750
241
Tuckerton Borough
S340034-02
$
2,147,609
250
Middlesex County Utilities Authority
S340699-12
Sewer Main Replacement
Sayreville Ps
Repair/Resiliency
$
92,809,500
250
Middlesex County Utilities Authority
S340699-13
Edison Ps Repair/Resiliency
$
42,939,448
250
S340699-14
Main Trunk Sewer Rehab
$
17,816,795
S340372-53
3,980,284
S340372-54
Pump Station Generators
Nsa Pump Station
Improvements
$
255
Middlesex County Utilities Authority
Ocean County Municipal Utilities
Authority
Ocean County Municipal Utilities
Authority
$
4,775,651
255
Ocean County Utilities Authority
S340372-57
Ni-13 Interceptor Rehab
$
2,739,240
261
Atlantic County Utilities Authority
S340809-24
PS Resiliency
$
1,048,119
261
Atlantic County Utilities Authority
Cape May County Municipal Utilities
Authority
Rockaway Valley Regional Sewerage
Authority
S340809-29
Brigantine Force Main
$
4,017,300
S340661-22
Concrete Wet Well Repairs
$
4,197,262
S340821-06
Jersey City Trunk Sewer
$
7,547,715
145
255
269
273
284
S340945-13
Laurence Harbor Bulkhead
$
5,161,314
S340364-13
$
1,218,000
$
9,594,492
S340377-04A
Sewer Rehabilitation
Pump Station
Improvements
Pump Station
Improvements
$
9,594,492
S340377-05
Belmar Pump Station
$
2,908,500
S340930-03
Sewer Rehabilitation
Washington Avenue
Interceptor
$
1,520,505
$
1,578,000
303
Old Bridge Municipal Utilities Authority
Gloucester Township Municipal Utilities
Authority
South Monmouth Regional Sewerage
Authority
South Monmouth Regional Sewerage
Authority
South Monmouth Regional Sewerage
Authority
Washington Township Municipal
Utilities Authority
Egg Harbor Township Municipal Utilities
Authority
Egg Harbor Township Municipal Utilities
Authority
$
651,193
316
Ocean Township Sewer Authority
S340750-11
Faa Pump Station
Collection System
Improvements
$
5,267,745
316
Ocean Township Sewer Authority
S340750-12
Interlaken Pump Station
$
4,002,075
330
Burlington Township
S340712-14
Sewer Rehabilitation
$
1,256,850
339
Roselle Borough
S340332-02
Sewer Lining
$
3,689,175
377
Pine Hill Municipal Utilities Authority
S340274-05
Sewer Rehabilitation
$
1,681,426
381
Brigantine City
S340827-04
$
3,165,134
385
Oradell Borough
S340835-04
Emergency Generators
Phase 4 Sewer
Improvements
$
1,339,800
385
Runnemede Borough
S340363-06
Sewer Lining
$
1,590,750
388
Ocean Township
S340112-07
Sewer Improvements
$
2,464,980
424
Long Beach Township
S340023-06
Sewer Replacement
$
4,965,318
456
Atlantic County Utilities Authority
S340809-28
Sewer Sludge Incineration
$
2,215,500
542
Atlantic City
S340439-01
Stormwater Management
$
19,772,486
542
Atlantic City
S340439-03
Atlantis Avenue Flood Gate
$
2,536,000
546
Secaucus Town
S340029-04
$
2,466,293
552
Gloucester City
S340958-07
Born Street Storm PS
Freedom Pier Sewer
Extension
$
639,000
575
Hillsborough Township
S340099-02
Sewer Extension
$
1,613,156
588
Aberdeen Township
S340869-02
Collection System
$
8,789,217
622
Manasquan Borough
S340450-01
Resiliency
$
4,340,744
624
Cranford Township
S340858-04
Stormwater Management
$
3,412,500
635
Burlington County
S340818-07
Stormwater
$
2,239,650
643
Middletown Township
S340097-01
Shadow Lake Restoration
$
4,272,188
646
Gloucester Township
S340364-11
Flood Mitigation
$
1,544,415
646
Gloucester Township
S340364-14
Stormwater Improvements
$
1,260,374
669
Carteret Borough
S340939-09
Noe St. Stormwater PS
$
8,573,000
677
Hammonton Town
S340927-09
Stormwater Infrastructure
$
4,293,100
691
Ventnor City
S340667-02
Stormwater Management
$
9,940,080
286
298
298
298
301
303
S340377-03
S340753-04
S340753-06
691
Ventnor City
S340667-03
Flood Walls
$
1,466,383
694
Brigantine City
S340827-05
Flood Control
$
4,441,000
694
Brigantine City
S340827-06
Stormwater Improvements
$
953,000
694
Brigantine City
S340827-07
Floodwalls
$
1,049,450
712
Paulsboro Borough
S340164-01
$
2,570,371
720
Highlands Borough
S340901-03
Stormwater Management
Stormwater System
Improvements
$
5,986,200
744
Sea Girt Borough
S340468-01
Stormwater Management
$
4,573,800
747
Califon Borough
S340431-01
Stormwater Improvements
$
1,663,815
757
Secaucus Town
S342021-01
Malanka Landfill Closure
$
22,249,352
763
Bellmawr Borough
S342011-02
Landfill Closure
$
69,668,155
773
Edison Township
S342020-01
Landfill Closure
$
12,900,000
832
Kearny Town
S340259-12
Gunnel Oval Remediation
$
18,192,302
832
Kearny Town
S340259-13
Kearny Point
$
112,966,241
843
S340939-07
Marina Dredging
$
23,486,400
849
Carteret Borough
Cape May County Municipal Utilities
Authority
S342017-04
Landfill Cell
$
6,898,713
854
Milltown Borough
S340102-01
Site Remediation
$
20,412,848
854
Milltown Borough
S340102-04
Ford Ave. Infrastructure
$
5,449,949
867
Somerville Borough
S342013-01
Landfill Closure
$
17,389,617
1000
Hoboken City
S340635-07
Green Infrastructure
$
2,756,863
1000
Jersey City Municipal Utilities Authority
S340928-22
Green Infrastructure
$
679,008
1000
Montclair Township
S340837-03
Collection System Rehab
$
1,499,578
1000
Newark City
S340815-25
$
347,267
1000
North Hudson Sewer Authority
S340952-26
Green Infrastructure
River Road WTP
Improvements
$
730,800
1000
North Hudson Sewer Authority
S340952-27
$
532,875
1000
Orange City
S340859-02
Sewer Improvements
Harvard Printing
Remediation
$
6,455,478
1000
Passaic Valley Sewerage Commission
S340689-35
Admin Building Green
$
345,033
1000
Passaic Valley Sewerage Commission
S340689-36
Green Car Wash
$
219,240
1000
S340435-13
Green Paving
$
725,130
S340485-11
Hcrhs Sewer Relocation
$
369,558
1000
Perth Amboy City
Raritan Township Municipal Utilities
Authority
Washington Township Municipal
Utilities Authority
S340930-04
Forrest Dr. PS Replacement
$
985,110
1011
Burlington Township
S340712-13
Emergency Generators
$
567,000
1075
Cliffside Park Borough
S340847-04
CSO Separation
$
5,264,700
1189
Jackson Township
S344050-02
Equipment Purchase
$
1,048,929
1000
Sandy and Base SFY16 CW Projects: #
154
Subtotal
$
1,467,829,596
Total Clean Water Projects: #
159
Total Clean Water Projects:
$
1,474,385,596
APPENDIX B1
APPENDIX B1
State Drinking Water Project Priority List
Sandy and FY2016 Financing Program
Alphabetical Order
Rank
_S1
Project No.
North Jersey District WS
Supplemental Loans
1613001-017- Wanaque South Pump
1
Station Upgrade
$
1,425,498
1
$
1,425,498
$
2,001,363
Supplemental Loans: #
1040
Appropriation
Amount
Applicant
Atlantic City MUA
Project Name
Subtotal:
Sandy and Base SFY2016 Projects
Sandblasting, Painting, and
Inspection of 1 MG storage
0102001-006 tank (Maryland Avenue)
77
Berkeley Township MUA
1505004-008
Water Main Installation
$
3,285,921
170
Berkeley Township MUA
1505004-007
$
1,215,900
1171
Berkeley Township MUA
1505004-009
Water Main Installation
Installation of a Well
#4/Water Main Installation
$
1,276,800
26
Bordentown City
0303001-006
Water System Remediation
$
1,462,388
238
Bordentown City
0303001-007
WTP Upgrade
$
2,793,971
338
Brielle Borough
1308001-002
Water Main Replacement
$
2,454,000
534
Brielle Borough
1308001-003
$
144,296
387
Brigantine City
0103001-501
Storage Tank Demolition
Generator installation at
Well
$
2,816,982
67
Camden City
0408001-021
$
1,664,250
88
Camden City
0408001-022
$
1,260,000
181
Cape May City
0502001-004
$
2,077,776
222
Clementon Borough
0411001-001
Water Meter Replacement
Potable Well Replacement
(Morris Delair WTP)
Construction of case well to
Atlantic City Sands Aquifer
Water Main Slip lining
(White Horse Pike/White
House Road)
$
456,750
440
Clementon Borough
0411001-002
Well 9 Rehabilitation
$
1,294,125
326
Clinton Town
1005001-006
Water Main Replacement
$
3,858,000
497
Clinton Town
1005001-007
Water Meter Replacement
$
1,065,000
1238
Clinton Town
1005001-008
$
1,364,160
1511
Clinton Town
1005001-009
$
1,103,813
East Orange City
0705001-011
$
13,007,736
231
Evesham Municipal Utilities Authority
0313001-001
Well 4 Rehabilitation
Well 7 Improvements/Well
14 Decommissioning
Water Treatment & Supply
Program
Wells 13/14 Treatment
Improvements
$
1,963,000
175
Fountainhead Properties, Inc.
1511013-001
WTP Upgrades
$
722,000
5
215
Gloucester City
0414001-020
Water Main Replacement
$
1,281,500
219
Hammonton Town
0113001-011
Water Main Extension
$
1,780,739
412
Hammonton Town
0113001-007
Water Meter Replacement
$
936,000
470
Hammonton Town
0113001-010
$
304,500
442
Hampton Borough
1013001-001
SCADA Upgrades
Construction of back up well
#5
$
1,370,250
173
Hightstown Borough
1104001-008
$
165,300
483
Hightstown Borough
1104001-007
Settling Tank Rehabilitation
Rehabilitation of Deep Well
#2
$
374,535
Hoboken City
0905001-001
Water Replacement
$
5,848,889
184
Jackson Township MUA
1511001-010
$
5,815,925
414
Jackson Township MUA
1511001-011
$
1,406,181
132
Jersey City/Jersey City MUA
0906001-010
Storage Tank Replacement
Administration Building
Upgrades
Cleaning and Lining Water
Mains
$
7,067,000
133
Jersey City/Jersey City MUA
0906001-006
Water Main Installation
$
18,005,000
134
Jersey City/Jersey City MUA
0906001-011
Water Valve Replacement
$
6,260,867
135
Jersey City/Jersey City MUA
0906001-012
Water Main Replacement
$
16,643,000
182
Kearny Town
0907001-001
Water Main Replacement
$
27,881,573
8
Lake Glenwood Village
1922010-008
Well 1/2 Upgrades
$
895,230
97
Little Egg Harbor MUA
1516001-004
Water Main Replacement
$
1,701,295
468
Little Egg Harbor MUA
1516001-003
WTP Construction
$
4,572,000
469
Little Egg Harbor MUA
1516001-500
$
688,475
234
Long Beach Township
1517001-500
$
3,610,000
235
Long Beach Township
1517001-501
$
1,827,000
236
Long Beach Township
1517001-502
$
3,205,797
276
Manasquan Borough
1327001-002
$
1,184,734
411
Manasquan Borough
1327001-001
WTP Upgrades
Demolish and replace
damaged pump room (Beach
Haven Terrace WTP)
Demolish and replace
damaged pump room (Brant
Beach )
Water Reservoir
Replacement
Water Main Installation
(Perrine Blvd)
Water Meter System
Upgrade
$
2,428,659
416
Manchester Utilities Authority
1603001-014
Water Meter Relocation
$
1,962,660
232
Marlboro Township
1328002-002
$
12,514,000
108
Middlesex Water Company
1225001-016
$
5,681,000
305
Middlesex Water Company
1225001-023
WTP Replacement
Cleaning and Lining Water
Mains
Cleaning and
Lining/Replacement Water
Mains
$
7,350,000
371
Middlesex Water Company
1225001-024
$
3,462,900
266
Milltown Borough
1214001-004
$
1,609,125
267
Milltown Borough
1212001-002
SCADA Upgrades
Cleaning and Lining Water
Mains
Water Main Installation
(Ford Ave Redevelopment)
$
1,606,000
1180
302
Milltown Borough
1212001-003
502
Montclair Township
0713001-008
Storage Tank Rehabilitation
(Ford Ave Redevelopment)
WTP Construction/Water
Main Well #4
1409
Montclair Township
0713001-011
82
Mountain Shores POA
95
$
1,142,000
$
2,203,000
Storage Tank Construction
$
3,479,879
1414009-001
Water Main Replacement
$
1,520,045
Netcong Borough
1428001-007
$
3,553,489
121
Netcong Borough
1428001-008
Water Main Replacement
Rehabilitate existing storage
facilities
$
1,005,307
158
Netcong Borough
1428001-009
Water Meter Replacement
$
300,237
20
Newark City
0714001-016
$
9,834,000
29
Newark City
0714001-015
Pequannock WTP Upgrades
Cleaning and Lining Water
Mains
$
11,787,000
30
Newark City
0714001-017
$
1,837,500
63
Newark City
0714001-500
$
5,045,712
NJ American Water Co.-Raritan
2004002-500
$
31,500,000
48
North Jersey District WS
1613001-031
Transmission main upgrades
Generator Installation
(Wayne/Clifton PS)
Raise level of floodwall
(Raritan Millstone)
Dewatering System
Installation
$
3,685,500
49
North Jersey District WS
1613001-032
$
3,553,710
54
North Jersey District WS
1613001-022
WTP Rehabilitation
Replace Sedimentation
Basins 5/6
$
16,768,185
55
North Jersey District WS
1613001-025
$
7,246,680
56
North Jersey District WS
1613001-026
Lagoon Discharge Treatment
Installation of Low Lift
Natural Gas Pump
$
12,808,525
57
North Jersey District WS
1613001-027
$
2,290,344
58
North Jersey District WS
1613001-028
Aeration System Expansion
Filter building pipe gallery
dehumidification and
painting
$
1,863,456
59
North Jersey District WS
1613001-029
$
2,866,920
84
North Jersey District WS
1613001-035
Basin 1/2/3/4 Rehabilitation
Various Rehabilitation
Projects
$
3,690,871
101
North Jersey District WS
1613001-033
Security Enhancements
$
3,910,725
102
North Jersey District WS
1613001-034
$
1,446,908
192
North Jersey District WS
1613001-030
WTP Upgrade
Modify and expand central
receiving building
$
921,113
10
North Shore Water Association
1904004-004
$
182,700
11
North Shore Water Association
1904004-001
Test Well Drilling
New Well Treatment/Nitrate
Resolution
$
475,000
357
North Shore Water Association
1904004-002
Water Main Replacement
$
428,000
391
Oakland Borough
0220001-004
$
3,289,650
435
Oakland Borough
0220001-003
Pump Station Replacement
Generator Installation Well
#9
$
3,289,650
496
Oakland Borough
0220001-002
$
3,289,650
511
Oakland Borough
0220001-001
Water Meter Replacement
Backup Well Construction
10A
$
3,289,650
408
284
Ocean Gate Borough
1521001-001
Water Main Replacement
$
1,049,764
265
Ocean Township
1520001-007
$
1,256,063
375
Old Bridge MUA
1209002-011
Water Main Replacement
Storage Tank Rehabilitation
(Perrine Road)
$
3,255,000
526
Old Bridge MUA
1209002-012
$
1,283,000
3
Passaic Valley WC
1605002-025
$
22,288,370
98
Paulsboro Borough
0814001-003
Upgrade to SCADA System
Generator Installation (Little
Falls WTP)
Water Main Replacement
(Thomson Ave/Wood
St/Elizabeth Ave/Commerce
St)
$
1,873,861
12
Pemberton Township
0329004-004
$
1,141,875
220
Pemberton Township
0329004-006
$
623,000
277
Pemberton Township
0329004-007
$
2,509,500
438
Pemberton Township
0329004-005
$
415,000
471
Pemberton Township
0329004-008
$
392,000
339
Pennington Borough
1108001-001
Well 11 Rehabilitation
Water Main Replacement
(Various streets)
Storage Tank Rehabilitation
(Beech Ave/Trenton
Road/Oak Pines Road)
Replacing Well #4 with Well
#14
Installation of SCADA at
wells and storage facilities
Water Main Replacement
(Upper King George
Road/Park Avenue)
$
1,144,380
194
Perth Amboy City
1216001-008
Water Main Replacements
$
1,724,987
195
Perth Amboy City
1216001-007
Water Main Replacements
$
2,216,000
138
Perth Amboy City
1216001-006
$
1,914,000
310
Perth Amboy City
1216001-500
$
2,708,000
500
Pine Beach Borough
1522001-001
$
959,700
516
Pine Beach Borough
1522001-002
WTP Rehabilitation
Generator Installation
(Runyon WTP)
Town wide Water Meter
Replacement
Well Replacement/Water
Meter Replacement (Merion
Avenue)
$
451,080
162
Rahway City
2013001-007
$
18,084,000
419
Rahway City
2013001-008
$
3,617,250
248
Roosevelt Borough
1341001-004
WTP Filter System Upgrade
Interconnection
Construction
Cleaning & Lining of Water
Mains
$
639,975
345
Roosevelt Borough
1341001-001
$
690,000
28
Saddle Brook Township
0257001-002
Water Mains
North Fifth Street Water
Main
$
2,192,549
19
Sea Village Marina/NJ American Water Co
0108021-002
$
1,202,000
118
Stafford Township
1530004-018
$
2,315,000
258
Stafford Township
1530004-019
$
1,805,000
178
Trenton City
1111001-010
Water Main Extension
Water Main Replacement
(Mill Creek Road)
Water Main Replacement
(Jonathon Drive/Mill Creek
Road)
Cleaning and Lining Water
Mains Phase 2
$
22,457,700
99
Tuckerton Borough
1532002-005
124
Tuckerton Borough
1532002-003
148
Wall Township
1352003-002
149
Wall Township
1352003-001
Replacement of 5,000 LF of
water mains
Rehabilitation of the 1.5 MG
storage tank
Water Main Installation
(Route 34/Wyckoff Road)
Water Main Installation
(Route 138)
312
Washington Township MUA
0818004-009
378
Washington Township MUA
379
$
1,299,000
$
1,318,000
$
3,594,971
$
1,718,010
Water Main Replacement
$
710,955
0818004-010
Pump House Replacement
$
1,827,420
Washington Township MUA
0818004-011
3MG Storage Tank Painting
$
4,627,140
429
Washington Township MUA
0818004-012
Security Enhancements
$
210,525
1505
Washington Township MUA
0818004-014
$
837,375
Willingboro MUA
0338001-009
Well Replacement 2A
Well 5A Radium and Gross
Alpha Removal Treatment
Facility
$
6,206,903
$
467,793,122
$
469,218,620
7
Sandy and Base SFY16 DW Projects: #
120
Total Drinking Water Projects: #
121
Subtotal
Total Drinking Water
Projects:
APPENDIX B2
APPENDIX B2
State Drinking Water Project Priority List
Sandy and Base FY2016 Financing Program
Ranked Order
Rank
_S1
Appropriation
Amount
Applicant
Project No.
