Your Legislators: New Legislation Could Create Jobs

Rep. Bill Pascrell announced bi-partisan legislation aimed at creating jobs through upgrading the area’s degraded water infrastructure. 

Pascrell announced the Sustainable Water Infrastructure Investment Act of 2011 May 16 on Broad Street in Clifton, where a century-old water main broke on the street last August, causing millions of gallons of water to gush out of the 54-inch pipe. Local officials reported a total of nine smaller breaks in the surrounding area days after the accident. Senator Bob Menendez is sponsoring the legislation in the Senate.

“Experts say that our water systems need $500 billion in investment in order to meet safe drinking water and sanitation needs over the next 20 years,” Pascrell said. “The legislation will stimulate the economy and create good jobs, while also providing us with the necessary pipes to avoid water main disaster that occur too often.”

The legislation provides for the removal of state volume caps on private activity bonds for water and wastewater financing. The bonds would be one of the fastest forms of federal assistance when applied to water and wastewater projects. It would only take between 90 and 120 days to approve and sell the bonds.

According to a press release, the bonds would finance the remediation process and allow people to be hired more quickly to work on the projects.

If approved, the legislation is expected to create 28,500 jobs in its first year.