RESOLUTION NO RESOLUTION CERTIFYING PROJECTS FOR THE STATE FISCAL YEAR 2012 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FINANCING PROGRAM

Transcription

1 RESOLUTION NO RESOLUTION CERTIFYING PROJECTS FOR THE STATE FISCAL YEAR 2012 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FINANCING PROGRAM WHEREAS, pursuant to Sections 5(m) and 9 (a) of the New Jersey Environmental Infrastructure Trust Act (N.J.S.A. 58:11B-1 et seq.) (the "Act"), the New Jersey Environmental Infrastructure Trust (the "Trust") is authorized to make and contract to make loans to local government units or public water utilities (the "Borrowers") to finance a portion of the co st of environmental infrastructure projects which may lawfully undertake or acquire and for which they are authorized by law to borrow funds; and WHEREAS, the Borrowers having projects listed in P.L. 2011, c.95 and in the Trust's Financial Plan submitted to the Legislature in May, 2011 pursuant to N.J.S.A. 58:11B-'21 submitted applications to the Trust for Trust loans under the State Fiscal Year (SFY) 2012 Environmental Infrastructure Financing Program (as described in the Trust's Financial Plan) to finance a portion of the allowable costs of their environmental infrastructure projects; and WHEREAS, the Legislature has authorized in P.L.2011, c.95 the expenditure of Trust funds to finance a portion of the allowable costs of the projects of certain Borrowers designated in Sections 2 and 4 of this legislation (constituting the "SFY2012 Project Priority List") ; and WHEREAS, representatives of the Department of Environmental Protection (DEP) and the staff of the Trust have reviewed and evaluated these applications in accordance with the provisions of N.J.A.C. 7: and 4.46, have advised the Trust which of these applications may be deemed complete, have made recommendations to the Trust which applications may be approved or conditionally approved for Trust Loans, and have determined the amounts presently constituting the allowable co sts which may be fmanced with Trust loans; and WHEREAS, the Trust has received DEP certifications that certain projects are in conformity with P.L. 1985, c.329 the Wastewater Treatment Bond Act of 1985; P.L. 1992, c.88, N.J.S.A. 58:12A-1 et seq.; P.L. 2003, c.l62 (Darn, Lake, Stream, Flood Control, Water Resources, and Wastewater Treatment Project Bond Act of 2003) the Green Acres, Clean Water, Farmland and Historic Preservation Bond Act), N.J.S.A. 58:12A-2 Et. Seq., and /or P.L. 1981, c.261 and any rules and regulations adopted pursuant thereto; and with respect to certain other projects, certification conditioned upon such projects satisfying certain contingencies required by ' the DEP pursuant to its regulations. NOW THEREFORE BE IT RESOLVED, the Trust Board of Directors hereby approves the project applications set forth in Appendix A for Trust loans under the SFY2012 Environmental Infrastructure Financing Program, subject to certification of the corresponding projects by the Chairman or Vice Chairman of the Trust pursuant to the provisions of Section 2 and 4 of P.L.2011, c.95 as being in conformity with the provisions of the Act and rules and regulations adopted pursuant thereto; and BE IT FURTHER RESOLVED THAT the Trust approves the project applications set forth in Appendix B for Trust loans under the SFY2012 Environmental Infrastructure Financing

2 Program, subject to certification of the correspond ing projects by the Chairman or vice Chairman of the Trust pursuant to the provisions of Section 2 artd 4 of P.L. 2011, c. 95 as being in conformity with the provisio ns of the Act and rules and regulations adopted pursuant thereto and conditioned upon each of the projects satisfying those contingencies set forth in the certification of the Commissioner of DEP, or his designee; and BE IT FURTHER RESOLVED THAT these projects rece1vmg conditional certification will be deemed certified when DEP provides satisfactory evidence to the Executive Director of the Trust that all of the conditions have been met. Adopted Date: February 9, 2012 Motion Made By : Motion Seconded By: Mr. Gardner Mr. Requa Ayes: 6 Nays: 0 Abstentions: 0

