N.J. Admin. Code § 5:30-2.7

Current through Register Vol. 57, No. 1, January 6, 2025

Section 5:30-2.7 - Request for determination of period of usefulness

(a) As used in this section, the terms set forth below shall have the following meanings:

1. "Capital improvement" means any of the following:

i. Development of land;

ii. Acquisition, construction, improvement, rehabilitation, and/or renovation of buildings, roads, structures, facilities, and infrastructure; or

iii. Major repairs, reconditioning, or overhaul that meaningfully extends the useful life of an existing capital asset.

2. "Property" means real property, or personal property of a substantial nature, such as vehicles or major equipment.

(b) For any capital improvement or property with a useful life of five years or more that is not included at N.J.S.A. 40A:2-22, a municipality or county may request that the Director of the Division of Local Government Services in the Department of Community Affairs determine a period of usefulness for the same, provided that no law, including the Local Bond Law, expressly prohibits the authorization of obligations for the capital improvement or property. Any request to the Director shall:

1. Identify the subject capital improvement or property;

2. Request a useful life determination of not less than five years, but not more than 15 years;

3. Provide a certification from an engineer, architect, or other appropriate professional that the physical useful life of the capital improvement or property meets, at a minimum, the period of usefulness being requested, including such supporting documentation and other information as may be required by the Director;

4. State whether the issuance of an obligation for the capital improvement or property would require Local Finance Board approval; and

5. Supply such other information, as may be required by the Director.

(c) Once the Director issues a period of usefulness determination regarding property or a capital improvement, the Director may make said determination applicable to all municipalities and counties upon publication of a notice in the New Jersey Register. If the Director's useful life determination has been published in the New Jersey Register, a municipality or county may only submit a request for a determination for the same capital improvement or property if the request is readily and clearly distinguishable from the published determination.

N.J. Admin. Code § 5:30-2.7

As amended, R.1979 d.16, eff. 1/17/1979.
See: 10 New Jersey Register 529(a), 11 New Jersey Register 59(a).

Adopted by 55 N.J.R. 1690(a), effective 8/7/2023