North Jersey District WS
Supplemental Loans
1613001-017- Wanaque South Pump Station
1
Upgrade
$
1,425,498
1
$
1,425,498
$
22,288,370
$
13,007,736
$
6,206,903
Supplemental Loans: #
Project Name
Subtotal:
Sandy and Base SFY2016 Projects
Generator Installation (Little
1605002-025 Falls WTP)
Water Treatment & Supply
0705001-011 Program
Well 5A Radium and Gross
Alpha Removal Treatment
0338001-009 Facility
3
Passaic Valley WC
5
East Orange City
7
Willingboro MUA
8
Lake Glenwood Village
1922010-008
Well 1/2 Upgrades
$
895,230
10
North Shore Water Association
1904004-004
$
182,700
11
North Shore Water Association
1904004-001
Test Well Drilling
New Well Treatment/Nitrate
Resolution
$
475,000
12
Pemberton Township
0329004-004
Well 11 Rehabilitation
$
1,141,875
19
Sea Village Marina/NJ American Water Co
0108021-002
Water Main Extension
$
1,202,000
20
Newark City
0714001-016
Pequannock WTP Upgrades
$
9,834,000
26
Bordentown City
0303001-006
Water System Remediation
$
1,462,388
28
Saddle Brook Township
0257001-002
$
2,192,549
29
Newark City
0714001-015
North Fifth Street Water Main
Cleaning and Lining Water
Mains
$
11,787,000
30
Newark City
0714001-017
$
1,837,500
48
North Jersey District WS
1613001-031
Transmission main upgrades
Dewatering System
Installation
$
3,685,500
49
North Jersey District WS
1613001-032
$
3,553,710
54
North Jersey District WS
1613001-022
WTP Rehabilitation
Replace Sedimentation Basins
5/6
$
16,768,185
55
North Jersey District WS
1613001-025
$
7,246,680
56
North Jersey District WS
1613001-026
Lagoon Discharge Treatment
Installation of Low Lift Natural
Gas Pump
$
12,808,525
57
North Jersey District WS
1613001-027
$
2,290,344
58
North Jersey District WS
1613001-028
Aeration System Expansion
Filter building pipe gallery
dehumidification and painting
$
1,863,456
59
North Jersey District WS
1613001-029
$
2,866,920
63
Newark City
0714001-500
Basin 1/2/3/4 Rehabilitation
Generator Installation
(Wayne/Clifton PS)
$
5,045,712
67
Camden City
0408001-021
Water Meter Replacement
$
1,664,250
77
Berkeley Township MUA
1505004-008
Water Main Installation
$
3,285,921
82
Mountain Shores POA
1414009-001
$
1,520,045
84
North Jersey District WS
1613001-035
$
3,690,871
88
Camden City
0408001-022
Water Main Replacement
Various Rehabilitation
Projects
Potable Well Replacement
(Morris Delair WTP)
$
1,260,000
95
Netcong Borough
1428001-007
Water Main Replacement
$
3,553,489
97
Little Egg Harbor MUA
1516001-004
$
1,701,295
98
Paulsboro Borough
0814001-003
$
1,873,861
99
Tuckerton Borough
1532002-005
Water Main Replacement
Water Main Replacement
(Thomson Ave/Wood
St/Elizabeth Ave/Commerce
St)
Replacement of 5,000 LF of
water mains
$
1,299,000
101
North Jersey District WS
1613001-033
Security Enhancements
$
3,910,725
102
North Jersey District WS
1613001-034
$
1,446,908
108
Middlesex Water Company
1225001-016
$
5,681,000
118
Stafford Township
1530004-018
$
2,315,000
121
Netcong Borough
1428001-008
$
1,005,307
124
Tuckerton Borough
1532002-003
$
1,318,000
132
Jersey City/Jersey City MUA
0906001-010
WTP Upgrade
Cleaning and Lining Water
Mains
Water Main Replacement
(Mill Creek Road)
Rehabilitate existing storage
facilities
Rehabilitation of the 1.5 MG
storage tank
Cleaning and Lining Water
Mains
$
7,067,000
133
Jersey City/Jersey City MUA
0906001-006
Water Main Installation
$
18,005,000
134
Jersey City/Jersey City MUA
0906001-011
Water Valve Replacement
$
6,260,867
135
Jersey City/Jersey City MUA
0906001-012
Water Main Replacement
$
16,643,000
138
Perth Amboy City
1216001-006
$
1,914,000
148
Wall Township
1352003-002
$
3,594,971
149
Wall Township
1352003-001
WTP Rehabilitation
Water Main Installation
(Route 34/Wyckoff Road)
Water Main Installation
(Route 138)
$
1,718,010
158
Netcong Borough
1428001-009
Water Meter Replacement
$
300,237
162
Rahway City
2013001-007
WTP Filter System Upgrade
$
18,084,000
170
Berkeley Township MUA
1505004-007
Water Main Installation
$
1,215,900
173
Hightstown Borough
1104001-008
Settling Tank Rehabilitation
$
165,300
175
Fountainhead Properties, Inc.
1511013-001
$
722,000
178
Trenton City
1111001-010
$
22,457,700
181
Cape May City
0502001-004
WTP Upgrades
Cleaning and Lining Water
Mains Phase 2
Construction of case well to
Atlantic City Sands Aquifer
$
2,077,776
182
Kearny Town
0907001-001
Water Main Replacement
$
27,881,573
184
Jackson Township MUA
1511001-010
Storage Tank Replacement
$
5,815,925
192
North Jersey District WS
1613001-030
Modify and expand central
receiving building
$
921,113
194
Perth Amboy City
1216001-008
Water Main Replacements
$
1,724,987
195
Perth Amboy City
1216001-007
Water Main Replacements
$
2,216,000
215
Gloucester City
0414001-020
Water Main Replacement
$
1,281,500
219
Hammonton Town
0113001-011
$
1,780,739
220
Pemberton Township
0329004-006
$
623,000
222
Clementon Borough
0411001-001
$
456,750
231
Evesham Municipal Utilities Authority
0313001-001
Water Main Extension
Water Main Replacement
(Various streets)
Water Main Slip lining (White
Horse Pike/White House
Road)
Wells 13/14 Treatment
Improvements
$
1,963,000
232
Marlboro Township
1328002-002
$
12,514,000
234
Long Beach Township
1517001-500
$
3,610,000
235
Long Beach Township
1517001-501
WTP Replacement
Demolish and replace
damaged pump room (Beach
Haven Terrace WTP)
Demolish and replace
damaged pump room (Brant
Beach )
$
1,827,000
236
Long Beach Township
1517001-502
Water Reservoir Replacement
$
3,205,797
238
Bordentown City
0303001-007
$
2,793,971
248
Roosevelt Borough
1341001-004
$
639,975
258
Stafford Township
1530004-019
WTP Upgrade
Cleaning & Lining of Water
Mains
Water Main Replacement
(Jonathon Drive/Mill Creek
Road)
$
1,805,000
265
Ocean Township
1520001-007
$
1,256,063
266
Milltown Borough
1214001-004
$
1,609,125
267
Milltown Borough
1212001-002
$
1,606,000
276
Manasquan Borough
1327001-002
$
1,184,734
277
Pemberton Township
0329004-007
Water Main Replacement
Cleaning and Lining Water
Mains
Water Main Installation (Ford
Ave Redevelopment)
Water Main Installation
(Perrine Blvd)
Storage Tank Rehabilitation
(Beech Ave/Trenton
Road/Oak Pines Road)
$
2,509,500
284
Ocean Gate Borough
1521001-001
$
1,049,764
302
Milltown Borough
1212001-003
$
1,142,000
305
Middlesex Water Company
1225001-023
$
7,350,000
310
Perth Amboy City
1216001-500
Water Main Replacement
Storage Tank Rehabilitation
(Ford Ave Redevelopment)
Cleaning and
Lining/Replacement Water
Mains
Generator Installation
(Runyon WTP)
$
2,708,000
312
Washington Township MUA
0818004-009
Water Main Replacement
$
710,955
326
Clinton Town
1005001-006
Water Main Replacement
$
3,858,000
338
Brielle Borough
1308001-002
Water Main Replacement
$
2,454,000
339
Pennington Borough
1108001-001
Water Main Replacement
(Upper King George
Road/Park Avenue)
345
Roosevelt Borough
1341001-001
Water Mains
$
690,000
357
North Shore Water Association
1904004-002
Water Main Replacement
$
428,000
371
Middlesex Water Company
1225001-024
$
3,462,900
375
Old Bridge MUA
1209002-011
SCADA Upgrades
Storage Tank Rehabilitation
(Perrine Road)
$
3,255,000
378
Washington Township MUA
0818004-010
Pump House Replacement
$
1,827,420
379
Washington Township MUA
0818004-011
3MG Storage Tank Painting
$
4,627,140
387
Brigantine City
0103001-501
Generator installation at Well
$
2,816,982
391
Oakland Borough
0220001-004
$
3,289,650
408
NJ American Water Co.-Raritan
2004002-500
Pump Station Replacement
Raise level of floodwall
(Raritan Millstone)
$
31,500,000
411
Manasquan Borough
1327001-001
Water Meter System Upgrade
$
2,428,659
412
Hammonton Town
0113001-007
$
936,000
414
Jackson Township MUA
1511001-011
Water Meter Replacement
Administration Building
Upgrades
$
1,406,181
416
Manchester Utilities Authority
1603001-014
Water Meter Relocation
$
1,962,660
419
Rahway City
2013001-008
Interconnection Construction
$
3,617,250
429
Washington Township MUA
0818004-012
Security Enhancements
$
210,525
435
Oakland Borough
0220001-003
$
3,289,650
438
Pemberton Township
0329004-005
Generator Installation Well #9
Replacing Well #4 with Well
#14
$
415,000
440
Clementon Borough
0411001-002
$
1,294,125
442
Hampton Borough
1013001-001
Well 9 Rehabilitation
Construction of back up well
#5
$
1,370,250
468
Little Egg Harbor MUA
1516001-003
WTP Construction
$
4,572,000
469
Little Egg Harbor MUA
1516001-500
WTP Upgrades
$
688,475
470
Hammonton Town
0113001-010
$
304,500
471
Pemberton Township
0329004-008
$
392,000
483
Hightstown Borough
1104001-007
SCADA Upgrades
Installation of SCADA at wells
and storage facilities
Rehabilitation of Deep Well
#2
$
374,535
496
Oakland Borough
0220001-002
Water Meter Replacement
$
3,289,650
497
Clinton Town
1005001-007
$
1,065,000
500
Pine Beach Borough
1522001-001
$
959,700
502
Montclair Township
0713001-008
$
2,203,000
511
Oakland Borough
0220001-001
$
3,289,650
516
Pine Beach Borough
1522001-002
Water Meter Replacement
Town wide Water Meter
Replacement
WTP Construction/Water
Main Well #4
Backup Well Construction
10A
Well Replacement/Water
Meter Replacement (Merion
Avenue)
$
451,080
526
Old Bridge MUA
1209002-012
Upgrade to SCADA System
$
1,283,000
$
1,144,380
534
Brielle Borough
1308001-003
$
144,296
$
2,001,363
1505004-009
Storage Tank Demolition
Sandblasting, Painting, and
Inspection of 1 MG storage
tank (Maryland Avenue)
Installation of a Well
#4/Water Main Installation
1040
Atlantic City MUA
0102001-006
1171
Berkeley Township MUA
$
1,276,800
1180
Hoboken City
0905001-001
Water Replacement
$
5,848,889
1238
Clinton Town
1005001-008
Well 4 Rehabilitation
$
1,364,160
1409
Montclair Township
0713001-011
Storage Tank Construction
$
3,479,879
1505
Washington Township MUA
0818004-014
$
837,375
1511
Clinton Town
1005001-009
Well Replacement 2A
Well 7 Improvements/Well 14
Decommissioning
$
1,103,813
Subtotal
Total Drinking Water
Projects:
$
467,793,122
$
469,218,620
Sandy and Base SFY16 DW Projects: #
120
Total Drinking Water Projects: #
121
APPENDIX C
APPENDIX C
State Drinking Water
Superstorm Sandy Project List
Ranked Order
Rank
Applicant
Project No.
