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State of New Jersey Department of Environmental Protection
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FOR IMMEDIATE RELEASE
May 12, 2005

Contact: Peter Boger
(609) 984-1795

STATE PROVIDING $15 MILLION IN LOANS FOR
LAKE DREDGING AND STREAM CLEANING PROJECTS

(05/58) TRENTON -- The New Jersey Department of Environmental Protection (DEP) today announced that it will be providing $15 million in low-interest loans to finance lake dredging and restoration and stream cleaning and de-snagging projects. The money will come from the voter-approved Dam, Lake, Stream, Flood Control, Water Resources and Wastewater Treatment Project Bond Act of 2003 (Bond Act).

"These loans can help communities address the problems that have affected the environmental quality of these waterways, as well as the quality of life for the people who use these waters," said DEP Commissioner Bradley M. Campbell.

The loans made available by the Bond Act will be distributed by the DEP through a competitive application process. Terms of the loans shall not exceed 20 years and the interest shall not exceed two percent. Local municipalities or counties will have to serve as co-applicants on all loans to private owners of lakes and streams or private lake associations.

In November 2003, New Jersey voters overwhelmingly approved Public Question Number 3, authorizing $150 million in bonds to help repair dams as well as $50 million in bonds for state-authorized loans financing wastewater treatment and lake dredging and stream cleaning projects that can provide vital improvements to water quality.

DEP is accepting applications for loans through June 30, 2005. For further information about the loan program or to obtain a copy of the loan application, visit http://www.nj.gov/dep/ec/. Further information about the Bond Act is available at http://www.nj.gov/dep/damsafety/chapter162.pdf. [PDF; requires a free reader.]

 

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Last Updated: May 12, 2005