3 CHRIS CHRISTIE Governor KIM GUADAGNO Lt. Governor tate n fn IDerse DEPARTMENT OF ENVIRONMENTAL PROTECTiON WATER RESOURCE MANAGEM{!:NT OFFICE OF THE ASSISTANT COMMISSIONER 1>.(). Box 420 Trenton, New ers y Phone: (609) BOB MARTIN Commissioner Warren H. Victor, Chairman FEB New Jersey Environmental Infrastmcture Tmst 3131 Princeton Pike, Building 6, Suite 201 Lawrenceville, New Jersey Dear Mr. Victor: Enclosed please find a copy of the New Jersey Environmental Infrastmcture Financing Program Project Certification for forty (40) projects and conditional certification for ten (10) projects that have applied for financing in SFY2012. In accordance with the provisions ofn.j.a.c. 7: , it is hereby recommended that the Trust rely upon this determination in order to certify or conditionally certify these projects as being in conformity with technical, programm atic, scientific, and budgetary requirements and criteria of P.L. 1985, c.334 (the New Jersey Envirqnmental Infrastructure Tmst Act, N.J.S.A. 58:11B-1 et seq.) and any mles and regulations adopted pursuant thereto. As in previous fiscal years' financing, the Department is in part relying on the Tmst's evaluation of the financial requirements and criteria to finance these projects under the New Jersey Environmental Infrastmcture Financing Progr1:,1m. Sincerely, (" Jo ons Assistant Commissioner Enclosure cc: David E. Zimmer, Executive Director, NJ Environmental Infrastmcture Tmst Richard Nolan, McCarter and English New Jersey is an Equal Opportunity Employer Printed on Recycled Paper and Recyclable

4 htte of fn Werseu DEPARTMENT OF ENVIRONMENTAL PROTECTION WATER RESOURCE MANAGEMENT CHRIS CHRISTIE Governor BOB MARTIN Cmnmissioner KIM GUADAGNO., Lt. Governor I, Johri Plonski, Assistant Commissioner, Water Resource Management, New Jersey Department of Environmental Protection, do hereby certify the following projects as being in conformity with the applicable provisions of the rules and regulation$ adopted pursuant to P.L. 1985, c.329 (the Wastewater Treatment Bond Act), P.L. 1992, c.88 (the Green Acres, Clean Water, Farmland and Historic Preservation Bond Act), NTS.A. 58:12A-1 et seq., P.L. 2003, c. 162 (])am, Lake, Stream, Flood Control, Water Resources, and Wastewater Treatment Project Bond Act of2003) and P.L. 1981, c.261 (Water Supply Bond Act). Estimated Loan Local Unit/Project Sponsor Pro.iect NQ. Amount North Hudson SA S $2,110,290 Bordentown SA S34QZ19 03 $2,338,068 Princeton Borough S d7 A $1,522,859 Prjnq=!t()n Township s34o 6s6 o'7 s $1,661,872 Oc an County UA S $4,134,438 Cape M<:lY County MUA S34d66'1-15 $55,166 Raritan Township MUA S3404 5QB $952,770 Roselle Borough s;3403,32 01 $1,881,209 t{prfli]tcm Township MUA S34d9p :o3 $1,0,18,446 Midiahd Park Borough S b.1 $155;796 Long Beach Township S340Q23 04 $2,643,711 S aside Park Borough $3;799,509 Cape Mf3Y County MUA $ $233,516 Pfeasar'itville City S34d752:d1 $1,Off6,332 Berkeley Township S340Q69-10 $72,384 Linwood City :02 $1,425,076 Hc:mover SA s34d38s o4 $5,110,090 Hightstown Boro S $151,934 Harrington Park Borough S $349,717 North B rgen MUA S $323,700 Ocean county s344o8o1o1a $1,523,639 Ocean Gate Borough S $2,048,150 Lakewood.Twp MUA 15140Q2-002/6?1 8/9/1 0-1 $2;065,34,8 Hammonton Town $2,957,38'8 Seaside Park Borough $4,279,6.54