Newark City
0714001-500
234
Long Beach Township
1517001-500
235
Long Beach Township
1517001-501
236
Long Beach Township
1517001-502
310
Perth Amboy City
1216001-500
387
Brigantine City
0103001-501
408
NJ American Water Co.-Raritan
469
Little Egg Harbor MUA
63
Sandy and Base SFY16 DW Projects: #
Project Name
Generator Installation
(Wayne/Clifton PS)
Demolish and replace
damaged pump room (Beach
Haven Terrace WTP)
Demolish and replace
damaged pump room (Brant
Beach )
Appropriation
Amount
$
5,045,712
$
3,610,000
$
1,827,000
Water Reservoir Replacement
Generator Installation
(Runyon WTP)
$
3,205,797
$
2,708,000
$
2,816,982
2004002-500
Generator installation at Well
Raise level of floodwall
(Raritan Millstone)
$
31,500,000
1516001-500
WTP Upgrades
$
688,475
$
51,401,966
8
Subtotal
APPENDIX D
APPENDIX D
FY2016 State Clean Water
Interim / Construction Financing Project List
Alphabetical Order
Rank
Project
Number
Sponsor
Appropriation
Amount
Project Type
Supplemental Loans
_S1
S340523-04-1
S340640-062/09-2/11-2
_S3
Caldwell Borough
Camden County Municipal Utilities
Authority
Camden County Municipal Utilities
Authority
_S4
Old Bridge Municipal Utilities Authority
S340945-08-1
_S2
S340640-14-1
Supplemental Loans: #
Caldwell WWTP Upgrades
Supplemental #2 to 64006,09,11
Green & Gray Infrastructure
(Supplemental)
Crossroads Regional
Interceptor
$
886,000
$
2,520,000
$
1,890,000
$
1,260,000
Subtotal:
$
1,467,572,357
4
Sandy and Base SFY2016 Projects
588
Aberdeen Township
S340869-02
Collection System
$
8,789,217
542
Atlantic City
S340439-01
Stormwater Management
$
19,772,486
542
Atlantic City
S340439-03
Atlantis Avenue Flood Gate
$
2,536,000
61
Atlantic County Utilities Authority
S340809-23
Treatment Plant Resiliency
$
9,040,672
61
Atlantic County Utilities Authority
S340809-25
Seawall
$
14,323,193
61
Atlantic County Utilities Authority
S340809-26
STP Mitigation Projects
$
14,114,998
61
Atlantic County Utilities Authority
S340809-27
Automated Bar Screens
$
3,159,000
261
Atlantic County Utilities Authority
S340809-24
PS Resiliency
$
1,048,119
261
Atlantic County Utilities Authority
S340809-29
Brigantine Force Main
$
4,017,300
456
Atlantic County Utilities Authority
S340809-28
Sewer Sludge Incineration
$
2,215,500
199
Bay Head Borough
S344120-01
$
263,430
59
Bayshore Regional Sewerage Authority
S340697-05
$
60,975,717
59
Bayshore Regional Sewerage Authority
S340697-06
Stormwater/NPS
Restoration & Flood
Mitigation
Restoration & Flood
Mitigation
$
11,233,343
763
Bellmawr Borough
S342011-02
Landfill Closure
$
69,668,155
127
Bergen County Utilities Authority
S340386-17
Cogeneration
$
16,234,181
381
Brigantine City
S340827-04
Emergency Generators
$
3,165,134
694
Brigantine City
S340827-05
Flood Control
$
4,441,000
694
Brigantine City
S340827-06
Stormwater Improvements
$
953,000
694
Brigantine City
S340827-07
Floodwalls
$
1,049,450
635
Burlington County
S340818-07
Stormwater
$
2,239,650
330
Burlington Township
S340712-14
Sewer Rehabilitation
$
1,256,850
1011
Burlington Township
S340712-13
Emergency Generators
$
567,000
747
Califon Borough
S340431-01
Stormwater Improvements
$
1,663,815
17
S340366-07
Sewer Rehabilitation
$
7,192,500
S340640-17
Green & Gray Infrastructure
$
4,294,500
S340640-15
Green Infrastructure/CSO
$
9,003,000
S340640-16
$
13,650,378
S340640-18
STP Improvements
Delaware No.1 STP
Improvements
$
19,420,800
S340661-22
Concrete Wet Well Repairs
$
4,197,262
849
Camden City
Camden County Municipal Utilities
Authority
Camden County Municipal Utilities
Authority
Camden County Municipal Utilities
Authority
Camden County Municipal Utilities
Authority
Cape May County Municipal Utilities
Authority
Cape May County Municipal Utilities
Authority
S342017-04
Landfill Cell
$
6,898,713
669
Carteret Borough
S340939-09
Noe St. Stormwater PS
$
8,573,000
843
Carteret Borough
S340939-07
Marina Dredging
$
23,486,400
141
Cinnaminson Sewer Authority
S340170-07
STP Improvements
$
8,318,520
1075
Cliffside Park Borough
S340847-04
CSO Separation
$
5,264,700
624
Cranford Township
S340858-04
Stormwater Management
$
3,412,500
97
Cumberland County Utilities Authority
S340550-07
STP
$
1,044,750
215
Cumberland County Utilities Authority
S340550-08
Pump Station Replacement
$
1,118,250
106
Delran Township
S340794-08
STP Sand Filter
$
1,898,820
773
Edison Township
Egg Harbor Township Municipal Utilities
Authority
Egg Harbor Township Municipal Utilities
Authority
S342020-01
$
12,900,000
S340753-04
Landfill Closure
Washington Avenue
Interceptor
$
1,578,000
S340753-06
Faa Pump Station
$
651,193
41
Elizabeth City
S340942-13
Western Interceptor
$
12,393,000
41
Elizabeth City
S340942-17
$
5,313,000
41
Elizabeth City
S340942-18
$
4,628,000
41
Elizabeth City
S340942-19
South Street Flood Control
Progress Street Flood
Control
Trumbull Street Flood
Control
$
3,688,239
131
Gloucester City
S340958-06
552
Gloucester City
149
1
2
12
23
269
303
303
$
764,000
S340958-07
Water Street CSO
Freedom Pier Sewer
Extension
$
639,000
Gloucester County Utilities Authority
S340902-14
STP Improvements
$
44,715,300
646
Gloucester Township
S340364-11
Flood Mitigation
$
1,544,415
646
S340364-14
Stormwater Improvements
$
1,260,374
286
Gloucester Township
Gloucester Township Municipal Utilities
Authority
S340364-13
Sewer Rehabilitation
$
1,218,000
171
Hammonton Town
S340927-07
Boyer Ave Drip Irrigation
$
4,059,524
677
Hammonton Town
S340927-09
$
4,293,100
720
Highlands Borough
S340901-03
Stormwater Infrastructure
Stormwater System
Improvements
$
5,986,200
178
Hightstown Borough
S340915-05
UV Disinfection
$
1,277,976
575
Hillsborough Township
S340099-02
Sewer Extension
$
1,613,156
69
Hoboken City
S340635-04
Wet Weather Pump Station
$
15,989,376
69
Hoboken City
S340635-05
Southwest Park
$
5,082,159
69
Hoboken City
S340635-06
Basf Park
$
25,607,620
1000
Hoboken City
S340635-07
Green Infrastructure
$
2,756,863
1189
Jackson Township
S344050-02
$
1,048,929
29
Jersey City Municipal Utilities Authority
S340928-13
Equipment Purchase
Duncan St. Outfall
Replacement
$
16,608,060
29
Jersey City Municipal Utilities Authority
S340928-14
Grand St Sewer Repair
$
2,863,193
29
Jersey City Municipal Utilities Authority
S340928-15
Sewer Improvements
$
40,390,354
29
Jersey City Municipal Utilities Authority
S340928-16
Sixth Street CSO Extension
$
9,436,875
29
Jersey City Municipal Utilities Authority
S340928-17
Regulator Outfall Repair
$
17,196,795
29
Jersey City Municipal Utilities Authority
S340928-18
Claremont Carteret Outfall
$
6,910,470
29
Jersey City Municipal Utilities Authority
S340928-19
East Side Plant
$
6,945,556
29
Jersey City Municipal Utilities Authority
S340928-20
$
42,632,984
126
Jersey City Municipal Utilities Authority
S340928-21
Outfall Chambers
Phase 5 Sewer
Rehabilitation
$
11,582,550
1000
Jersey City Municipal Utilities Authority
S340928-22
Green Infrastructure
$
679,008
206
Kearny Municipal Utilities Authority
S340259-07
Pump Station Rehabilitation
$
9,364,400
50
Kearny Town
S340259-11
Dukes St. Pump Station
$
16,790,648
832
Kearny Town
S340259-12
Gunnel Oval Remediation
$
18,192,302
832
S340259-13
Kearny Point
$
112,966,241
230
Kearny Town
Little Egg Harbor Municipal Utilities
Authority
S340579-02
Sewer Rehabilitation
$
2,287,905
424
Long Beach Township
S340023-06
Sewer Replacement
$
4,965,318
622
Manasquan Borough
S340450-01
Resiliency
$
4,340,744
22
Middlesex County Utilities Authority
S340699-15
$
30,653,989
250
Middlesex County Utilities Authority
S340699-12
STP Upgrades
Sayreville Ps
Repair/Resiliency
$
92,809,500
250
Middlesex County Utilities Authority
S340699-13
Edison Ps Repair/Resiliency
$
42,939,448
250
Middlesex County Utilities Authority
S340699-14
Main Trunk Sewer Rehab
$
17,816,795
643
Middletown Township
S340097-01
Shadow Lake Restoration
$
4,272,188
Middletown Township Sewer Authority
S340097-04
STP Mitigation/Resiliency
$
20,826,694
237
Milltown Borough
S340102-03
Substation Relocation
$
16,206,750
854
Milltown Borough
S340102-01
Site Remediation
$
20,412,848
854
Milltown Borough
S340102-04
Ford Ave. Infrastructure
$
5,449,949
103
Millville City
S340921-07
STP Upgrade
$
11,371,185
1000
Montclair Township
S340837-03
Collection System Rehab
$
1,499,578
15
Newark City
S340815-22
Queen Ditch Restoration
$
5,346,023
15
Newark City
S340815-24
Small Sewer Rehabilitation
$
20,611,500
1000
Newark City
S340815-25
Green Infrastructure
$
347,267
67
80
North Hudson Sewer Authority
S340952-19
CSO Abatement
$
7,854,266
80
North Hudson Sewer Authority
S340952-21
$
2,854,444
80
North Hudson Sewer Authority
S340952-22
CSO Rehab
W1234 Solids/Floatables
Controls
$
16,224,439
80
North Hudson Sewer Authority
S340952-23
Adams Street STP
$
1,661,100
80
North Hudson Sewer Authority
S340952-24
$
3,130,260
1000
North Hudson Sewer Authority
S340952-26
Hamilton Ave Sewer Rehab
River Road WTP
Improvements
$
730,800
1000
North Hudson Sewer Authority
S340952-27
Sewer Improvements
$
532,875
213
North Wildwood City
Northwest Bergen County Utilities
Authority
S340663-06
Utility Reconstruction
$
13,745,512
S340700-13
$
3,185,700
S344080-04
$
946,258
3,980,284
S340372-54
Pump Station Generators
Nsa Pump Station
Improvements
$
255
Ocean County
Ocean County Municipal Utilities
Authority
Ocean County Municipal Utilities
Authority
STP Upgrades
Manufactured Treatment
Devices
$
4,775,651
58
Ocean County Utilities Authority
S340372-56
Area Wide Clarifier Rehab
$
7,943,796
255
Ocean County Utilities Authority
S340372-57
Ni-13 Interceptor Rehab
$
2,739,240
197
Ocean Gate Borough
S344180-01
Stormwater/NPS
$
2,419,130
388
Ocean Township
S340112-07
$
2,464,980
316
Ocean Township Sewer Authority
S340750-11
Sewer Improvements
Collection System
Improvements
$
5,267,745
316
Ocean Township Sewer Authority
S340750-12
Interlaken Pump Station
$
4,002,075
284
Old Bridge Municipal Utilities Authority
S340945-13
$
5,161,314
385
Oradell Borough
S340835-04
$
1,339,800
1000
Orange City
S340859-02
Laurence Harbor Bulkhead
Phase 4 Sewer
Improvements
Harvard Printing
Remediation
$
6,455,478
108
Passaic Valley Sewerage Commission
S340689-22
$
3,773,890
108
Passaic Valley Sewerage Commission
S340689-25
Yantacaw Pump Station
Administration Building
Rehab
$
11,156,153
108
Passaic Valley Sewerage Commission
S340689-30
$
2,207,184
108
Passaic Valley Sewerage Commission
S340689-31
Sump Pump Relocation
Sodium Hypochlorite
Storage
$
3,662,462
108
Passaic Valley Sewerage Commission
S340689-32
Newark Bay Outfall
$
3,601,500
108
Passaic Valley Sewerage Commission
S340689-33
Tunnel Flood Proofing
$
52,098,900
108
Passaic Valley Sewerage Commission
S340689-34
Waste Pump Station
$
2,356,179
1000
Passaic Valley Sewerage Commission
S340689-35
Admin Building Green
$
345,033
1000
Passaic Valley Sewerage Commission
S340689-36
Green Car Wash
$
219,240
712
Paulsboro Borough
S340164-01
$
2,570,371
92
Perth Amboy City
S340435-12
Stormwater Management
Replacement Of Catch
Basins
$
728,678
92
Perth Amboy City
S340435-11
Second St. PS Resiliency
$
1,466,549
121
182
255
S340372-53
1000
Perth Amboy City
S340435-13
Green Paving
$
725,130
377
Pine Hill Municipal Utilities Authority
S340274-05
Sewer Rehabilitation
$
1,681,426
196
S344190-02
9,391,477
S340636-08
Little Silver Lake
Clarifier Mechanism
Replacement
$
107
Point Pleasant Beach Borough
Pompton Lakes Borough Municipal
Utilities Authority
$
1,065,750
217
Princeton Borough
S340656-08
Sewer Rehabilitation
$
3,890,723
S340547-14
Sludge Digester Upgrades
$
4,710,300
S340485-09
Motor Control Center
$
2,748,533
S340485-11
Hcrhs Sewer Relocation
$
369,558
273
Rahway Valley Sewer Authority
Raritan Township Municipal Utilities
Authority
Raritan Township Municipal Utilities
Authority
Rockaway Valley Regional Sewerage
Authority
S340821-06
Jersey City Trunk Sewer
$
7,547,715
339
Roselle Borough
S340332-02
Sewer Lining
$
3,689,175
385
Runnemede Borough
S340363-06
Sewer Lining
$
1,590,750
744
Sea Girt Borough
S340468-01
Stormwater Management
$
4,573,800
546
Secaucus Town
S340029-04
Born Street Storm PS
$
2,466,293
757
Secaucus Town
S342021-01
Malanka Landfill Closure
$
22,249,352
867
S342013-01
$
17,389,617
$
9,594,492
S340377-04A
Landfill Closure
Pump Station
Improvements
Pump Station
Improvements
$
9,594,492
298
Somerville Borough
South Monmouth Regional Sewerage
Authority
South Monmouth Regional Sewerage
Authority
South Monmouth Regional Sewerage
Authority
S340377-05
Belmar Pump Station
$
2,908,500
153
Stafford Township
S344100-02
Stormwater/NPS
$
6,232,127
153
Stafford Township
S344100-03
Stormwater/NPS
$
3,512,565
241
Tuckerton Borough
S340034-02
Sewer Main Replacement
$
2,147,609
691
Ventnor City
S340667-02
Stormwater Management
$
9,940,080
691
S340667-03
Flood Walls
$
1,466,383
145
Ventnor City
Wanaque Valley Regional Sewerage
Authority
S340780-04
STP Improvements
$
4,072,635
14
Warren Township Sewer Authority
S340964-01
$
3,128,561
232
Warren Township Sewer Authority
Washington Township Municipal
Utilities Authority
Washington Township Municipal
Utilities Authority
West Milford Township Municipal
Utilities Authority
S340964-02
STP Upgrades
Fox Hill West & Heather
Lane PS
$
707,722
S340930-03
Sewer Rehabilitation
$
1,520,505
S340930-04
Forrest Dr. PS Replacement
$
985,110
S340701-12
Emergency Generators
$
333,291
Willingboro Municipal Utilities Authority
S340132-08
Collection System Resiliency
$
1,768,800
4
146
1000
298
298
301
1000
94
210
S340377-03
Sandy and Base SFY16 CW Projects: #
154
Subtotal
$
1,467,829,596
Total Clean Water Projects: #
159
Total Clean Water Projects:
$
1,474,385,596
APPENDIX E
APPENDIX E
SFY2016 Drinking Water
Interim / Construction Financing Project List
Alphabetical Order
Rank
_S1
Project No.
