N.J. Admin. Code § 19:30-6.4
Current through Register Vol. 56, No. 12, June 17, 2024
Section 19:30-6.4 - Bond post-closing fees(a) The fees in this section are due and payable upon closing of the bond amendment, approval of change of ownership, or signing of modification consent, waiver, or similar documents. 1. For refunding bonds issued to refinance or change the terms of outstanding Authority bonds, an amount equal to one-half of the closing fee (see 19:30-6.3(a) ) shall be charged. Notwithstanding the foregoing, a single modification that does not involve a new purchaser will be charged the fee required under (a)5 below.2. For combination refunding and new money bonds, an amount equal to one-half of the closing fee (see 19:30-6.3(a) ) shall be charged on the refunding portion and the closing fee (see 19:30-6.3(a) ) shall be charged on the new money portion.3. For change of ownership of 50 percent or more of the project property or ownership interest in the borrower to an unrelated entity, or to a related entity not previously approved by the Authority for the project, a $ 1,500 fee shall be charged.4. For change of ownership of the project property or ownership interest in the borrower to a previously Authority-approved related entity, or for the transfer of less than 50 percent of the project property or ownership interest in the borrower to an unrelated entity (excluding a limited partner, or a shareholder holding or about to hold an ownership interest in the borrower of 10 percent or less), a $ 750.00 fee shall be charged.5. For changing project location or description, or changing loan document provisions on bond-financed projects, a $ 1,500 fee shall be charged.6. For review and execution of a document or the preparation of documents, or granting a consent or waiver related to an Authority-assisted project, a fee of $ 250.00 shall be charged. For direct loans, a standard documentation fee of $ 500.00 shall be charged except for direct loans under the Small Business Fund or 34:1B-47 et seq., for which the fee shall be $ 300.00; and for any negotiations pertaining to Authority documentation, legal costs of the Authority shall be borne by the borrower.7. For executing (up to 10 bonds) or authorizing issuance of substitute bonds, a fee of $ 100.00 per project, per occurrence shall be charged.8. For modifying or restructuring payment terms for a direct loan or loan guarantee project a fee of $ 1,000 shall be charged.9. For each request for any administrative changes, additions, or modifications to the reimbursement under the Brownfields and Contaminated Site Remediation Program, a non-refundable fee of $ 2,500 shall be paid for projects with an approved maximum aggregate reimbursement of $ 5,000,000 or less and a non-refundable fee of $ 5,000 shall be paid for projects with an approved maximum aggregate reimbursement in excess of $ 5,000,000; and for any major changes, additions, or modifications to the reimbursement under Brownfields and Contaminated Site Remediation Program, such as those requiring extensive staff time and Board approval, a non-refundable fee of $ 7,500 shall be paid for projects with an approved maximum aggregate reimbursement of $ 5,000,000 or less and a non-refundable fee of $ 25,000 shall be paid for projects with an approved maximum aggregate reimbursement in excess of $ 5,000,000.10. For due diligence, including, but not limited to, debarment/disqualification reviews, or other analyses by a third-party retained by the Authority, if the Authority deems such retention to be necessary, the full amount of direct costs shall be charged.(b) When a bond transaction does not by its terms fall into one of the above categories, the Authority, in its discretion, shall determine the appropriate category based on the substance of the transaction. The categorization of the transaction on U.S. Department of the Treasury, Internal Revenue Service Form 8038 will be a significant factor in the determination of the fee.(c) Any payment made on a direct loan which is returned due to insufficient funds shall result in a charge of $ 35.00.N.J. Admin. Code § 19:30-6.4
Amended by 47 N.J.R. 277(b), effective 1/20/2015Amended by 52 N.J.R. 2064(a), effective 11/16/2020Amended by 55 N.J.R. 1476(a), effective 7/17/2023