5 NJAr:nerican Wpter Go. o7120o1..:oo5 $66,186,'1f39 L.oil9 e.. ch TownshiP o.11 :?ooj-ooz 0510DP1-Q04 $ o112_oo1..:oo1 1514QQ2 0f:t 10P5QQ1-0b3 0907' I;wing-Lawrenc SA.Stone Hc:ii 6or Borough sfone tiarbor:sorol.lgh $ Pembrton Towm:;hip ()()3 Pemberton Township $216,990 Total - 40 Projects $130,304,5 9 In addition, I do hereby conditionally certify the following projects as being ih conformity with the applicable provisions of the rules and regulations adopted pursuant to P.L. 1985, c.329 (the Wastewater Treatment Bond Act), P.L. 1992, c.88 (the Green Acres, Clean Water, Farmland and Historic Preservation Bond Act), N.J.S.A. 58:12A-1 et seq., P.L. 2003, c.l62 (Dam, Lake, Stream, Flood Control, Water Resources, arid Wastewater Treatment Project Bond Act of 2003) and P.L. 1981, c.261 (Water Supply Bong Act). These projects are conditionally certified since they have not, to date, received the appropriate approvals to award contracts to implement the projects. The anticipated date for each of the following projects to qualify for unconditional certification is listed below. Target Estimated Loan Local Unit/Project Sponsor Project No. Approval D.ate AmQuht Milltown Borough S /29/1.2 $1.44 ;422 Camden County MUA S /29/12 $50.o5o;o_oo Camden County MUA S34d /29/12 $4,530,000 Hightstown Borough /29/12 $ 23,240 Hightstown Borough S /21/12 $825,020 New Jersey City University S /15/12 $16,284,954 Clifton City S /29/12.$323,978 Clifton City S /29/12 $1,7'76,022 Montclair Township /29/12 $1,205,830 Newark City /22/12 $17,7'14,207 Total- 10 Projects $95,079,673 These projects have undergone programmatic, technical, environmental and scientific evaluations to determine merit and relevance to the Department's objectives. In additio n, in

6 order to ensure the best use of public funds, the projects were evaluated to determine the cost effectiveness and whether the project costs are reasonable, applicable and allowable under the program, pursuant to the provisions of N.J.A.C. 7:22-5.1, Determination of Allowable Costs; Fund and Tmst. Date: --- John P ski Assis ant Commissioner

7 New Jersey Environmental Infrastructure Trust FY2012 Financing Program Credit Rating Review of Applicants with Submitted Letters of Intent 43 Prepared by Public Financial Management, Inc. Direct Loan Candidate As of2/7/2012

8 New Jersey Environmental Infrastructure Trust FY2012 Financing Program Credit Rating Review of Applicants with Submitted Letters of Intent ( " ) Prepared by Public Financial Management, Inc.

9 New Jersey Environmental Infrastructure Trust FY2012 Financing Program Credit Rating Review of Applicants with Submitted Letters of Intent - Prepared by Public Financial Management, Inc. As of2nl2012

10 --- New Jersey Environmental Infrastructure Trust Warren H. Victor, Chairman Herbert Barrack, Vice Chairman Robert A. Briant, Sr. Treasurer Steven Gardner, Secretary Andrew P. Sidamon-Eristoff, State Treasurer Bob Martin, DEP Commissioner Richard E. Constable, Ill, Acting DCA Commissioner 7fflt*' ='V ;t; l: :If k%$ - "Financing New jersey's Water Quality Future" David E. Zimmer, CFA, Executive Director February 9, 2011 I, Warren Victor, Chairman, New Jersey Environmental Infrastructure Trust (Trust), do hereby certify the following projects as being in conformity with the provisions of the rules and regulations adopted pursuant to P.L.1985, c.329 (the Wastewater Treatment Bond Act), P.L.1992 c.88 (the Green Acres, Clean Water, Farmland and Historic Preservation Bond Act), N.J.S.A. 58:12A-1 et seq., P.L.2003, c.162 (Dam, Lake, Stream, Flood Control, Water Resources, and Wastewater Treatment Project Bond Act of 2003) and/or P.L.1981, c.261 (Water Supply Bond Act). Local Unit/Proiect Sponsor Proiect No. Certified Amount Aberdeen, Township of $1,263,369 BayonneMUA S $915,260 Berkeley Township S $72,384 Bordentown SA S $2,338,068 Burlington Township S $908,349 ByramHOA $90,000 ByramHOA $252,500 ByramHOA $38,250 ByramHOA $27,540 ByramHOA $155,500 Cape May County MUA S $55,166 Cape May County MUA S $243,673 Cape May County MUA S $219,658 Cape May County MUA S $233,516 Cape May CountyMUA S $776,100 Cape May County MUA S $5,649,867 Dover Town $213,039 Elizabeth City S $6,558,417 Ewing-Lawrence SA S $1,381,766 Galloway Township S $109,268 Gloucester Township S $1,563,450 Hamilton Township_ MUA $311,448 Hamilton Township MUA $721,479 Hamilton Township MUA S $1,018,446 Hammonton Town $2,957,388 Hanover SA S $5,110,090 Harrington Park Borough S $349,717 Hightstown Borough S $151,934 Jersey City MUA S $1,800,160 KearnyMUA S $1,685, Princeton Pike, Building 6, Suite 201, Lawrenceville, NJ Website: Phone: (609) Fax: (609)

