State Infrastructure Bank Board.

The Board's administrative location changed from the Department of Commerce to the Department of State Treasurer, shifting oversight to a more fiscally-focused agency.

Definition of 'other infrastructure projects' was added to include publicly owned or public-private partnership projects essential to health, safety, and economic vitality.

New loan term requirements limit loans to 30 years unless unanimously approved, with interest rates tied to market AAA municipal bond rates.

Private capital participation requirements ensure compliance with federal and State law while protecting long-term affordability and public utility.

Removed specific cooperation requirements with the Division of Water Infrastructure and State Water Infrastructure Authority, replaced with broader regional project provisions.

Removed provisions requiring the Local Government Commission to review and approve loans, consolidating approval authority within the Board.

Removed the provision protecting the Transportation Investment Strategy Formula from modification by the Board.

New concessionary lending authority allows below-market or zero-interest loans to facilitate private capital participation and projects with insufficient commercial viability.

Blended financing authority enables the Board to combine public and private funds through subordinated loans, guarantees, and first-loss positions.

New provisions allow financial assistance to regional entities, joint agencies, and multijurisdictional authorities serving multiple governmental units.