Environmental Infrastructure Bond Sale Providing Funds for 67 Clean Water Projects

Loan rates will be as low as 1.2%

TRENTON - Robert A. Briant, Sr., Chairman of the New Jersey Environmental Infrastructure Trust today announced the sale of over $128 million in bonds to help finance 67 environmental protection projects worth more than $300 million. These projects will provide new or upgraded drinking water and wastewater treatment and conveyance systems as well open space preservation.  A list of this year’s borrowers with project descriptions is provided below.

 The sale was completed in one series:

Series 2008A - $128,450,000 :  Interest Rate – 4.790%

"Not only will this financing lead to an improved environment but given the current economic situation the 10,000 to 11,000 jobs created by the construction of these projects is very important and fits in with Governor Corzine’s initiative to improve the economy by improving the infrastructure of New Jersey.  This bond sale marks the 22nd consecutive year the Trust has sold bonds to finance needed infrastructure projects in New Jersey," Briant stated. "With this bond sale, the Environmental Infrastructure Financing Program has provided low interest long-term loans to more than 600 projects in New Jersey, representing a total loan amount in excess of $4.4 billion."

Recent estimates indicate a current need for over $21 billion in funding for wastewater and drinking water projects across New Jersey. The Financing Program's loans, which are 75 and 50 percent below market rates, can provide substantial cost savings to municipalities and authorities. These savings are passed along to taxpayers and ratepayers.

"Our goal is to keep costs as low as possible for those responsible for protecting New Jersey's water resources. Our AAA bond rating from Fitch Ratings, Moody's Investor Service and Standard & Poor’s makes our loans a very safe alternative to traditional market-rate financing," Briant said. "This high rating attracted 8 bidders in the Series A bond sale."

The Environmental Infrastructure Financing Program is a partnership between the New Jersey Environmental Infrastructure Trust and the New Jersey Department of Environmental Protection that combines interest-free loans from State Revolving Funds with market rate loans from the sale of Trust bonds. This provides borrowers with a loan that is half the prevailing market rate. Projects that promote smart growth through land preservation or urban development are eligible for loans that are one quarter the market rate. Proceeds from yesterday’s bond sale will be combined with zero percent State Revolving Funds from the New Jersey Department of Environmental Protection to provide smart growth project loans at 1.2 percent and traditional project loans at 2.4 percent.

To learn more about the New Jersey Environmental Infrastructure Trust visit www.njeit.org.

NJEIT 2008 Financing Program
Borrowers, Loan Amounts and Project Descriptions

Clean Water Projects

Bayonne (City of) Local Redevelopment Authority -  $11,700,000 (2 projects) - Improvements to the stormwater system and construction of sanitary sewer lines.

Bellmawr Borough -  $9,082,000 - Construction of new storm sewer.

Bergen County Utilities Authority -  $30,544,000 (2 projects) - Installation of relief sewers and force main improvements.

Bergen County Utilities Authority -  $2,400,000 - Storm water improvements.

Berkeley Township -  $12,609,000 - Construction of stormwater controls.

Burlington City -  $9,093,000 - Construction of a new pump station and force main.

Camden City -  $3,871,000 - Sewer system relocation and replacement.

Camden County Municipal Utilities Authority -  $24,588,000 - Construction of a new sludge drying facility.

Cinnaminson Sewage Authority -  $790,000 (2 projects) - Force main replacements.

Clinton Township Sewage Authority -  $1,739,000 - Rehabilitation of pump stations.

East Windsor Municipal Utilities Authority -  $14,115,000  - Upgrades to the wastewater treatment plant.

Evesham Municipal Utilities Authority -  $3,007,000 - Wastewater treatment plant upgrade.

Gloucester County Utilities Authority -  $1,497,000 (2 projects) - Wastewater treatment upgrades.

Gloucester Twp. Municipal Utilities Authority -  $3,002,000 (2 projects) - Sewer system rehabilitation project.

Haddon Township -  $7,343,000 - Rehabilitation of sanitary sewers.

Leonia Borough – $315,000 - Construction of a salt storage facility.

Medford Township -  $8,109,000 - Wastewater Treatment plant improvements.

Middletown Township Sewage Authority -  $17,544,000 - Wastewater treatment plant improvements.

NJ Water Supply Authority -  $3,000,000 - Land Acquisition.

North Hudson Sewage Authority -  $1,1442,000 (2 projects) - Emergency repairs and wastewater treatment plant improvements.

Ocean County Utilities Authority -  $1,495,000 (5 projects) - Repairs, replacements and improvements for three sewage treatment plants.

Paterson City -  $20,662,000 - Combined sewer overflow upgrades.

Princeton (PSOC) Borough -  $2,325,000 - Rehabilitation of collection system.

Princeton (PSOC) Township -  $2,325,000 - Rehabilitation of the collection system.

Runnemede Borough -  $1,971,000 (2 projects) - Upgrade of the sanitary sewer pump stations.

Ship Bottom Borough -  $848,000 - Replacement of sewer mains.

Western Monmouth Utilities Authority -  $8,227,000 - Wastewater treatment plant upgrades.

Willingboro Municipal Utilities Authority -  $5,819,000 - Emergency repair to the sanitary sewer system.

Drinking  Water Projects

Aqua NJ (Blackwood) Inc. -  $1,196,000 (2 projects) - New radium removal for wells.

Beachwood Borough -  $2,530,000 (3 projects) - Construction of water storage tank and replacement of water mains.

East Windsor Municipal Utilities Authority -  $11,000,000 (3 projects) - Improvements to well.

Flemington Borough -  $1,739,000 (2 projects) - Construction of arsenic treatment system.

Gloucester City -  $10,295,000 - Water treatment plant upgrades.

Jersey City Municipal Utilities Authority -  $3,105,000 - Treatment plant improvements, replacement of valves and cleaning and lining of water mains.

Lakewood Township Municipal Utilities Authority -  $2,415,000 (6 projects) - Storage tank replacement, Water treatment plant upgrades, well construction, well pump installation, construction of water mains and building renovations.

Mantua Township Municipal Utilities Authority -  $4,600,000 - Water main construction.

Middlesex Water Company, Inc. -  $4,025,000 - Cleaning and lining of water mains.

Milltown Borough -  $2,302,000 - Cleaning and lining of water mains.

Newark City -  $11,257,000  - Cleaning and lining of water mains

Old Bridge Municipal Utilities Authority -  $2,537,000 (2 projects) - Upgrades to the Booster Station.

Orange Township City -  $9,618,000  - Upgrades to treatment and pumping facility.

Ship Bottom Borough -  $1,353,000 - Replacement of water mains.

Stafford Township -  $7,557,000 (2 projects) - Construction of new water mains.