11 Kearny Town $891,950 Lakehurst Borough $71, , 006, Lakewood Township MUA 007, 008, 009, $2,065,348 Lakewood Township MUA $3,299,401 Linden Roselle SA S $10,255,655 Linwood City S $1,425,076 Long Beach Townshii> S $2,643,711 Long Beach TownshiiJ $2,264,365 Maple Shade Township S $1,315,755 Maywood Borough S $876,628 Middlesex Water Co $4,000,000 Midland Park Borough S $155,796 Monroe Township $2,891,200 Mount Olive Township $748,013 New Jersey American Water Co $6,034,685 New Jersey American Water Co $66,186,789 New Jersey WSA S $2,001,940 New Jersey WSA $3,083,000 North Bergen Township MUA S $323,700 North Hudson SA S $2,110,290 Northwest Bergen County UA S $5,127,721 Nutley Township $1,982,864 Ocean County S A $1,523,639 Ocean County UA S $5,019,123 Ocean County UA S $4,134,438 Ocean County UA S $1,595,100 Ocean Township S $806,320 Ocean Township $300,440. Ocean Township $258,800 Ocean Township $700,987 Old Bridge MUA S $8,974,000 Old Bridge MUA S $3,271,000 Old Bridge MUA S $1,643,800 Pemberton Township $216,990 Pemberton Township $47,710 Pleasantville City S $1,086,332 Pompton Lakes Borough MUA $1,650,922 Princeton Borough S A $1,522,859 Princeton, Township of S B $1,661,872 Raritan Township SA S $952,770 Raritan Township SA S $1,340,300 Rockaway Valley RSA S $3,801,000 Roselle Borough S $1,881,209 Seaside Park Borough S $3,799,509 Seaside Park Borough $4,279,654 Stone Harbor Borough S $3,833,008 2

12 Stone Harbor Borough $697,711 Stone Harbor Borough $413,556 Weehawken Township S $8,892,448 Westville Borough $279,520 Westville Borough $722,325 Westville Borough $91,440 Willingboro Township S $1,543,195 Winslow Township $3,091,028 TOTAL $226,959,643 The following projects are hereby conditionally certified as being in conformity with the provisions of the rules and regulations adopted pursuant to P.L c.329, PL 1992 c.88, NJSA. 58:2A-1 et. seq., P.L. 2003, c152 and or P.L. 1981, c.261 contingent upon the receipt, prior to the loan closing, by the Department pursuant to its rules and regulations. Local Unit/Project Sponsor Aqua New Jersey, Inc. Aqua New Jersey, Inc. Bergen County UA Camden County MUA Camden County MUA Clifton City Clifton City Clinton Town Clinton Town Clinton Town Colonial Estates Frenchtown Borough Hightstown Borough Hightstown Borough Project No S S S S S S S S Conditionally Certified Amount $806,130 $400,460 $1,298,542 $50,050,000 $4,530,000 $323,978 $1,776,022 $1,296,685 $714,134 $842,400 $2,300,992 $12,322,205 $825,020 $923,240 Ocean Gate Borough Matawan Borough Matawan Borough Milltown Borough Montclair Township New Jersey City University Newark City / \ )/ D'avid E. Zimmer {2 Executive Director NJ Environmental rastructure Trust S S S S S T L jj Warren Victor Chairman 3 NJ Environmental Infrastructure Trust $2,048,150 $4,820,000 $603,200 $1,446,422 $1,205,830 $16,284,954 $17,714,207,... $122,532,571