N.J. Admin. Code § 7:22-6.15 - Pinelands Infrastructure Trust Fund grant and loan agreements

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

(a) The Department shall prepare and transmit the Pinelands Infrastructure Trust Fund grant or loan agreement to the applicant. The Pinelands grant or loan agreement sets forth the terms and conditions of the Pinelands Infrastructure Trust Fund grant or loan, approved project scope, allowable and unallowable project costs, estimated disbursement schedule, estimated loan repayment schedule and the approved commencement and completion dates for the project or major phases thereof.
(b) The Pinelands Infrastructure Trust Fund grant or loan agreement shall be executed by the applicant within such period of time and pursuant to such terms and conditions as the Department may determine. Such determinations shall be made in consultation with the Pinelands Commission and in consideration of any conditions identified in the Pinelands Infrastructure Master Plan.
(c) The Department, pursuant to such terms and conditions as it may determine, may require the applicant to irrevocably commit itself through a loan commitment letter, escrow agreement or other similar document to borrow the amount for which it has made application under the terms and conditions of the Pinelands Infrastructure Trust Fund grant or loan agreement transmitted to the applicant.
(d) The Pinelands grant or loan agreement and/or loan commitment letter, escrow agreement or other similar document shall be executed by a person authorized by resolution to obligate the applicant to the terms and conditions of the particular document for the project specified therein. A certified copy of the authorizing resolution shall be delivered to the Department at the time that the executed Pinelands grant or loan agreement, loan commitment letter, escrow agreement or other similar document is delivered to the Department.
(e) The Pinelands grant or loan agreement is deemed to incorporate all requirements, provisions, and information in documents or papers submitted to the Department in the application process.
(f) The Pinelands grant or loan agreement shall not be executed by the State if the applicant is in current default on any State loan.

Notes

N.J. Admin. Code § 7:22-6.15
Amended by R.1992 d.42, effective 1/21/1992.
See: 23 New Jersey Register 3282(a), 24 New Jersey Register 246(a).
Modified to identify the procedures related to the execution of the Pinelands Infrastructure Trust Fund grant or loan agreement, including the requirements for the applicant to provide a loan commitment letter, escrow agreement or other similar document to irrevocably commit itself to borrow the amount included within the loan agreement, if such commitment is required by the Department.

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