The WISE Act (P.L. 2017, c.71), signed by Governor Christie on May 11, 2017, applies to all local government units financing an environmental infrastructure project (or project component) of $1 million or greater without utilizing the New Jersey Environmental Infrastructure Program ("NJEIFP" or "Program"). The NJEIFP is the I-Bank and Department of Environmental Protection’s (DEP) joint low-rate financing program.
Pursuant to the WISE Act, authorities and other local units seeking Local Finance Board ("Board") approval to finance such projects shall include an I-Bank Financial Cost Estimate ("Cost Estimate") with their Board applications. Municipalities and counties that do not require Board approval for such borrowing must include the Cost Estimate with the Supplemental Debt Statement ("SDS") submitted to DLGS. The Cost Estimate requirement becomes effective starting with environmental infrastructure projects the appropriation of which were approved by ordinance or resolution, as appropriate, after November 7, 2017.
The Cost Estimate, obtained via I-Bank's WISE Calculator, compares the cost for financing environmental infrastructure projects through an independent bond issuance versus the Water Bank. Information is entered into a short online questionnaire typically requiring less than five minutes to complete. Utilizing independent financial data and the borrower's submitted information, the Calculator immediately generates a Cost Estimate report detailing annual cash flow projections and total estimated debt savings over the life of the loan.
|Wise Calculator Webpage||Go to the WISE Calculator|
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