North Jersey District WS
Supplemental Loans
1613001-017- Wanaque South Pump
1
Station Upgrade
$
1,425,498
1
$
1,425,498
$
2,001,363
Supplemental Loans: #
1040
Appropriation
Amount
Applicant
Atlantic City MUA
Project Name
Subtotal:
Sandy and Base SFY2016 Projects
Sandblasting, Painting, and
Inspection of 1 MG storage
0102001-006 tank (Maryland Avenue)
77
Berkeley Township MUA
1505004-008
Water Main Installation
$
3,285,921
170
Berkeley Township MUA
1505004-007
$
1,215,900
1171
Berkeley Township MUA
1505004-009
Water Main Installation
Installation of a Well
#4/Water Main Installation
$
1,276,800
26
Bordentown City
0303001-006
Water System Remediation
$
1,462,388
238
Bordentown City
0303001-007
WTP Upgrade
$
2,793,971
338
Brielle Borough
1308001-002
Water Main Replacement
$
2,454,000
534
Brielle Borough
1308001-003
$
144,296
387
Brigantine City
0103001-501
Storage Tank Demolition
Generator installation at
Well
$
2,816,982
67
Camden City
0408001-021
$
1,664,250
88
Camden City
0408001-022
$
1,260,000
181
Cape May City
0502001-004
$
2,077,776
222
Clementon Borough
0411001-001
Water Meter Replacement
Potable Well Replacement
(Morris Delair WTP)
Construction of case well to
Atlantic City Sands Aquifer
Water Main Slip lining
(White Horse Pike/White
House Road)
$
456,750
440
Clementon Borough
0411001-002
Well 9 Rehabilitation
$
1,294,125
326
Clinton Town
1005001-006
Water Main Replacement
$
3,858,000
497
Clinton Town
1005001-007
Water Meter Replacement
$
1,065,000
1238
Clinton Town
1005001-008
$
1,364,160
1511
Clinton Town
1005001-009
$
1,103,813
East Orange City
0705001-011
$
13,007,736
231
Evesham Municipal Utilities Authority
0313001-001
Well 4 Rehabilitation
Well 7 Improvements/Well
14 Decommissioning
Water Treatment & Supply
Program
Wells 13/14 Treatment
Improvements
$
1,963,000
175
Fountainhead Properties, Inc.
1511013-001
WTP Upgrades
$
722,000
215
Gloucester City
0414001-020
Water Main Replacement
$
1,281,500
5
219
Hammonton Town
0113001-011
Water Main Extension
$
1,780,739
412
Hammonton Town
0113001-007
Water Meter Replacement
$
936,000
470
Hammonton Town
0113001-010
$
304,500
442
Hampton Borough
1013001-001
SCADA Upgrades
Construction of back up well
#5
$
1,370,250
173
Hightstown Borough
1104001-008
$
165,300
483
Hightstown Borough
1104001-007
Settling Tank Rehabilitation
Rehabilitation of Deep Well
#2
$
374,535
Hoboken City
0905001-001
Water Replacement
$
5,848,889
184
Jackson Township MUA
1511001-010
$
5,815,925
414
Jackson Township MUA
1511001-011
$
1,406,181
132
Jersey City/Jersey City MUA
0906001-010
Storage Tank Replacement
Administration Building
Upgrades
Cleaning and Lining Water
Mains
$
7,067,000
133
Jersey City/Jersey City MUA
0906001-006
Water Main Installation
$
18,005,000
134
Jersey City/Jersey City MUA
0906001-011
Water Valve Replacement
$
6,260,867
135
Jersey City/Jersey City MUA
0906001-012
Water Main Replacement
$
16,643,000
182
Kearny Town
0907001-001
Water Main Replacement
$
27,881,573
8
Lake Glenwood Village
1922010-008
Well 1/2 Upgrades
$
895,230
97
Little Egg Harbor MUA
1516001-004
Water Main Replacement
$
1,701,295
468
Little Egg Harbor MUA
1516001-003
WTP Construction
$
4,572,000
469
Little Egg Harbor MUA
1516001-500
$
688,475
234
Long Beach Township
1517001-500
$
3,610,000
235
Long Beach Township
1517001-501
$
1,827,000
236
Long Beach Township
1517001-502
$
3,205,797
276
Manasquan Borough
1327001-002
$
1,184,734
411
Manasquan Borough
1327001-001
WTP Upgrades
Demolish and replace
damaged pump room (Beach
Haven Terrace WTP)
Demolish and replace
damaged pump room (Brant
Beach )
Water Reservoir
Replacement
Water Main Installation
(Perrine Blvd)
Water Meter System
Upgrade
$
2,428,659
416
Manchester Utilities Authority
1603001-014
Water Meter Relocation
$
1,962,660
232
Marlboro Township
1328002-002
$
12,514,000
108
Middlesex Water Company
1225001-016
$
5,681,000
305
Middlesex Water Company
1225001-023
WTP Replacement
Cleaning and Lining Water
Mains
Cleaning and
Lining/Replacement Water
Mains
$
7,350,000
371
Middlesex Water Company
1225001-024
$
3,462,900
266
Milltown Borough
1214001-004
$
1,609,125
267
Milltown Borough
1212001-002
SCADA Upgrades
Cleaning and Lining Water
Mains
Water Main Installation
(Ford Ave Redevelopment)
$
1,606,000
1180
302
Milltown Borough
1212001-003
502
Montclair Township
0713001-008
Storage Tank Rehabilitation
(Ford Ave Redevelopment)
WTP Construction/Water
Main Well #4
1409
Montclair Township
0713001-011
82
Mountain Shores POA
95
$
1,142,000
$
2,203,000
Storage Tank Construction
$
3,479,879
1414009-001
Water Main Replacement
$
1,520,045
Netcong Borough
1428001-007
$
3,553,489
121
Netcong Borough
1428001-008
Water Main Replacement
Rehabilitate existing storage
facilities
$
1,005,307
158
Netcong Borough
1428001-009
Water Meter Replacement
$
300,237
20
Newark City
0714001-016
$
9,834,000
29
Newark City
0714001-015
Pequannock WTP Upgrades
Cleaning and Lining Water
Mains
$
11,787,000
30
Newark City
0714001-017
$
1,837,500
63
Newark City
0714001-500
$
5,045,712
NJ American Water Co.-Raritan
2004002-500
$
31,500,000
48
North Jersey District WS
1613001-031
Transmission main upgrades
Generator Installation
(Wayne/Clifton PS)
Raise level of floodwall
(Raritan Millstone)
Dewatering System
Installation
$
3,685,500
49
North Jersey District WS
1613001-032
$
3,553,710
54
North Jersey District WS
1613001-022
WTP Rehabilitation
Replace Sedimentation
Basins 5/6
$
16,768,185
55
North Jersey District WS
1613001-025
$
7,246,680
56
North Jersey District WS
1613001-026
Lagoon Discharge Treatment
Installation of Low Lift
Natural Gas Pump
$
12,808,525
57
North Jersey District WS
1613001-027
$
2,290,344
58
North Jersey District WS
1613001-028
Aeration System Expansion
Filter building pipe gallery
dehumidification and
painting
$
1,863,456
59
North Jersey District WS
1613001-029
$
2,866,920
84
North Jersey District WS
1613001-035
Basin 1/2/3/4 Rehabilitation
Various Rehabilitation
Projects
$
3,690,871
101
North Jersey District WS
1613001-033
Security Enhancements
$
3,910,725
102
North Jersey District WS
1613001-034
$
1,446,908
192
North Jersey District WS
1613001-030
WTP Upgrade
Modify and expand central
receiving building
$
921,113
10
North Shore Water Association
1904004-004
$
182,700
11
North Shore Water Association
1904004-001
Test Well Drilling
New Well Treatment/Nitrate
Resolution
$
475,000
357
North Shore Water Association
1904004-002
Water Main Replacement
$
428,000
391
Oakland Borough
0220001-004
$
3,289,650
435
Oakland Borough
0220001-003
Pump Station Replacement
Generator Installation Well
#9
$
3,289,650
496
Oakland Borough
0220001-002
$
3,289,650
511
Oakland Borough
0220001-001
Water Meter Replacement
Backup Well Construction
10A
$
3,289,650
408
284
Ocean Gate Borough
1521001-001
Water Main Replacement
$
1,049,764
265
Ocean Township
1520001-007
$
1,256,063
375
Old Bridge MUA
1209002-011
Water Main Replacement
Storage Tank Rehabilitation
(Perrine Road)
$
3,255,000
526
Old Bridge MUA
1209002-012
$
1,283,000
3
Passaic Valley WC
1605002-025
$
22,288,370
98
Paulsboro Borough
0814001-003
Upgrade to SCADA System
Generator Installation (Little
Falls WTP)
Water Main Replacement
(Thomson Ave/Wood
St/Elizabeth Ave/Commerce
St)
$
1,873,861
12
Pemberton Township
0329004-004
$
1,141,875
220
Pemberton Township
0329004-006
$
623,000
277
Pemberton Township
0329004-007
$
2,509,500
438
Pemberton Township
0329004-005
$
415,000
471
Pemberton Township
0329004-008
$
392,000
339
Pennington Borough
1108001-001
Well 11 Rehabilitation
Water Main Replacement
(Various streets)
Storage Tank Rehabilitation
(Beech Ave/Trenton
Road/Oak Pines Road)
Replacing Well #4 with Well
#14
Installation of SCADA at
wells and storage facilities
Water Main Replacement
(Upper King George
Road/Park Avenue)
$
1,144,380
194
Perth Amboy City
1216001-008
Water Main Replacements
$
1,724,987
195
Perth Amboy City
1216001-007
Water Main Replacements
$
2,216,000
138
Perth Amboy City
1216001-006
$
1,914,000
310
Perth Amboy City
1216001-500
$
2,708,000
500
Pine Beach Borough
1522001-001
$
959,700
516
Pine Beach Borough
1522001-002
WTP Rehabilitation
Generator Installation
(Runyon WTP)
Town wide Water Meter
Replacement
Well Replacement/Water
Meter Replacement (Merion
Avenue)
$
451,080
162
Rahway City
2013001-007
$
18,084,000
419
Rahway City
2013001-008
$
3,617,250
248
Roosevelt Borough
1341001-004
WTP Filter System Upgrade
Interconnection
Construction
Cleaning & Lining of Water
Mains
$
639,975
345
Roosevelt Borough
1341001-001
$
690,000
28
Saddle Brook Township
0257001-002
Water Mains
North Fifth Street Water
Main
$
2,192,549
19
Sea Village Marina/NJ American Water Co
0108021-002
$
1,202,000
118
Stafford Township
1530004-018
$
2,315,000
258
Stafford Township
1530004-019
$
1,805,000
178
Trenton City
1111001-010
Water Main Extension
Water Main Replacement
(Mill Creek Road)
Water Main Replacement
(Jonathon Drive/Mill Creek
Road)
Cleaning and Lining Water
Mains Phase 2
$
22,457,700
99
Tuckerton Borough
1532002-005
124
Tuckerton Borough
1532002-003
148
Wall Township
1352003-002
149
Wall Township
1352003-001
Replacement of 5,000 LF of
water mains
Rehabilitation of the 1.5 MG
storage tank
Water Main Installation
(Route 34/Wyckoff Road)
Water Main Installation
(Route 138)
312
Washington Township MUA
0818004-009
378
Washington Township MUA
379
$
1,299,000
$
1,318,000
$
3,594,971
$
1,718,010
Water Main Replacement
$
710,955
0818004-010
Pump House Replacement
$
1,827,420
Washington Township MUA
0818004-011
3MG Storage Tank Painting
$
4,627,140
429
Washington Township MUA
0818004-012
Security Enhancements
$
210,525
1505
Washington Township MUA
0818004-014
$
837,375
Willingboro MUA
0338001-009
Well Replacement 2A
Well 5A Radium and Gross
Alpha Removal Treatment
Facility
$
6,206,903
$
467,793,122
$
469,218,620
7
Sandy and Base SFY16 DW Projects: #
120
Total Drinking Water Projects: #
121
Subtotal
Total Drinking Water
Projects:
APPENDIX F
APPENDIX F
Recently Issued Short Term NJEIFP Loans
Short Term Loans
2014 Financing Program (As of March 15, 2015)
Sponsor
Amount
Date
Issued
Maturity
Date
Loan Type
Atl a ntic
Hi ghlandsHi ghlands RSA
$2,833,082
8/22/2013
5/7/2014
Interim
Berkeley Twp
MUA
$700,000
12/12/2013
5/7/2014
Interim
Ewi ng
La wrence SA
$500,000
8/14/2013
5/7/2014
Pl a nning &
Des ign
Fa nwood
Borough
$1,369,674
7/11/2013
5/7/2014
Interim
Description
Project # S340857-03. A joi nt project with Highlands Borough to
i ns tall a pproximately 8,100 l inear feet of 8 i nch diameter PVC a nd
ducti le i ron force main starting in Highlands Borough, at the
i ntersection of Route 36 a nd Scenic Drive, continuing a long
Na vesink a nd Monmouth Avenues up to the i ntersection of
Monmouth a nd Sears Avenue in the Township of Mi ddletown. The
new s anitary force main will discharge into approximately 310 linear
feet of 12” ductile i ron gra vity s ewer main to connect i nto the
exi s ting Township of Mi ddletown Sewerage Authority i nterceptor
on Sea rs Avenue. All construction will occur within existing paved
roa dways.
Project #W1505004-006. Ins tallation of approximately 96 wa ter
s ervi ce connections, 20 fi re hydrants and 10,295 l inear feet of 8i nch cement lined ductile iron water mains to be constructed i n the
fol l owing s treets: Ha rding Avenue, Mi chael Avenue, Roland Avenue,
Andrew Avenue, Eastern Boulevard, Coolidge Avenue, Hayes
Avenue, Brick Avenue, Serpentine Drive, Arlington Avenue,
Pri nceton Avenue, Edward Avenue, Trenton Avenue, Veterans
Boul evard and Clifton Avenue.
Project # S340391-10. Cons truct new preliminary treatment
bui lding to house influent s creens. The project will reroute force
ma i ns from the Ewing a nd Lawrence collection s ystem to the new
bui lding a nd relocate the Ewing Township influent flow meter
cha mber. In addition, the project will i nstall: 1) gri t removal
s ys tem; 2) enclosed conveyor sys tem to convey processed
s creenings and grit to dumpster; 3) a new Biofilter to control odors;
4) new precast concrete valve va ult for new effluent pumping
s ta tion to be used during flood conditions and located adjacent to
chl orine contact tank; 5) new s ubmersible vertical turbine type
s ervi ce water pumps; 6) new effluent algae s creening sys tem; 7)
ba ckup comminutor; a nd 8) plant piping system. In addition, the
fol l owing i mprovements will be made: 1) retrofit existing chlorine
conta ct ta nk with a n Ultraviolet disinfection sys tem to meet
compl iance standards for dichorobromomethane (DCBM); 2)
i ncrease height of perimeter walls of existing chorine contact tank
to a l low s ystem to operate during flood conditions of the
As s umpink Creek; 3) correct hydraulic bottlenecks within treatment
pl a nt by replacing va rious piping a nd va lves within the two primary
trea tment trains; 4) replace collector mechanism on primary
cl a ri fiers, intermediate clarifiers & s ludge gravity thi ckeners; 5)
i mprove electrical and monitoring system for new treatment
equipment; 6) modify La wrence Screening Chamber7) replace sluice
ga tes, final clarifier weir pans, equipment va lves & pi ping system;
a nd 8) i mprove plant lighting and HVAC s ystem. Finally, s tructural
i mprovements of concrete and masonry repair of clarifiers and
other plant structures.
Project # S340429-01. Cons truct a new underground detection
s ys tem that will be larger in volume as well as designed to attenuate
the di scharge so that there i s no impact to the receiving stormwater
col l ection s ystem. Install new i nlets a nd s tormwater mains a nd
cl ea n to further restore ca pacity of the sys tem downstream of the
underground s ystem.
Ha mmonton
Town
$1,103,963
10/11/2013
5/7/2014
Interim
Ha nover SA
$7,510,630
6/26/2013
5/7/2014
Interim
Independence
MUA
$262,000
9/10/2013
6/5/2014
Interim
Ma nchester
UA
$1,051,245
9/10/2013
5/7/2014
Interim
Ma nchester
UA
$240,700
9/10/2013
5/7/2014
Interim
Ma nchester
UA
$436,000
9/10/2013
5/7/2014
Interim
Project # W0113001-006. The Town of Hammonton is under a n
Amended Administrative Consent Order (AACO) between the Town
a nd the N. J. DEP requiring the removal of ra dium from the Town's
dri nking water supply Well No. 4 l ocated at the i ntersection of Ma in
Roa d and Pl ymouth Road within Pinelands Town Ma nagement area
(Bl ock 4604, Lot 23). Well No. 4, constructed in 1967, has a
permi tted flow ca pacity of 1,000 ga llons per minute (gpm). The
gros s alpha limit and the Running Annual Average (RAA) on Well No.
4 exceeds the allowable limits of radium for drinking water
s ta ndards. In order to bring the well into compliance for ra dium
concentration i n the ra w wa ter supply, a n enclosed a dsorption filter
s ys tem will be installed to bind the ra dium to a medium which is
then removed by regulated ca rrier to a n out of state l ow level waste
di s posal site. In addition, the existing air s tripper a t the well will be
upgra ded to continue to maintain acceptable s tandards of volatile
orga nic compounds (VOC). The schedule for the correction to the
a i r s tripper was included i n the Town's amended ACO.
