N.J. Stat. § 58:11B-20.5
The project priority list for the ensuing fiscal year shall be submitted to the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1) on or before January 15 of each year. The Senate Secretary and the Clerk of the General Assembly shall cause the date of submission to be entered upon the Senate Journal and the Minutes of the General Assembly, respectively.
No funds may be disbursed pursuant to this subsection for hazard mitigation and resilience project activities prior to certification in writing, from the bank to the State Treasurer, that the project activities satisfy the provisions of the STORM Act, sections 1 through 8 of P.L.2023, c.63 (C.58:11B-20.3 et al.), and P.L.1985, c.334 (C.58:11B-1 et seq.).
Any short-term or temporary loans made by the bank may only be made in advance of an anticipated long-term hazard mitigation and resilience project loan. Any such short-term or temporary loan made shall mature no later than the last day of the fifth succeeding fiscal year following the closing date on which the short-term or temporary loan was made by the bank. Any short-term or temporary loan made by the bank pursuant to this subsection may mature in a shorter period of time as may be necessary to align with construction completion. With respect to any short-term or temporary loan for planning, design, and construction expenses, the bank may authorize one short-term supplemental loan for residual expenses thereof upon receipt by the bank from the State Office of Emergency Management of a certification that states that the time required to complete construction of the project exceeds the maximum maturity date of the short-term or temporary loan. Any such short-term supplemental loan shall not exceed in duration the last day of the third succeeding fiscal year following the loan closing of the short-term supplemental loan.
On or before May 15 of each year, the bank shall submit the Community Hazard Mitigation Assistance Program Project Eligibility List to the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1) to be introduced in each House in the form of legislative appropriations bills, which shall be referred to the Senate Environment and Energy Committee and the Assembly Environment and Solid Waste Committee, or their successors, for their respective consideration. The Senate Secretary and the Clerk of the General Assembly shall cause the date of submission to be entered upon the Senate Journal and the Minutes of the General Assembly, respectively.
The Senate Environment and Energy Committee and the Assembly Environment and Solid Waste Committee shall, either individually or jointly, consider the legislation containing the Community Hazard Mitigation Assistance Program Project Eligibility List, and shall report the legislation, together with any modifications, out of committee for consideration by each House of the Legislature. On or before July 1 of each year, the Legislature shall approve an appropriations act containing the Community Hazard Mitigation Assistance Program Project Eligibility List, which act shall include the authorization of an aggregate amount of funds of the bank to be expended for long-term loans and guarantees for the hazard mitigation and resilience projects, including the individual amounts therefor, on the list.
On or before October 15 of each year the bank may submit an additional Community Hazard Mitigation Assistance Program Project Eligibility List, to be introduced in each House in the form of legislative appropriations bills, which shall be referred to the Senate Environment and Energy Committee and the Assembly Environment and Solid Waste Committee, or their successors, for their respective consideration. The Secretary of the Senate and the Clerk of the General Assembly shall cause the date of submission to be entered upon the Senate Journal and the Minutes of the General Assembly, respectively.
N.J.S. § 58:11B-20.5