N.J. Admin. Code § 19:31-1.2

Current through Register Vol. 56, No. 21, November 4, 2024

Section 19:31-1.2 - Bond purchaser

(a) The applicant shall secure a written commitment from a bond purchaser.

(b) A bond purchaser shall be:

1. A commercial bank or other institutional lender;

2. An underwriter or placement agent;

3. A privately owned entity; or

4. An individual.

(c) A bond purchaser other than a commercial bank or institutional lender must submit an Application to Purchase Bonds, which will be reviewed by the Authority to determine acceptability to purchase a bond. This application includes requests for identification of, or information about:

1. The officers, directors, partners, owners and stockholders of the applicant;

2. Litigation involving the applicant;

3. Applicant's counsel, principal banks of account, and accountant; and

4. Financial statements of applicant.

(d) The bond purchaser establishes the amount, term, interest rate, collateral, etc., for the bond in negotiation with the applicant.

N.J. Admin. Code § 19:31-1.2

Amended by R.1997 d.270, effective 7/7/1997.
See: 29 New Jersey Register 1485(b), 29 New Jersey Register 2844(b).
Deleted (c), barring bond purchaser from being substantial owner or user of project; and recodified former (d) and (e) as (c) and (d).