N.J. Admin. Code § 7:22-3.20 - Fund loan agreement amendments

Current through Register Vol. 54, No. 7, April 4, 2022

(a) The Department shall require a Fund loan agreement amendment to change principal provisions of a Fund loan agreement where the Department determines that project changes substantially alter the objective or scope of the project or time of performance of the project or any major phase thereof, or to change substantially a term or condition of the Fund loan agreement.
(b) In the event that additional moneys are needed due to the low bid building cost being higher than the original Fund loan amount, the recipient may request a supplemental Fund loan. The Department may execute a supplemental Fund loan agreement only after passage of a subsequent legislative appropriations act providing moneys for the specific project of concern. The recipient shall be responsible for all other increased costs.
(c) In the event that additional moneys are needed due to differing site conditions, the recipient may request a post-construction supplemental Fund loan. The Department may execute a post-construction supplemental Fund loan agreement only after passage of a subsequent legislative appropriations act providing moneys for the specific project of concern. The recipient shall be responsible for all other increased costs.

Notes

N.J. Admin. Code § 7:22-3.20
Amended by R.1992 d.42, effective 1/21/1992.
See: 23 New Jersey Register 3282(a), 24 New Jersey Register 246(a).
Deleted and replaced (b).
Amended by R.1993 d.242, effective 6/7/1993.
See: 24 New Jersey Register 4310(b), 25 New Jersey Register 2271(a).
Amendments add provision governing circumstances in which additional money is required for a project as a result of differing site conditions.
Amended by R.1998 d.407, effective 8/3/1998.
See: 30 New Jersey Register 1144(a), 30 New Jersey Register 2863(a).
In (b), substituted "recipient" for "local government unit" throughout.

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