Project # S340388-05. The Ha nover Sewerage Authority (HSA) is
repl acing the existing influent wastewater comminutors with
a utomatic bar s creens, replacing the existing cover a nd mixing
s ys tem for Pri mary Digester No. 2, expanding the digester building
el ectrical room, modifying the main plant electrical switchgear,
repl acing the existing sulfur dioxide gas dechlorination system with
l i quid s odium bisulfite feed, a nd installing cogeneration equipment.
Project # W2112001-001. Reha bilitation of the Autumn La ne Well &
Pump Sta tion, including the installation of equipment to increase
effi ciency a nd water quality a nd s treamline the water delivery
process, to bring the facility i n compliance with NJDEP Safe Drinking
Wa ter requirements. The equipment to be installed include a
pi tl ess a dapter, a new reduced pressure zone va lve, a new s kidmounted booster pump system and controls, a new well control
pa nel a nd a new chemical safety s ystem. The existing 8,000 ga llon
s teel underground potable wa ter hydropneumatic ta nk will be
removed and replaced with a 5,000 ga llon single wall fi berglass
rei nforced plastic underground potable water s torage ta nk. In
order to i mprove the s tructural i ntegrity a nd safety of the facility,
the pump house basement will be eliminated and new elastomeric
s heet roofing will be i nstalled.
Project # W1603001-006 Stra ti fication of drinking water s upply i n
the Stora ge Ta nk (Standpipe) has a ged the source of drinking water
a t the top of the Standpipe requiring the installation of a s mall
hors epower mixer. Central Avenue Standpipe improvements
i ncl ude i nterior and exterior painting, the Standpipe mixer, a nd
reha bilitation of the valve va ult. Site i mprovements i nclude the
repl acement of the Low Service Building roof a t the site of the
Sta ndpipe as well as the rehabilitation of an existing masonry
reta i ning wall, built to retain the hillside into which the Standpipe is
cons tructed. Improvements to the wall require the extension of 33
feet a t heights of up to 2 feet, in order to reduce the erosion
potential of the site a nd to maintain the s tructural i ntegrity of the
Sta ndpipe a nd the excavation of a pproximately 50 cubic ya rds of
s oi l material when the area a djacent to the Standpipe foundation is
regra ded.
Project # W1603001-012. The MUA proposal a ddresses the leakage
from the Hi gh Service Reservoir, built in the 1950s, a t a remote
hi l ltop site a s well as ma ke security i mprovements.
Project # W1603001-013. The former filtration plant project i nclude
the demolition of the above gra de structures no l onger functional or
requi red as well as i mprovements to security, the building,
Supervisor Control And Data Accounting (SCADA), a nd the s ite.
Mercha ntvillePennsauken
WC
$2,571,000
4/19/2013
5/7/2014
Interim
Newfi eld
Borough
$995,086
2/14/2014
6/5/2014
Interim
Newfi eld
Borough
$9,864
2/14/2014
6/5/2014
Interim
Ocea n Gate
Borough
$450,000
6/6/2013
5/7/2014
Interim
Ocea n Gate
Borough
$75,000
2/8/2013
N/A
Interim
Ocea n
Towns hip
$377,588
6/21/2013
5/7/2014
Ol d Bri dge
MUA
$558,175
4/10/2014
5/7/2014
Interim
Ol d Bri dge
MUA
$204,658
4/10/2014
5/7/2014
Interim
Project # W0424001-007. The Pa rk Avenue ta nk, a 3 mi llion gallon
el evated water ta nk located at the corner of Park Avenue and
Ha ddonfield Road in Pennsauken, has been i nspected a nd
determined to be i n need of painting. The existing coating of the
enti re ta nk will be removed by sandblasting and re-painted using a
three coat epoxy s ystem. The i nterior of the ta nk will be blasted and
pa i nted with an AWWA approved painting s ystem. Some minor
repa irs are a lso necessary i ncluding replacement of mesh s creen,
repa ir of concrete foundations and s ome a ntenna relocation work.
Project # W0813001-001. Thi s project will install a ra dium removal
trea tment system on Well #5 fa cility, l ocated on Ca tawba Avenue.
In a ddition, the project i ncludes the construction of a s tand-alone
768 SF ma s onry building on the s ubject property to house two fully
a utomated skid mounted packaged media filter batteries configured
i n pa rallel. Further improvements are the i nstallation of a n outside
generator, modification to the existing well house, including well
pump modification as well as miscellaneous site work i ncluding
peri meter fencing. The scope of the project will include the
i ns tallation of a new sixteen inch (16") chlorine contact l oop, which
wi l l provi de about 2,000 ga llons of storage with a 1.0 ba ffling factor.
Project # W0813001-002. Replacement of the interconnect
meteri ng s tation which the Borough uses as an emergency
i nterconnect with its neighbor the Ci ty of Vi neland.
Project #S340151-01. The project is a rehabilitation of the
Borough's entire sanitary s ewer s ystem of 204 ma nholes and 50,650
l i near feet (LF) of 8-i nch ca st iron piping. The work includes cleaning,
tel evising the sanitary s ewer main, manholes and laterals, s pot
repa irs, lining, releveling manhole l ids, and chemical grouting where
di rected.
Project # W1521001-001-1. Wi nd turbine for powering the existing
wa ter s ystem
Project # S340112-03-1. The proposed project will remove the
exi s ting s ewer main of a pproximately 3,241 l i near feet of 8-inch
di a meter a sbestos cement pipe (ACP) s ewer main on Hornblower
Dri ve (2,245 LF), Ski pper's Boulevard (242 LF), a nd Bluebeard Drive
(754 LF) i n the Skipper's Cove development of the Township a nd
repl ace it wi th an 8-inch diameter SDR-35 and C900 PVC s ewer main
i n the same trench. As part of this work, 15 ma nholes, 99 building
l a terals, and other a ssociated appurtenances will also be replaced
a nd a ll s treet pavement will be reconstructed.
Project # W1209002-007. Ol d Bri dge Municipal Utilities Authority
wi l l repair the “Route 516 a nd the Higgins Road” water s torage
ta nks i ncluding a brasive blast, spot grind, fill, weld and paint the
i nterior a nd exterior of both ta nks. Ca thodic protection and water
mi xers will be installed. The joints around the base of the tanks will
be grouted, caulked a nd repairs to railings a nd va ndal deterrents
wi l l be made. Approximately 1,360 l inear feet of 16-inch HDPE,
2,320 feet of 16-i nch DR 18 PVC, 70-l i near feet of 8-i nch a nd 30l i near feet of 6-inch pipe, valves, chambers a nd a ncillary
components will be installed to provide a hydraulic interconnection
between the two tanks.
Project # W1209002-010. Ol d Bri dge Municipal Utilities Authority,
(OBMUA) proposes to replace a wa ter main along County Route 516
between John Partridge Road and Royal Tee Court. The work will
i ncl ude removal of the old water main a nd i nstallation of
a pproximately 2,300 l i near feet of 16 i nch diameter DR 18 PVC
wa ter main. Additional work will i nclude i nstallation of six fire
hydra nts, and va lves.
Wa rren
County MUA
(Pequest)
$3,158,674
1/21/2014
5/7/2014
Interim
Wa tchung
Borough
$1,219,343
12/23/2013
5/7/2014
Interim
Project # S340454-04 . The project upgrades the Authority's existing
Oxford Area Wastewater Treatment Facility a s follows: construct 1)
a new i nfluent meter chamber; 2) a fi ltration building with two
a utomatic backwash disc filtration sys tem (1 a ctive, 1 s tandby); 3)
two new final clarifiers to replace the existing final clarifiers, which
wi l l be taken offline; 4) a new aeration basin with two zones; 5) a
new gra vity s ludge thickener; a nd 6) a new metal garage building. In
a ddition, the work will modify 1) the existing influent pumping
s ta tion; 2) modify a portion of the existing primary s ettling ta nks to
be a n oil/grease s kimming tank; 3) the remaining portion of these
ta nks as well as a portion of the existing aeration ta nks for the
Ludza ck-Ettinger treatment process to create two a noxic zones and
two a erobic zones; and 4) the existing chlorine contact facilities. The
project i ncludes the installation of a new i nfluent mechanical s creen
i n the i nfluent pumping chamber and a new 350Kw s tandby
generator. Finally miscellaneous i mprovements include replacing
exi s ting blowers, adding instrumentation and control devices,
ma ki ng safety a nd efficiency upgrades to the existing i nfluent pump
s ta tion structure, a nd i mprovi ng existing process and utility piping.
Project #S340823-02. Ins tallation of a pproximately 3,200 Li near
Feet (LF) of 8-inch diameter gravity s ewer pipe along Johnston Drive
a nd Right of Wa y (ROW #1), a pproximately 550 LF of 8-i nch
di a meter gra vity s ewer pipe along Valley Drive, and approximately
1,450 LF of 2-i nch diameter l ow head force main. The proposed 2i nch diameter low head force main s ervices a ri ght of way for 18
gri nder pumps a nd required piping and appurtenances installed and
ma i ntained by individual homeowners.
Short Term Loans
2015 Financing Program (As of March 15, 2015)
Sponsor
Bri ga ntine
Ci ty
Amount
$300,000
Date
Issued
2/25/2015
Maturity
Date
2/24/16
Loan Type
Description
Cons truction
Project # W0103001-500. The Ci ty of Bri gantine is replacing the
exi s ting a ged and outdated Well No. 4 wi th Well No. 9 to a ddress
wel l casing standards. Proposed Well No. 9 s hall be drilled within
100 feet of existing well No. 4 to a pproximately the same depth of
788 feet a nd pumped a t an equal diversion rate of 1,000 ga llons per
mi nute. Permanent well pump and motor will be furnished a nd
i ns talled. Additionally, a well house with treatment facilities to treat
the wa ter from Well No. 9 will be constructed a t an elevated level to
enhance resiliency. Well No. 4 wi ll be a bandoned a nd sealed along
wi th Well House No.4 being demolished.
Ca mden Ci ty
$10,000,000
6/30/2014
5/21/15
Interim
Ca mden
County MUA
$5,657,000
6/30/2014
5/21/15
Interim
$1,537,000
6/30/2014
5/1/15
Interim
Ewi ng
La wrence SA
Project # S340366-09. CSO reha bilitation project of 8 wastewater &
1 ejector pump s tations. Contract 1 replaces the Ejector Sta tion
wi th a new modular “package” s ystem and rehabilitates Arch Street,
Fa i rview Avenue and Ferry Avenue pump stations. Contract 2
reha bilitates Baird Boulevard, Federal Street, Mount Ephraim
Avenue, Pi ne Street a nd State Street pump stations a nd provides a
new SCADA Sys tem using web-based cellular transmission to send
a l arms and data to the Morri s Delair Water Treatment Plant.
The pump s tation rehabilitation work under both contracts includes
the fol lowing:
Replace existing roofs a nd provide new pumps at s pecified pump
s ta tions as required. Replace electrical and electronics at Ferry
Avenue pump s tation and install in a separate facility a ttached to
exi s ting pump station. Install new discharge a nd s uction pipes as
necessary a nd prepare and paint a ll new a nd existing s uction a nd
pi pe exterior s urfaces. Repair brick fa cades, s eal windows using
bri ck a nd mortar to ma tch exterior fa cades, upgrade ventilation
s ys tems a nd i ntegrate with automatic a ctuated l ouver vents and
hea ting systems and remove incidental vegetation as required for
work. Seal physical barrier between wet well and dry well a reas.
Replace potable water supply pipe a nd fi xtures. Replace or repaint
wi ndow mounted s ecurity gra tes and upgrade interior a nd exterior
l i ghting. Provi de: 1) s ink style eye wash s tations; 2) new fences a nd
new fa cility doors a s needed; 4) roll up security doors; 5)
commi nutors; 6) discharge flow meters; a nd 7) emergency back-up
generator power s ource at certain pump s tations
Project # S340640-14. The project i s designed to a ddress storm
wa ter control a nd i mprove water quality i n the Ci ty of Ca mden by
a ddressing contaminants from the American Mi nerals s ite which
fl ow to the Delaware River i mpacting water quality. Contaminants
a t the former American Minerals i ndustrial site will be removed and
remediated. In addition the project will i nclude fl ood prevention
work wi thin the Ci ty’s combined s ewer s ystem.
Project # S340391-11. Cons truct new preliminary treatment
bui lding to house influent s creens. The project will reroute force
ma i ns from the Ewing a nd Lawrence collection s ystem to the new
bui lding a nd relocate the Ewing Township influent flow meter
cha mber. In addition, the project will i nstall: 1) gri t removal
s ys tem; 2) enclosed conveyor sys tem to convey processed
s creenings and grit to dumpster; 3) a new Biofilter to control odors;
4) new precast concrete valve va ult for new effluent pumping
s ta tion to be used during flood conditions and located adjacent to
chl orine contact tank; 5) new s ubmersible vertical turbine type
s ervi ce water pumps; 6) new effluent algae s creening sys tem; 7)
ba ckup comminutor; a nd 8) plant piping system. In addition, the
fol l owing i mprovements will be made: 1) retrofit existing chlorine
conta ct ta nk with a n Ultraviolet disinfection sys tem to meet
compl iance standards for dichorobromomethane (DCBM); 2)
i ncrease height of perimeter walls of existing chorine contact tank
to a l low s ystem to operate during flood conditions of the
As s umpink Creek; 3) correct hydraulic bottlenecks within treatment
pl a nt by replacing va rious piping a nd va lves within the two primary
trea tment trains; 4) replace collector mechanism on primary
cl a ri fiers, intermediate clarifiers & s ludge gravity thi ckeners; 5)
i mprove electrical and monitoring system for new treatment
equipment; 6) modify La wrence Screening Chamber7) replace sluice
ga tes, final clarifier weir pans, equipment va lves & pi ping system;
a nd 8) i mprove plant lighting and HVAC s ystem. Finally, s tructural
i mprovements of concrete and masonry repair of clarifiers and
other plant structures.
Hopa tcong
Borough
$11,589,405
9/12/2014
9/11/15
Interim
Mi l l town
Borough
$10,000,000
12/29/2014
12/28/15
Interim
Ocea n
Towns hip
$139,500
2/25/2015
2/24/16
Cons truction
Ocea n
Towns hip
$564,296
2/25/2015
2/24/16
Cons truction
Ora dell
Borough
$1,555,942
6/30/2014
5/21/15
Interim
Roos evelt
Borough
$558,000
6/19/2014
5/21/15
Interim
South
Monmouth
RSA
$2,950,391
2/7/2014
6/30/15
SAIL
Project # S340488-4-1. The procurement a nd i nstallation of
a pproximately 456 gri nder pumps, the construction of two (2)
pumping s tations, the installation of a pproximately 39,027 l i near
feet of gra vity s ewers ra nging i n size from 8-inch to 15-i nch
di a meter, the installation of a pproximately 23,225 l i near feet of low
pres sure s ewers ra nging i n size from 1-1/2 inch to 3-inch diameter
a nd the i nstallation of approximately 8,377 l inear feet of force
ma i ns ra nging i n size from 6-inch to 10-i nch diameter. The
a nti cipated daily a verage flow is a pproximately 0.2 mi llion gallons
per da y. Al l construction is now complete and the new facilities a re
i n operation.
Project # S340102-03. The exi sting electrical substation is located
a pproximately 150 feet from the La wrence Brook a nd within its 100
yea r fl oodplain. The proposed project i nvolves construction of a
new electrical substation at a location outside of the 100 year
fl oodplain. The proposed work i ncludes site cl earing and rough
gra di ng; retaining wall and access stairs; underground conduit,
foundation for tra nsformers, s upport s tructure for overhead electric
equipment; switch gear building (approximately 20 feet by 90 feet);
el ectrical equipment including vacuum control breakers,
tra ns formers, switches, busway, conduit, electrical ca ble and utility
pol es; a ccess road to allow maintenance of electrical equipment;
ma s onry s creening wall; s ite restoration that includes grading,
l a ndscaping, fencing a nd paving; a nd a ll other components
necessary a nd i ncidental to the construction of a new fully
functi onal electrical s ubstation.
Project # S340112-05. Ocea n Township proposes to purchase two
tra i ler mounted a nd towable generators to be used as a backup
s ource at va rious wastewater pumping s tations. One of the
generators will be used and stored at Dock Avenue pump s tation
a nd the other stored a t Municipal Complex and used for the
rema ining wastewater pump stations. Also, the reconfiguration of
el ectrical s ervice connections for the emergency generator
receptacle a t the Bayshore Pumping Station will be i ncluded. The
receptacle will be raised a bove the 500 year fl ood elevation.
