N.J. Admin. Code § 16:76-2.2
Current through Register Vol. 57, No. 1, January 6, 2025
Section 16:76-2.2 - Other requirements(a) Carriers shall abide by all requirements of NJ TRANSIT and the FTA to the extent applicable.(b) Carriers shall provide any records or documentation that FTA or NJ TRANSIT may require to facilitate completion of any audit process in relation to any FTA grant or any report required to be submitted to FtA.(c) Carriers shall certify to NJ TRANSIT that all capital improvements are being satisfactorily maintained along accepted product standards throughout their useful life span. Carriers shall develop and submit to NJ TRANSiT a maintenance plan if required by FTA or NJ TRANSIT.(d) A carrier shall enter into a lease agreement with NJ TRANSIT for any items received through the PCCIP. Any capital improvements may be repossessed by NJ TRANSIT or cost of the improvement recovered, where applicable, if a fully executed lease agreement between the carrier and NJ TRANSIT has not been executed and/or appropriate insurance requirements have not been met. The lease will clearly outline all obligations pertaining to the carrier and NJ TRANSIT.(e) NJ TRANSIT will retain title to all equipment purchased through the PCCIP throughout the life of the equipment. In the event that funds from the PCCIP are utilized to improve equipment or facilities owned by the carrier, or any affiliate or any other entity, NJ TRANSIT shall obtain a security interest in the equipment or facilities equal to the cost of the capital improvements and a carrier's certification that the asset will remain in public use for the length of its useful life. Based on past actions of the carrier and/or affiliates of the carrier, the lease may be conditioned on a carrier agreeing that it or any present or future affiliate shall not provide additional regular route bus services with NJ TRANSIT buses leased to the carrier without NJ TRANSIT's approval.N.J. Admin. Code § 16:76-2.2
Adopted by 54 N.J.R. 90(b), effective 1/3/2022