N.J. Admin. Code § 16:44-10.5
Current through Register Vol. 56, No. 12, June 17, 2024
Section 16:44-10.5 - Responsibilities of bank designated and appointed as escrow agent(a) Upon delivery of the negotiable bonds, the bank shall certify to the Department that the bonds meet the terms of acceptability defined herein and furnish a receipt to the contractor and send a copy to the Department. The receipt shall contain: 1. Description of negotiable bonds on deposit by official name;2. The rating of each issue of bonds;5. Par value and current market value of each issue.(b) The bank shall hold the negotiable bonds as escrow agent for and on behalf of the Department and the contractor in accordance with the terms of the escrow agreement and this subchapter.(c) The bank shall provide a monthly report to the Department and a copy to the contractor which shall contain:1. Description of negotiable bonds on deposit by official name;2. The rating of each issue of bonds;5. Par value and current market value of each issue;6. Total market value of all bonds deposited by the contractor.(d) The bank shall promptly collect all interest due on the bonds and pay interest to the contractor.(e) The bank shall release the negotiable bonds to the contractor only upon receipt of written authorization from the Commissioner.N.J. Admin. Code § 16:44-10.5
Amended by R.1987 d.218, effective 5/18/1987.
See: 19 N.J.R. 181(b), 19 N.J.R. 883(a).
(a) and (c) substantially amended.
Recodified from 16:44-7.6 by R.1994 d.198, effective 4/18/1994.
See: 25 N.J.R. 4727(a), 26 N.J.R. 1690(b).
Amended by R.2004 d.342, effective 9/7/2004.
See: 36 N.J.R. 1659(a), 36 N.J.R. 4155(b).
Rewrote (d); substituted "the" for "said" preceding "negotiable bonds" and deleted "of Transportation" following "Department" throughout.
Recodified from N.J.A.C. 16:44-7.5 and amended by R.2010 d.122, effective 6/21/2010.
See: 41 N.J.R. 3387(a), 42 N.J.R. 1239(a).
In (e), deleted "of Transportation" following "Commissioner".