N.J. Admin. Code § 7:22-3.26 - Unused funds

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

Where the total amount disbursed under a Fund loan due to the low bid building cost is less than the initial Fund loan award, and/or where the total amount disbursed under a Fund loan due to the final building cost is less than the Fund loan amount due to the low bid building cost, the Fund loan shall be adjusted, if necessary, and the difference shall be retained by the Fund to be reallocated, pursuant to the provisions of a legislative appropriations act, to other environmental infrastructure facilities projects and shall not be available for increased costs (including increased costs due to differing site conditions). However, where allowable cost overruns occur, Fund moneys may be used to cover these cost overruns up to the loan amount. Line item adjustments for allowable project costs may be made at the request of the recipient provided the Fund loan amount in the Fund loan agreement is not exceeded and provided all project related contracts have been awarded. However, the Department shall not allow line item adjustments to reallocate funds resulting from cost underruns due to a reduction in project scope.

Notes

N.J. Admin. Code § 7:22-3.26
Amended by R.1992 d.42, effective 1/21/1992.
See: 23 New Jersey Register 3282(a), 24 New Jersey Register 246(a).
Provision for line item adjustments added.
Amended by R.1993 d.242, effective 6/7/1993.
See: 24 New Jersey Register 4310(b), 25 New Jersey Register 2271(a).
Amended to specifically state that Fund moneys included in the original Fund loan award which are in excess of the low bid adjusted Fund loan amount are not available to cover a recipient's project cost increases (including cost increases due to 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).
Substituted "environmental infrastructure" for "wastewater treatment" in the first sentence and deleted "adjusted due to the low bid building cost" from the end of the second sentence.

The following state regulations pages link to this page.



State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.