Project # W1520001-500. The proposed project involves the
purcha se and installation of a new emergency generator a t the
Muni cipal Complex Wa ter Treatment Pl ant, Pebble Beach Water
Trea tment Plant, a nd Well No. 5.
Project # S340835-03. The Borough continues a multi-phased
a pproach of televising, sanitary s ewer replacement, a nd sanitary
s ewer l ining. Phase 3 i mprovements will consist of the
reha bilitation required as a result of the completed vi deo
i ns pection. Approximately 1,550 l i near feet of existing 8-inch
di a meter a sbestos concrete pipe a nd existing 8-inch vitrified clay
pi pe will be replaced with polyvi nyl chloride (PVC) a nd ductile i ron
(DIP) pi ping. The proposed project also i ncludes the relining of
11,960 l i near feet of existing 8-inch sewer pipe a nd chemical root
control treatment of 13,300 l i near feet of 8-inch sewer pipe.
Project # W1341001-004. The Borough of Roosevelt will make
s everal improvements to the drinking water treatment plant.
Improvements i nclude replacement of the filter ta nks and piping,
a nd replacement of the aerator a nd sedimentation pump.
Project # S340377-03. South Monmouth Regional Sewerage
Authori ty (SMRSA) will construct a replacement pump station for
the La ke Como Pump Station to be l ocated a t 1800 Pa rkway. The
pump s tation will be a dry/wet well type s tation and is designed for
a pumping capacity of 1,330 gpm. El ectrical equipment and
control s, including a generator, will be housed i n the pump s tation
bui lding. This new location puts the proposed pump s tation out of
the fl ood hazard zone.
South
Monmouth
RSA
$1,532,225
9/23/2014
9/22/15
SAIL
Wi l dwood
Ci ty
$2,500,000
6/4/2014
5/20/15
Interim
Wi l dwood
Cres t Borough
$12,517,912
5/30/2014
5/21/15
Interim
Project # S340377-04A. South Monmouth Regional Sewerage
Authori ty (SMRSA) proposes to replace the Pi tney Avenue Pump
Sta ti on with a "mobile enclosure" (trailer) pumping s tation that will
be designed with a pumping capacity of 400 ga llons per mi nute.
The mobile enclosure will house the pump station's main electri cal
components and emergency generator and will be located at the
current Pi tney Avenue Pump Station site. In the event of a
foreca sted storm or flood event, the mobile unit will be a ble to
di s connect from the pump station a nd be relocated to higher
ground. A "s acrificial" temporary di esel powered pump will be left in
i ts place until the storm event subsides.
Project # W0514001-002. The Ci ty of Wi ldwood will replace existing
deteriorating a nd/or undersized concrete water mains, water
s ervi ces, accessory components s uch a s fire hydrants and
i ns tallation of all associated appurtenances in existing s treets with
no wa ter mains for l ooping purposes to a ddress flow, ci rculation,
a nd water quality i ssues. The proposed project will i mprove system
effi ciency, reliability a nd integrity while maintaining drinking water
qua lity i n compliance with State a nd Federal Safe Drinking Water
Act requirements.
Project # S340719-03. The replacement of the existing deteriorated
s a nitary s ewer mains along New Jersey Avenue and several s ide
s treets. The Borough will also be replacing one existing sanitary
s ewer pumping s tation at Topeka Avenue l ocated a long New Jersey
Avenue and decommissioning the existing sanitary s ewer pumping
s ta tion at Stanton Road.
Project # S340719-04. Upgra des to i ts storm s ewer s ystem that will
hel p reduce the occurrence of stormwater flood conditions which
a l so overburdens the sanitary s ewer sys tem, occasionally ca using
s a nitary s ewage to overflow.
Short Term Loans
Fiscal Year 2016 Financing Program (as of March 15, 2015)
Sponsor
Amount
Date
Issued
Maturity
Date
Loan Type
None
Description
APPENDIX G
APPENDIX G
Distribution of Financing Program Funds
Throughout the State SFY1987 - SFY2014
County Loan Amounts
Atlantic
$
124,911,238
Bergen
$
502,101,749
Burlington
$
406,724,026
Camden
$
698,535,476
Cape May
$
70,541,361
Cumberland
$
51,032,649
Essex
$
646,052,607
Gloucester
$
126,525,166
Hudson
$
483,428,234
Hunterdon
$
82,349,782
Mercer
$
306,803,310
Middlesex
$
629,742,853
Monmouth
$
353,941,697
Morris
$
395,052,638
Ocean
$
540,164,175
Passaic
$
196,841,079
Salem
$
46,973,513
Somerset
$
151,083,507
Sussex
$
78,462,298
Union
$
325,555,778
Warren
$
97,941,757
$ 6,314,764,893
TOTAL
APPENDIX H
APPENDIX H
Status Reports on Projects Funded
in the SFY1988 through SFY2015
Financing Programs
LOAN
RECIPIENT
PROJECT /
CONTRACT
NO.
TOTAL
ALLOWABLE
COST
% PAID/
Advertise
Target
%
CONSTRUCTION
COMPLETE/
Award Target
PROJECT STATUS
ACTIVE PROJECTS
ALL PROJECTS SFY 1988 - SFY2002 CLOSED OUT
SFY 2003 LOANS
2002 FINANCING PROGRAM
Bri ck Twp MUA
S340448-05/06
$
8,369,206
98%
99%
North Hudson SA
S340952-01
$
32,402,800
87%
70%
A 11/14
A 3/15
contra ctor dispute
Fi nal contract rec'd
ATAdverti se
fi nal contract awarded
3/19/15
1,689,656
76%
100%
Pa yment i n office
99%
92%
Contra ct W-1234
SFY 2004 LOANS
ALL PROJECTS
CLOSED
2003 FINANCING PROGRAM
SFY 2005 LOANS
2004 FINANCING PROGRAM
Mi ddlesex Boro
SFY 2006 LOANS
S340698-01
$
2005 FINANCING PROGRAM
Newa rk Ci ty
S340815-05/07
$
25,372,726
North Hudson SA
S340952-05/01-1
$
8,051,745
Contra ct W-1234
Wes t Ora nge Twp
80%
A 3/15
$
2,434,182
80%
98%
Ca mden Co MUA
2006 FINANCING PROGRAM
S340640-08-1/70903&04
$
33,802,462
87%
99%
Pa s saic Valley SC
S340689-01/03&10
$
34,050,675
27%
27%
North Jers ey District
WSC(64%/36%)
1613001-015/017
$
3,455,273
40%
A
9/29/14
45%
T 05/15
71%
70%
T 05/15
T 07/15
90%
90%
T 05/15
T 07/15
SFY 2007 LOANS
S340865-02
40%
A 11/14
Wa naque South PS
(64%/36%)
SFY 2008 LOANS
Fra nklin Twp SA
2007 FINANCING PROGRAM
S340839-01
$
12,500,000
Contra ct 2
Jers ey Ci ty MUA
N92 928-05
WPS-2007-23-NB(rebid)
$
12,151,154
now a cti ve/supp l oan
a wa rded in SFY14
Fi nal contract rec'd
ATAdverti se
expected completion
6/15
Expected completion
6/15
cons truction ta rget
compl etion 3/18
Redesign i n progress
Auth. To i ssue RFP
9/29/14
upda ted schedule & a dd
cont to be a warded
fl ow s tudy complete
ATAdv pending on final
contra ct
Ma gnolia Boro
S340285-01/2
Newa rk Ci ty
S340815-08/09/10
Pri nceton Sew Oper
Com Boro
Pri nceton Sew Oper
Com Twp
Trenton Ci ty
SFY 2009 LOANS
4th St.,
Del avan,Roanoke
S340656-04A
S340656-04B
1111001-004-1
1,826,574
89%
99%
$
32,050,707
74%
70%
T 05/15
T 7/15
S340952-10/11
Pa ters on Ci ty
N92 850-03
Outfa ll Facility CSO
Poi nt 029
$
1,696,443
62%
99%
Appealed 30 da y l etter
$
1,696,443
62%
99%
Appealed 30 da y l etter
$
12,881,160
84%
99%
a wa rd of final contract
i mmi nent
$
11,112,036
75%
98%
cons truction complete
by 6/15
$
8,757,606
0%
0%
ta rget completion 12/15
A 11/14
T 5/15
S340656-05A
$
2,068,454
46%
100%
Appealed 30 da y l etter
$
2,068,454
46%
100%
Appealed 30 da y l etter
2009 FINANCING PROGRAM
S340697-04
$
7,700,000
81%
77%
Ca rteret Boro
S340939-05
$
4,030,000
64%
100%
Gi bbsboro Boro
S340871-03
$
1,039,614
49%
98%
Jers ey Ci ty MUA
S340928-05-1
Newa rk Ci ty
S340815-13
$
Newa rk Ci ty
Pa rs i ppany-Troy Hills
Twp
Pa s saic Valley SC
S340815-17
Pa s saic Valley SC
Rocka way Va lley Reg
SA
Toms River MUA
S340756-02
Atl a ntic Ci ty MUA
0102001-002/004
Atl a ntic Ci ty MUA
0102001-003
1327001-001
SFY 2010 LOANS
Ba ys hore RSA
ARRA
S340656-05B
$
2,041,195
ARRA
ARRA
ARRA
ARRA
Ma na squan Boro
NJ Wa ter SA (SE
Mon MUA)
Trenton Ci ty
SFY 2011 LOANS
Lyndhurs t Twp
a wa iting final payment
ATAdv pending on final
contra ct. ta rget comp.
6/15
0%
90%
T 05/15
T 06/15
5,256,860
86%
98%
$
12,873,134
74%
100%
$
25,344,280
93%
98%
S340689-15A
$
17,383,494
83%
90%
S340689-15B
$
31,702,276
83%
91%
$
2,830,000
57%
100%
$
10,120,000
82%
92%
$
3,096,156
87%
99%
$
1,980,000
79%
98%
$
6,279,000
77%
99%
$
7,984,518
79%
100%
$
8,550,000
91%
98%
contra ct -003 i s 100%
compl ete
Precon to a ccommodate
ACO
2010 FINANCING PROGRAM
S340426-08
$
3,190,000
98%
98%
fi nal payment due
WPS-2007-23-NB(rebid)
ARRA
s i te remed issues/const.
compl . pending
ATAdv pending on final
contra ct
2008 FINANCING PROGRAM
North Hudson SA
Pri nceton Sew Op
Com Boro
Pri nceton Sew Op
Com Twp
$
S340886-01
S340145-01
1352005-002/003
1111001-006
a wa iting payment
2 envi ronmental i tems
rema in for payment
Montgomery Twp
S340130-02-1
$
9,660,500
94%
100%
Newa rk Ci ty
Northwest Bergen
Co UA
Norwood Boro
S340815-20
$
12,816,520
89%
100%
S340700-10
$
3,360,000
98%
100%
S340230-01
$
1,073,700
80%
100%
Ocea n Co UA
S340372-42/43/44
$
8,282,318
90%
100%
Pa s saic Valley SC
S340689-18
$
19,064,258
87%
80%
Stony Brook Reg SA
S340400-06
$
12,021,600
96%
99%
Sus sex Boro
S340155-01
$
1,150,800
70%
100%
Boonton Town
1401001-001
$
1,285,388
78%
80%
Ea s t Ora nge Ci ty
0705001-008
$
7,324,000
34%
60%
Is land Heights Boro
1510001-002/003
$
4,902,000
85%
99%
Sa yrevi lle Boro
1219001-007
$
15,610,000
97%
98%
Sea Girt Boro
1344001-001/002-1
$
848,516
84%
94%
Trenton Ci ty
1111001-009
$
13,490,000
32%
50%
$
192,433
72%
100%
$
239,924
89%
100%
SFY 2012 LOANS
2011 FINANCING PROGRAM
Ca pe Ma y Co MUA
S340661-17
Ca pe Ma y Co MUA
S340661-18
El i zabeth Ci ty
S340942-11
$
7,098,417
75%
99%
Ha nover SA
S340388-04
$
4,890,305
91%
96%
Jers ey Ci ty MUA
S340928-06-1
$
1,800,160
64%
100%
Li nwood Ci ty
S340217-02
$
1,541,242
92%
100%
Ma ywood Boro
S340226-01
$
876,628
84%
100%
Kea rny MUA
S340259-09
$
1,873,270
46%
100%
a wa iting final payment
Precon l ag delays
Cons truction Lag
extended by DEP
30 da y l etter sent 8/6/14
a nd a ppealed
30 da y l etter sent 8/6/14
a nd a ppealed
i n contact with loanee
worki ng with loanee
fi nal i nspection held on
2/10/15
Montcl air Twp
S340837-02
$
973,243
67%
98%
Newa rk Ci ty
NW Bergen County
UA
Ocea n County UA
S340815-12
$
16,757,632
90%
100%
$
5,127,721
95%
90%
S340372-45
$
5,019,123
58%
75%
Ol d Bri dge MUA
S340945-08
$
8,974,000
99%
96%
Ol d Bri dge MUA
S340945-10
$
3,271,000
98%
98%
Pl easantville Ci ty
S340752-01
$
1,161,401
80%
100%
worki ng with loanee on
fi nal payment
Pri nceton Boro
S340656-07A
$
1,522,859
52%
100%
Appealed 30 da y l etter
Pri nceton Twp
S340656-07B
$
1,661,872
69%
100%
Appealed 30 da y l etter
Ra ri tan Twp MUA
S340485-06
$
1,071,357
96%
100%
Ra ri tan Twp MUA
S340485-08
$
1,501,120
99%
100%
Ha mmonton Town
0113001-004
$
3,161,555
84%
100%
Kea rny Town
0907001-001
1514002002/6/7/8/9/10-1
1514002-011
$
870,504
89%
95%
$
2,065,348
73%
99%
$
3,241,041
88%
99%
La kewood Twp MUA
La kewood Twp MUA
S340700-09
fi nal payment expected
ea rl y 2015
Ma ta wan Boro
1329001-001
$
4,816,900
85%
98%
Wes tville Boro
0821001-002
$
863,625
86%
95%
del ays due to eng issues
Wes tville Boro
0821001-003
$
98,440
49%
95%
fi nal payment i mminent
SFY 2013 LOANS
Ca l dwell Borough
2012 FINANCING PROGRAM
S340523-04-1
$
421,500
0%
100%
Fi nal payment i n office
Ci nna minson
S340170-06
$
1,710,376
52%
96%
i n contact with loanee
Cra nford Township
Ja cks on Township
MUA
Jers ey Ci ty MUA
S340858-01
$
991,000
74%
96%
i n contact with loanee
$
546,535
89%
100%
S340928-09
$
1,033,140
47%
100%
Jers ey Ci ty MUA
S340928-10
$
3,424,000
82%
100%
Mi l l town Borough
S340102-02-1
$
595,986
50%
100%
Morri s Township
New Jers ey Ci ty
Uni versity
Ocea n County UA
S340724-05
$
5,762,020
93%
99%
$
13,574,732
92%
100%
S340372-50
$
992,000
88%
100%
Ocea n County UA
S340372-51
$
4,104,082
85%
100%
Perth Amboy Ci ty
S340435-09
$
2,509,718
58%
99%
$
873,000
73%
97%
$
383,964
87%
98%
S340953-03
S340111-02
Col l ingswood
Borough
Col l ingswood
Borough
Col l ingswood
Borough
Fl emington Borough
$
336,721
25%
10%
1009001-006/007
$
919,006
97%
100%
Ha mmonton Town
0113001-005
$
2,070,400
94%
94%
Jers ey Ci ty MUA
0906001-007
$
7,519,748
97%
100%
Ma nchester UA
1603001-011
$
715,303
85%
95%
Ma rl boro Township
1328002-001
$
6,826,257
87%
80%
Mi l l ville Ci ty
NJWSA - Southeast
Monmouth MUA
Ocea n Township
0610001-002
$
3,700,000
87%
100%
$
8,372,309
95%
99%
1520001-004
$
752,319
55%
100%
Vi neland Ci ty
0614003-010
$
2,542,080
93%
100%
Woodbury Borough
0822001-001
$
3,349,708
0%
100%
2013 FINANCING PROGRAM
S340337-03
$
648,123
81%
99%
SFY 2014 LOANS
Bel lmawr Borough
0412001-003
0412001-004
0412001-005
1352005-005
Cha tha m Township
S340403-07
$
5,463,201
82%
90%
Del ran Township
S340794-07
$
1,959,400
18%
13%
Eves ham MUA
S340838-04
$
1,589,958
70%
24%
Eves ham MUA
S340838-05
$
2,706,138
43%
65%
Ewi ng La wrence SA
S340391-10
$
23,543,865
32%
35%
Fa nwood
S340429-01
$
1,369,674
90%
100%
Gl oucester Ci ty
S340958-05
$
1,340,290
52%
95%
Gl oucester Township
S340364-10
$
1,564,341
0%
90%
i n contact with loanee
i n contact with loanee
Ti me extension until
3/30/15
i n contact with loanee
Ha milton Township
MUA
Ha mmonton Town
S340903-04
$
953,000
93%
90%
S340927-05
$
3,651,767
76%
100%
Ha nover
S340388-05
$
8,892,400
0%
90%
Jers ey Ci ty MUA
Long Beach
Towns hip
Long Beach
Towns hip
Long Hi ll Township
Ma pl e Shade
Towns hip
Mi ddlesex County
UA
Newa rk Ci ty
S340928-12
$
9,265,000
86%
50%
$
3,160,000
71%
85%
$
576,173
86%
100%
$
3,364,000
72%
85%
$
1,817,142
92%
95%
$
5,624,702
70%
65%
S340815-05-1
$
2,428,440
0%
90%
Newa rk Ci ty
S340815-21
$
10,393,000
52%
95%
North Bergen MUA
Northwest Bergen
County UA
Ocea n County
S340652-13
$
5,753,033
74%
75%
S340700-09-1
$
575,000
70%
90%
S344080-05
$
2,621,000
0%
95%
Ocea n County UA
S340372-48
$
15,800,000
88%
95%
Ocea n Township
