This Monday, New Jersey’s Senate Transportation Committee passed legislation to create a transportation infrastructure bank. The infrastructure bank would help finance bridge and road repairs, along with other major projects, and is the second time in two years that such a measure has been proposed.
The bill (S307) to create a transportation infrastructure bank was introduced by Sens. Robert M. Gordon and Donald Norcross, the chair and vice-chair of the transportation committee. The bill would establish two special revolving funds and would replace the existing state transportation infrastructure bank.
The trust would collaborate with the New Jersey Department of Transportation on the evaluation of potential transportation projects; fulfilling federal regulations regarding capital projects; coordinating with metropolitan planning organizations; ensuring that projects are consistent with the statewide capital investment strategy; and advancing local, regional, and statewide transportation objectives. Bonds and other obligations made through the trust would not exceed $5 billion for the Disaster Relief Emergency Financing Program and $2.8 billion for other purposes.
The bill will now be referred to the Senate Budget and Appropriations Committee for further review.