N.J. Admin. Code § 19:34B-5.1
Current through Register Vol. 56, No. 23, December 2, 2024
Section 19:34B-5.1 - Grant amount(a) At the time the grant agreement is offered to the school district and the Authority, the grant for the delegated portions of the school facilities project shall become effective and shall constitute an obligation of moneys in the amount and for the purposes set forth in the grant agreement.(b) At the time of execution of the grant agreement by the district, the grant amount shall equal the State share of the costs of the delegated portions of the school facilities project, as informed by the CWE calculated by the Authority. The grant amount shall thereafter be adjusted:1. In accordance with, and upon approval of the final eligible costs, if the grant agreement is for delegation of construction; or2. Upon the revision of the CWE in accordance with the award of a contract for demolition and/or construction management.(c) The grant may be further adjusted in accordance with 19:34B-5.2.(d) The grant shall be used only to pay for approved costs as specified in the grant agreement and this chapter. N.J. Admin. Code § 19:34B-5.1