S340112-03-1
$
389,848
0%
100%
Ocea n Township
S340112-04
$
366,182
0%
100%
Pa l myra
S340030-04
$
3,549,000
68%
61%
Pa s saic Valley SC
S340689-03-1
$
9,710,590
0%
0%
Pa s saic Valley SC
S340689-10-1
$
12,464,493
0%
0%
Pa s saic Valley SC
S340689-20
$
4,427,819
93%
97%
Perth Amboy Ci ty
S340435-10
$
2,278,337
30%
80%
Phi l lipsburg Town
S340874-05
$
7,810,000
34%
50%
Pi ne Hill MUA
Poi nt Pl easant
Borough
Toms River Township
MUA
Toms River Township
MUA
Wa rren County
(Pequest) MUA
Wi l lingboro MUA
S340274-04
$
666,666
29%
80%
$
1,644,646
0%
18%
$
1,240,688
12%
90%
$
3,082,302
86%
90%
$
11,665,144
60%
50%
S340132-04
$
2,031,627
57%
70%
Wi l lingboro MUA
S340132-05
$
1,122,504
55%
70%
$
680,009
39%
100%
1401001-002-1
$
759,880
86%
100%
Bri elle Borough
1308001-001
$
3,529,000
19%
20%
Cl a yton Borough
Cl a yton Borough
(NANO)
Cl i nton Town
0801001-001
$
2,057,000
73%
75%
$
738,000
100%
60%
1005001-005
$
1,508,244
76%
50%
Gl oucester Ci ty
0414001-016
$
880,483
35%
95%
Gl oucester Ci ty
0414001-017
$
321,669
59%
95%
Berkeley Township
MUA
Boonton Town
S340023-05
S344170-02
S340404-06/08
S340710-08
S340699-10
S340428-01
S340145-03
S340145-04
S340454-04
1505004-006
0801001-001
i n contact with loanee
i n contact with loanee
worki ng with loanee on
fi nal
worki ng with loanee on
fi nal
i n contact with loanee
i n contact with loanee
Ha milton Township
MUA
Ha mmonton Town
Ha mmonton Town
Long Beach
Towns hip
Ma nchester Uti lities
Authori ty
Ma nchester Uti lities
Authori ty
Ma nchester Uti lities
Authori ty
Ma ta wan Borough
Mi ddlesex Water
Compa ny
NJAWC (Penns
Grove)
$
2,703,000
93%
90%
0113001-008
$
431,547
42%
22%
0113001-009
$
1,007,405
82%
90%
$
2,588,911
79%
85%
$
1,051,245
93%
99%
$
262,269
89%
99%
$
728,521
91%
99%
$
880,913
0%
2%
$
3,753,673
89%
98%
$
11,647,500
79%
100%
$
577,524
0%
100%
1517001-014
1603001-006
1603001-012
1603001-013
1329001-005
1225001-015
1707001-005
Ocea n Township
1520001-005
Ol d Bri dge MUA
1209002-007
$
5,071,750
66%
50%
Ol d Bri dge MUA
1209002-010
$
1,223,780
72%
95%
Pi ne Hill MUA
0428002-002
$
334,732
0%
90%
Sta nhope Borough
1919001-001(NANO)
$
1,000,000
97%
100%
Sta nhope Borough
1919001-001
$
892,000
88%
100%
Vi neland Ci ty
0614003-011
$
2,813,333
95%
100%
di rect l oan
i n 1 yr performance
peri od
worki ng with loanee on
fi nal
i n 1 yr performance
peri od
Wi l lingboro MUA
0338001-004
$
120,321
23%
40%
Wi l lingboro MUA
0338001-006
$
571,812
7%
30%
Wi l lingboro MUA
0338001-007
$
477,050
36%
70%
$
11,155,000
25%
65%
$
5,657,000
46%
80%
$
1,537,000
34%
35%
$
10,000,000
33%
15%
$
1,555,942
72%
90%
i nterim closed 12/29/14
i nterim closed on
6/30/14
$
8,811,592
60%
75%
i nterim closed 5/30/14
$
3,706,320
49%
75%
i nterim closed 5/30/14
0514001-002
$
2,500,000
59%
75%
i nterim closed 6/4/14
1341001-004
$
558,000
0%
0%
i nterim closed 6/19/14
SFY 2015 LOANS
2014 FINANCING PROGRAM
Ca mden Ci ty
S340366-09
Ca mden County
MUA
S340640-14
Ewi ng-Lawrence SA
S340391-11
Mi l l town Borough
S340102-03
Ora dell
S340835-03
Wi l dwood Crest
Borough
Wi l dwood Crest
Borough
Wi l dwood Ci ty
S340719-03
S340719-04
Roos evelt
Updated:
0112001-003
04/15/15
178
TOTAL ACTIVE
$
891,545,971
1005
TOTAL CLOSED
$
4,882,017,088
1183
GRAND TOTAL
$
5,773,563,059
i nterim closed on
6/30/14
i nterim closed on
6/30/14
i nterim closed on
6/30/14
This Page Intentionally Left Blank
APPENDIX I
APPENDIX I
Pro Forma Aggregate
Trust/Fund Financing for
Allowable Project Costs
APPENDIX J
APPENDIX J
New Jersey Environmental Infrastructure Trust
FY2016 Financing Program Schedule
November 2015 Bond Sale
2015
January 1 January 31
-
Trust compiles contact information for Borrowers and Borrower Bond Counsel.
Prior to
January 15
-
Deadline for submission of January Report to the State Legislature.
February 20
-
Trust makes Construction Loan Program Financial Addendum Forms available on its website.
March 12
-
Trust Board Meeting.
March 18
-
Deadline for submission by Borrowers of Local Finance Board (LFB) applications to be considered at
next LFB hearing.
April 3
-
State Holiday
April 16
-
Trust Board Meeting
April 21
-
Trust makes Financial Addendum Forms (FAF) available on its website.
Trust makes “Sizing Memos” available on its website and distributes “Sizing Memos” to Borrowers
and Borrower Bond Counsel.
April 22
-
LFB consideration of Borrower applications submitted on March 18
Deadline for submission by Borrowers of Local Finance Board (LFB) applications to be
considered at May 13 LFB hearing.
May 13
-
LFB consideration of Borrower applications submitted on April 22.
May 14
-
Trust Board Meeting
Pre May 15
-
Deadline for submission to State Legislature of May Report and Appropriations Bills.
Post May 15
-
Approval by State Legislature of: (i) Project Priority List; (ii) Loan amounts; (iii) appropriation for Loans;
and (iv) authorization for Trust to finance Projects.
Financial Plan approved by Legislature.
May 20
-
Deadline for submission by Borrowers of LFB applications to be considered at June 10 LFB hearing.
May 22
-
Trust to distribute memorandum to Borrowers with copy to Borrower Bond Counsel reminding them
of FAF deadline.
May 25
-
State Holiday
June 9
-
Trust to distribute final reminder of FAF deadline to Borrowers with copy to Borrower Bond Counsel.
June 10
-
LFB consideration of Borrower applications submitted on May 20.
June
-
Deadline for Borrowers subject to Board of Public Utilities (BPU) jurisdiction to submit to BPU for
hearing on June 17 their request for approval to incur debt.
June 11
-
Trust Board Meeting
Trust adopts resolution (i) providing delegation to Authorized Officer regarding Escrow Closings and
TEFRA hearing and (ii) confirming master forms of Loan Agreements and Escrow Agreements.
June 15
-
Borrowers to submit completed FAFs, acknowledged as reviewed by Borrower Bond Counsel, to the
Working Group.
June 17
-
Final date for submission by Borrowers of LFB applications to be considered at July 8 hearing.
BPU consideration of Borrower applications submitted on June __.
June 15 August 5
-
Due diligence re FAFs and follow-up re all Borrower deficiency items.
Prior to
July 1
-
DEP begins to issue final Project Certifications (Authorization to Award is a condition precedent to
final Project Certification).
July 3
-
State Holiday
July 6
-
Trust Bond Counsel to begin drafting Financing Documents.
DEP to begin drafting Exhibits to Loan Agreements.
July 8
-
LFB consideration of Borrower applications submitted on June 17.
July 9
-
Trust Board Meeting
Trust approves final Project Certifications submitted by DEP to the Trust prior to July 1.
July
-
Deadline for Borrowers subject to BPU jurisdiction to submit to BPU for hearing on July 22 their
request for approval to incur debt.
July 22
-
BPU consideration of Borrower applications submitted on July __ .
Deadline for submission by Borrowers of LFB applications to be considered at August 12 LFB hearing.
July 31
-
Trust Bond Counsel to distribute Draft #1 of Loan, Escrow and Continuing Disclosure Agreements to
Borrowers with instructional memorandum noting deadlines for submission of comments thereto.
DEP distributes draft exhibits to Loan Agreements
August 1
-
DEP issues all final Project Certifications that were not issued previously. (Authorization to Award is
a condition precedent to final Project Certification.)
August 6
-
All day Working Group meeting regarding review of FAFs and identify Direct Loan Candidates.
Week of
August 10
-
Trust Bond Counsel to distribute individual Borrower database reports to Borrower Bond Counsel for
review.
August 12
-
LFB consideration of Borrower applications submitted on July 22.
August 13
-
Trust Bond Counsel to distribute reminder to Borrower Bond Counsel regarding deadline for
submission of electronic comments to Draft #1 of Loan, Escrow and Continuing Disclosure
Agreements.
Trust Board Meeting.
Trust approves final Project Certifications submitted by DEP to the Trust on or prior to August 1.
August 18
-
Borrowers and Borrowers’ Counsel submit electronic comments to Draft #1 of Loan, Escrow and
Continuing Disclosure Agreements to the Trust, Trust Bond Counsel and Trust General Counsel.
August 21
-
Borrower Bond Counsel to confirm accuracy of or submit comments to individual Borrower database
reports to Trust Bond Counsel.
August 26
-
Trust Bond Counsel and Trust General Counsel conference call to review and make decisions regarding
revisions requested by Borrowers and Borrowers’ Counsel (if necessary).
August 31
-
DEP to identify Projects to be funded with the proceeds of State GO Bonds.
September 4
-
All Borrower Due Diligence is completed.
September 7
-
State Holiday.
Week of
September 8
-
Trust Bond Counsel to distribute Draft #2 of Loan, Escrow and Continuing Disclosure Agreements to
Borrowers.
Trust Bond Counsel to distribute signature pages for DEP, Treasurer and Trust signatures for Escrow
Closing documents.
Trust and Trust Bond Counsel to submit to the State Treasurer the form of Treasurer’s Certificate
approving the Loans.
Trust Bond Counsel to submit request to Director of the Division of Investments regarding Repurchase
Agreement (if applicable).
Trust and Trust Bond Counsel submit Volume Cap request to State Treasurer with respect to Series B
Trust Bonds.
September 10 -
Trust Board Meeting.
September 11 -
Trust Bond Counsel to distribute Draft #1 of Trust Bond Resolution[s] to Working Group.
Current draft of Trust Bond Resolution[s] provided to Trust for submission to Governor’s Office and
Treasurer’s Office in connection with approval thereof.
September 14 -
Trust Bond Counsel to distribute Escrow Closing Schedule to Borrower Bond Counsel with
instructional memorandum highlighting deadlines for submission of documents.
Week of
September 14 -
Borrowers submit (i) final written comments to Draft #2 of Loan, Escrow and Continuing Disclosure
Agreements to Trust, Trust Bond Counsel and Trust General Counsel, and (ii) forms of Borrower Bond
Counsel opinions, Trust Loan Bonds and Fund Loan Bonds to Trust Bond Counsel.
September 18 -
Submit TEFRA Notice to Newspapers.
September 24 -
Estoppel period ends for September 10 Board Minutes.
September 22 -
Trust Bond Counsel to distribute Draft #2 of Trust Bond Resolution[s].
September 23 -
Publish TEFRA Notice.
September 24 -
Trust Bond Counsel to distribute Draft #1 of POS to Working Group.
Trust Bond Counsel to distribute Draft #1 of Notice of Sale (NOS), Summary NOS and Bid Form to
Working Group.
September 25 -
Trust/Financial Advisor distribute financing information and documents to Rating Agencies.
All final estoppel periods must have run on Borrowers’ bond authorization legislation (e.g., bond
ordinances and 2-26 and 2-27 resolutions for municipalities/counties, and bond
resolutions/indentures for authorities and private water companies).
Borrowers must have adopted Loan, Escrow and Continuing Disclosure Agreement authorization
legislation.
Authorities must have received positive findings and approval of LFB and adopted LFB review
resolution/group affidavit, and provided copies of same to Trust Bond Counsel.
Municipalities must have received approval of LFB, and provided copies of same to Trust Bond
Counsel.
Private sector borrowers subject to BPU jurisdiction must have received BPU approval to incur debt,
and provided copies of same to Trust Bond Counsel.
Borrowers and DEP must have agreed on final sizing of Trust and Fund Loan amounts and Loan
Agreement Draw Schedules.
Loan, Escrow and Continuing Disclosure Agreements must have been finalized.
Exhibits to Loan Agreements must have been finalized.
September 29 October 16
-
Borrower Escrow Closings held at Trust Bond Counsel’s offices (authority Borrowers should hold their
own Escrow Closings simultaneously).
September 30 -
Board agenda and materials disseminated.
October 1
-
Governor and Treasurer approve Trust Bond Resolution[s].
October 8
-
Trust to follow-up with Director of Division of Investments regarding Repurchase Agreement, State
Treasurer regarding Volume Cap.
Trust Board Meeting.
Trust adopts Trust Bond Resolution[s].
TEFRA Hearing.
Trust delivers minutes of April 14 meeting to the Governor.
Trust delivers TEFRA approval request to the Governor.
-
Trust Bond Counsel to distribute Draft #2 of POS, NOS, Summary NOS and Bid Forms to Working Group
October 9
October 12
-
State Holiday
October 13
-
Rating Agency visits
October 19
-
Trust receives bond ratings.
Trust Bond Counsel to distribute database summary reports to Working Group.
Trust receives approvals re Repurchase Agreement and Volume Cap.
October 20
-
Conference call between Trust Bond Counsel and Financial Advisor to discuss database summary
reports.
October 21
-
Summary NOS to Newspapers.
POS, NOS, Summary NOS, Bid Forms finalized by Working Group.
October 23
-
Estoppel period ends for October 8 Board Minutes.
October 26
-
Disseminate POS electronically.
Publication of Summary NOS.
November 3
-
State Holiday.
November 4
-
Bond Sale/purchase of investments.
November 6
-
Borrowers to receive Trust Loan amounts and Trust and Fund Loan repayment schedules from Trust
Financial Advisor.
November 10 -
Print OS and distribute to successful bidder.
November 11 -
State Holiday.
November 12 -
Trust Bond Counsel distributes drafts of closing documents to Working Group.
