N.J. Admin. Code § 19:31-1.7
Current through Register Vol. 56, No. 24, December 18, 2024
Section 19:31-1.7 - Approval process(a) Only the Members acting at a duly constituted public meeting can authorize or approve assistance to a project. These public meetings will satisfy the requirements for public hearings in accordance with the IRC. The Authority staff is not empowered to authorize or approve such assistance.(b) The following approvals are required: 1. A preliminary resolution prepared by bond counsel making certain affirmative findings and determinations concerning the eligibility for assistance. i. Such official action permits an applicant to begin making expenditures on the project without jeopardizing the tax-free eligibility.ii. If an applicant makes substantial expenditures on a project prior to such official action, the expenditures may not be eligible for tax-free financing. The applicant should consult with bond counsel for advice as to how the IRC applies to expenditures.iii. A preliminary approval is not by itself sufficient authorization to permit the issuance of bonds;2. A final bond resolution prepared by bond counsel authorizing bonds to be issued, subject to the following: i. Receipt of a written commitment acceptable to the Authority from a bond purchaser;ii. Substantial agreement among the interested parties as to the form and substance of the financing documents; andiii. Availability under the State volume cap or carryforward bond allocation for bond financing in accordance with the IRC; and3. Approval of the Governor.(c) Bond counsel may prepare a combination resolution granting both preliminary and final bond approval at a single meeting, if the requirements set forth in (b)1 and 2 above have been met.(d) The bond closing must occur within a specified period of time, usually not exceeding 90 days from the date of final bond approval.N.J. Admin. Code § 19:31-1.7
Amended by R.1995 d.435, effective 8/21/1995.
See: 27 New Jersey Register 2377(a), 27 New Jersey Register 3216(a).