N.J. Admin. Code § 7:22-4.26 - Unused funds
Current through Register Vol. 54, No. 7, April 4, 2022
Where the total amount disbursed under a Trust loan due to the low bid building cost is less than the initial Trust loan award, and/or where the total amount disbursed under a Trust loan due to the final building cost is less than the Trust loan amount due to the low bid building cost, the difference shall be retained by the Trust to be used for making a recipient's debt service payments until exhausted or for any other purpose as determined by the Trust in accordance with the applicable Trust loan agreement and Trust bond resolution. The difference may also be used to cover a recipient's increased costs due to differing site conditions, as approved by the Trust. Line item adjustments for allowable project costs may be made at the request of the recipient as long as the Trust loan amount in the Trust loan agreement is not exceeded and provided all project related contracts have been awarded. The Trust may allow line item adjustments to reallocate funds resulting from cost underruns due to a reduction in project scope in order to cover costs due to differing site conditions.
See: 23 New Jersey Register 3282(a), 24 New Jersey Register 246(a).
Clarified operating procedures and the parameters under which a recipient may request a line item adjustment within a Trust loan agreement.
Amended by R.1993 d.242, effective
See: 24 New Jersey Register 4310(b), 25 New Jersey Register 2271(a).
Amended to clarify that increased allowable costs due to differing site conditions may be funded from a recipient's initial or supplemental Trust loan in instances where cost underruns have occurred.
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