-
Trust Board Meeting.
Report of Executive Director to Trust Board of Directors regarding Bond Sale.
November
8-13
-
Confirmatory resolutions to be adopted by Borrowers finalizing Trust Loan amounts and Trust and
Fund Loan repayment schedules (if necessary).
November
16-17
-
Borrower pre-closings.
November 18 -
Financing pre-closing held at Trust Bond Counsel’s Offices.
November 19 -
Financing closing held at Trust Bond Counsel’s Offices.
APPENDIX K
APPENDIX K
New Jersey Environmental Infrastructure Trust
FY2016 Financing Program Schedule
May 2016 Bond Sale
2015
Pre May 15
-
Deadline for submission to State Legislature of May Report and Appropriations Bills.
Post May 15
-
Approval by State Legislature of: (i) Project Priority List; (ii) Loan amounts; (iii) appropriation for Loans;
and (iv) authorization for Trust to finance Projects.
Financial Plan approved by Legislature.
May 25
-
State Holiday.
June 11
-
Trust Board Meeting.
Trust adopts resolution authorizing master forms of Loan Agreements and Escrow Agreements
July 3
-
State Holiday.
July 9
-
Trust Board Meeting.
August 13
-
Trust Board Meeting.
September 7
-
State Holiday.
September 10 -
Trust Board Meeting.
September 23 -
Deadline for submission by Borrowers of Local Finance Board (LFB) applications to be considered at
October 14 LFB hearing.
October 8
-
Trust Board Meeting
October 12
-
State Holiday.
October 14
-
LFB consideration of Borrower applications submitted on September 23.
October 21
-
Trust makes Financial Addendum Forms (FAF) available on its website.
Trust makes “Sizing Memos” available on its website and distributes “Sizing Memos” to Borrowers
and Borrower Bond Counsel.
Deadline for submission by Borrowers of LFB applications to be considered at November 12 LFB
hearing.
November 3
-
State Holiday.
November 11 -
State Holiday.
November 12 -
LFB consideration of Borrower applications submitted on October 21.
-
Trust Board Meeting.
November 13 -
Trust to distribute memorandum to Borrowers with copy to Borrower Bond Counsel reminding them
of FAF deadline.
November 18 -
Deadline for submission by Borrowers of LFB applications to be considered at December 9 LFB hearing.
November 26 -
State Holiday.
December __
-
Final date for submission by Borrowers of LFB applications to be considered at January __ hearing.
December 2
-
Trust to distribute final reminder of FAF deadline to Borrowers with copy to Borrower Bond Counsel.
Deadline for Borrowers subject to Board of Public Utilities (BPU) jurisdiction to submit to BPU for
hearing on December 16 their request for approval to incur debt.
December 9
-
LFB consideration of Borrower applications submitted on November 18.
December 10
-
Trust Board Meeting.
Trust adopts resolution (i) providing delegation to Authorized Officer regarding Escrow Closings and
TEFRA hearing and (ii) confirming master forms of Loan Agreements and Escrow Agreements.
December 16
-
BPU consideration of Borrower applications submitted on December 2.
December 25
-
State Holiday
December 30
-
Borrowers to submit completed FAFs, acknowledged as reviewed by Borrower Bond Counsel, to the
Working Group.
December 31
February 10
-
Due diligence re FAFs and follow-up re all Borrower deficiency items.
Prior to
January 1
-
DEP begins to issue final Project Certifications (Authorization to Award is a condition precedent to
final Project Certification).
January 1
-
State Holiday.
January 2
-
Trust Bond Counsel to begin drafting Financing Documents.
DEP to begin drafting Exhibits to Loan Agreements.
January __
-
January __
-
Deadline for Borrowers subject to BPU jurisdiction to submit to BPU for hearing on January __ their
request for approval to incur debt.
Deadline for submission by Borrowers of LFB applications to be considered at February __ hearing.
January __
-
LFB consideration of Borrower applications submitted on December __.
January 14
-
Trust Board Meeting.
Trust approves final Project Certifications submitted by DEP to the Trust prior to January 1.
January 18
-
State Holiday.
2016
January __
-
BPU consideration of Borrower applications submitted on January __.
February 1
-
DEP issues all final Project Certifications that were not issued previously. (Authorization to Award is
a condition precedent to final Project Certification.)
February __
-
Deadline for Borrowers subject to BPU jurisdiction to submit to BPU for hearing on February __ their
request for approval to incur debt.
February 5
-
Trust Bond Counsel to distribute Draft #1 of Loan, Escrow and Continuing Disclosure Agreements to
Borrowers with instructional memorandum noting deadlines for submission of comments thereto.
DEP distributes draft exhibits to Loan Agreements
February 11
-
All day Working Group meeting regarding review of FAFs and identify Direct Loan Candidates.
Trust Board Meeting.
Trust approves final Project Certifications submitted by DEP to the Trust on or prior to February 1.
February 12
-
Trust Bond Counsel to distribute reminder to Borrower Bond Counsel regarding deadline for
submission of electronic comments to Draft #1 of Loan, Escrow and Continuing Disclosure
Agreements.
February 15
-
State Holiday.
Week of
February 15
-
Trust Bond Counsel to distribute individual Borrower database reports to Borrower Bond Counsel for
review.
February 16
-
Borrowers and Borrowers’ Counsel submit electronic comments to Draft #1 of Loan, Escrow and
Continuing Disclosure Agreements to the Trust, Trust Bond Counsel and Trust General Counsel.
February __
-
LFB consideration of Borrower applications submitted on January __.
February 22
-
Borrower Bond Counsel to confirm accuracy of or submit comments to individual Borrower database
reports to Trust Bond Counsel.
February __
-
BPU consideration of Borrower applications submitted on February __.
February __
-
Deadline for submission by Borrowers of LFB applications to be considered at March __ hearing. This
is the last opportunity to apply for LFB approval.
February 25
-
Trust Bond Counsel and Trust General Counsel conference call to review and make decisions regarding
revisions requested by Borrowers and Borrowers’ Counsel (if necessary).
March 4
-
DEP to identify Projects to be funded with the proceeds of State GO Bonds.
March __
-
Deadline for Borrowers subject to BPU jurisdiction to submit to BPU for hearing on March __ their
request for approval to incur debt. This is the last opportunity to apply for BPU approval.
March 7
-
All Borrower Due Diligence is completed.
Week of
March 7
-
Trust Bond Counsel to distribute Draft #2 of Loan, Escrow and Continuing Disclosure Agreements to
Borrowers.
March 8
-
Trust Bond Counsel to distribute signature pages for DEP, Treasurer and Trust signatures for Escrow
Closing documents.
March 9
-
Trust and Trust Bond Counsel to submit to the State Treasurer the form of Treasurer’s Certificate
approving the Loans.
Trust Bond Counsel to submit request to Director of the Division of Investments regarding Repurchase
Agreement (if applicable).
Trust and Trust Bond Counsel submit Volume Cap request to State Treasurer with respect to Series B
Trust Bonds.
March __
-
LFB consideration of Borrower applications submitted on February __. This is the last opportunity to
obtain LFB approval.
March 10
-
Trust Board Meeting.
March 11
-
Trust Bond Counsel to distribute Draft #1 of Trust Bond Resolution[s] to Working Group.
Current draft of Trust Bond Resolution[s] provided to Trust for submission to Governor’s Office and
Treasurer’s Office in connection with approval thereof.
March 14
-
Week of
March 14
Trust Bond Counsel to distribute Escrow Closing Schedule to Borrower Bond Counsel with
instructional memorandum highlighting deadlines for submission of documents.
-
Borrowers submit (i) final written comments to Draft #2 of Loan, Escrow and Continuing Disclosure
Agreements to Trust, Trust Bond Counsel and Trust General Counsel, and (ii) forms of Borrower Bond
Counsel opinions, Trust Loan Bonds and Fund Loan Bonds to Trust Bond Counsel.
March __
-
BPU consideration of Borrower applications submitted on March __. This is the last opportunity to
obtain BPU approval.
March 24
-
Submit TEFRA Notice to Newspapers.
March 25
-
State Holiday.
March 28
-
Estoppel period ends for March 12 Board Minutes.
Trust Bond Counsel to distribute Draft #2 of Trust Bond Resolution[s].
March 30
-
Publish TEFRA Notice.
March 31
-
Trust Bond Counsel to distribute Draft #1 of POS to Working Group.
Trust Bond Counsel to distribute Draft #1 of Notice of Sale (NOS), Summary NOS and Bid Form to
Working Group.
April 1
-
Trust/Financial Advisor distribute financing information and documents to Rating Agencies.
All final estoppel periods must have run on Borrowers’ bond authorization legislation (e.g., bond
ordinances and 2-26 and 2-27 resolutions for municipalities/counties, and bond
resolutions/indentures for authorities and private water companies).
Borrowers must have adopted Loan, Escrow and Continuing Disclosure Agreement authorization
legislation.
-
-
Authorities must have received positive findings and approval of LFB and adopted LFB review
resolution/group affidavit, and provided copies of same to Trust Bond Counsel.
Municipalities must have received approval of LFB, and provided copies of same to Trust Bond
Counsel.
Private sector borrowers subject to BPU jurisdiction must have received BPU approval to incur debt,
and provided copies of same to Trust Bond Counsel.
Borrowers and DEP must have agreed on final sizing of Trust and Fund Loan amounts and Loan
Agreement Draw Schedules.
Loan, Escrow and Continuing Disclosure Agreements must have been finalized.
Exhibits to Loan Agreements must have been finalized.
April 4-22
-
Borrower Escrow Closings held at Trust Bond Counsel’s offices (authority Borrowers should hold their
own Escrow Closings simultaneously).
April 7
-
Governor and Treasurer approve Trust Bond Resolution[s].
April 11
-
Trust to follow-up with Director of Division of Investments regarding Repurchase Agreement, State
Treasurer regarding Volume Cap.
April 14
-
Trust Board Meeting.
Trust adopts Trust Bond Resolution[s].
TEFRA Hearing.
Trust delivers minutes of April 14 meeting to the Governor.
Trust delivers TEFRA approval request to the Governor.
April 15
-
Trust Bond Counsel to distribute Draft #2 of POS, NOS, Summary NOS and Bid Forms to Working Group
April 18
-
Rating Agency visits
April 22
-
Trust receives bond ratings.
Trust Bond Counsel to distribute database summary reports to Working Group.
Trust receives approvals re Repurchase Agreement and Volume Cap.
April 25
-
Conference call between Trust Bond Counsel and Financial Advisor to discuss database summary
reports.
April 27
-
Summary NOS to Newspapers.
POS, NOS, Summary NOS, Bid Forms finalized by Working Group.
April 29
-
Estoppel period ends for April 14 Board Minutes.
May 2
-
Disseminate POS electronically.
Publication of Summary NOS.
May 11
-
Bond Sale/purchase of investments.
May 12
-
Trust Board Meeting
Report of Executive Director to Trust Board of Directors regarding Bond Sale.
May 13
-
Borrowers to receive Trust Loan amounts and Trust and Fund Loan repayment schedules from Trust
Financial Advisor.
May 16
-
Print OS and distribute to successful bidder.
May 17
-
Trust Bond Counsel distributes drafts of closing documents to Working Group.
May 13-20
-
Confirmatory resolutions to be adopted by Borrowers finalizing Trust Loan
amounts and Trust and Fund Loan repayment schedules (if necessary).
May 23-24
-
Borrower pre-closings.
May 25
-
Financing pre-closing held at Trust Bond Counsel’s Offices.
May 26
-
Financing closing held at Trust Bond Counsel’s Offices.
This Page Intentionally Left Blank
APPENDIX L
APPENDIX L
NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
FY2016 BUDGET
REVENUES
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Annual Admin Fee 1995 Financing
Annual Admin Fee 1996 Financing
Annual Admin Fee 1997 Financing
Annual Admin Fee 1998 Financing
Annual Admin Fee 1999 Financing
Annual Admin Fee 2000 Financing
Annual Admin Fee 2001 Financing
Annual Admin Fee 2002 Financing
Annual Admin Fee 2003 Financing
Annual Admin Fee 2004 Financing
Annual Admin Fee 2005 Financing
Annual Admin Fee 2006 Financing
Annual Admin Fee 2007 Financing
Annual Admin Fee 2008 Financing
Annual Admin Fee 2009 Financing
Annual Admin Fee 2010A Financing
Annual Admin Fee 2010B&C Financing
Annual Admin Fee SFY2012 Financing
Annual Admin Fee SFY2013 Financing
Annual Admin Fee SFY2014 Financing
Annual Admin Fee Direct Loans
Cost of Issuance (COI): a. Regular Program = Loan Surcharge Fee 0.10%:
Cost of Issuance (COI): b. Refunding = COI:
Interest Income (Direct Loans/IFP Loans/SAIL Loans):
Interest Income (Operating Accts):
TOTAL REVENUES
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2016
51,353
129,840
105,075
166,140
153,165
262635
492,630
308,835
199,260
400,335
371,798
509,280
624,795
374,070
200,895
370,920
375,945
279,090
93,090
186,105
24,790
100,000
300,000
125,000
150,000
6,355,046
APPENDIX L (cont’d)
NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
FY2016 BUDGET
EXPENDITURES
PROGRAM
1
2
3
4
5
6
7
8
9
Bond Counsel (McCarter & English)
Financial Advisor (PFM)
Trustee and Loan Servicer Fees
Rating Service
SAIL Program Expenses
Master Program Trustee (US Bank)
Printing (Bond Issue Exp)
Arbitrage Rebate Services (Omnicap)
Publication (Bond Issue Exp)
Total Program Expenses
$
$
$
$
$
$
$
$
$
$
2016
1,100,000
425,000
200,000
350,000
200,000
14,000
16,000
46,450
4,000
2,352,950
TRUST
OPERATIONS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Salaries, Fringe & Indirect
I.T. Expenses (Hardware, Software, Online Services)
Internal Control Audit (CohnReznick)
Admin Expenses General (Generator, Seminars, Prof. Fees, Etc.)
Rent & Property Insurance
Investment Advisor
Special Counsel
Auditor a. NJEIT Financials (Bowman & Co)
Auditor b. State CW & DW SRF Financials (Bowman & Co)
Ancillary (Copier, Postage, Phone, Utilities)
State Liason Charges (AG/GAU)
Reports, Publications & Marketing (GEEA’S)
Vehicle (Insurance, gasoline)
Board Member Expenses
Document Scanning (Phase II)
Total Operating Expenses
Unencumbered Contingency (available for Direct Loans, etc.)
TOTAL EXPENDITURES
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,454,949
416,585
100,000
110,000
122,000
65,000
150,000
41,600
39,000
30,000
33,926
5,000
5,000
1,000
3,523,060
479,036
6,355,046
This Page Intentionally Left Blank
APPENDIX M
APPENDIX M
REVIEW OF THE FY2017 FINANCING PROGRAM
- PROPOSED October 3, 2015
Commitment Letter and Planning Documents (prior to submittal, a pre-planning meeting
should be scheduled with the DEP and the Trust)
Early February, 2016
Seminar for all Borrowers to explain the remaining financing schedule and requirements.
Early March, 2016
Design Documents, and Loan Applications
September, 2016
Trust and DEP project certifications commence upon issuance of authorization to award
construction contract
Mid-December, 2016
Financial Addendum Form due to Trust. Information to be used to structure bond issues,
loans and bond sale.
January, 2017
Deadline for Private Water Purveyors to file with BPU
Deadline for Public Agencies to file with Local Finance Board for LFB approval at July LFB
meeting
February, 2017
Project certification period end (projects permitted, all planning, design, environmental
requirements and permits have been FINALLY approved.
March, 2017
Escrow closing of loans begins
March, 2017
Bid Blackout period begins
April, 2017
Bond Sale
May, 2017
Loan closing
After Loan Closing
Bid blackout period ends
One half of the planning/design allowance is available plus other approved voucher
amounts
Preliminary Project List will be set forth in the January SFY2016 Report available at
http://www.njeit.org/borrowers/publications.
Trust Meeting Dates
January 15, 2015
February 12, 2015
March 12, 2015
April 16, 2015
May 14, 2015
June 11, 2015
July 9, 2015
August 13, 2015
September 10, 2015
October 8, 2015
November 12, 2015 (if necessary)
December 10, 2015
New Jersey Environmental Infrastructure Trust
Address: 3131 Princeton Pike, Building 4, Suite 216, Lawrenceville, NJ 08648
Phone: (609) 219-8600 – Fax: (609) 219-8620
Web Site: www.njeit.org