N.J. Admin. Code § 7:22-6.26 - Unused funds

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

Where the total amount disbursed under a grant or loan due to the low bid building cost is less than the initial Pinelands grant or loan award, and/or where the total amount disbursed under a Pinelands grant or loan due to the final building cost is less than the Pinelands grant or loan amount due to the low bid building cost, the Pinelands grant or loan shall be adjusted, if necessary, and the difference shall be retained by the Pinelands Infrastructure Trust Fund to be reallocated, pursuant to the provisions of a legislative appropriations act, to other wastewater treatment facilities projects. However, where allowable cost overruns occur, Pinelands moneys may be used to cover these cost overruns up to the grant or loan amount adjusted due to the low bid building cost. Line item adjustments for allowable project costs may be made at the request of the recipient provided the Pinelands grant or loan amount in the Pinelands grant or 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 § 7:22-6.26
Amended by R.1992 d.42, effective 1/21/1992.
See: 23 New Jersey Register 3282(a), 24 New Jersey Register 246(a).
Clarify operating procedures and the parameters under which a recipient may request a line item adjustment within a Trust loan agreement.

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