N.J. Admin. Code § 5:80-30.4

Current through Register Vol. 56, No. 24, December 18, 2024

Section 5:80-30.4 - Agency review and approval

(a) Upon receipt of a complete request package as delineated in N.J.A.C. 5:80-30.3, the Agency will review the request to determine whether the requested use of funds falls within the permissible uses set forth in N.J.A.C. 5:80-30.2(a) and whether there are sufficient residual receipts to fund the undertaking requested. The Agency will also evaluate the requested undertaking for feasibility.

(b) If the use of the receipts is for total funds of $ 25,000 or less, it may be approved by the Executive Director. If the request is for funds in excess of $ 25,000, the recommendation and request package shall be submitted to the Agency Board for approval.

(c) Agency approval will be subject to receipt of:

1. An opinion from Agency bond counsel that the proposed use of residual receipts is permitted under the terms of the Bond Resolution and other Bond documents in connection with the Bonds issued to finance the qualifying development; and

2. An opinion by counsel for the qualifying development that the sponsor's formation documents and the laws under which the sponsor was formed permit the proposed use of residual receipts.

(d) Agency review will be subject to the payment of a $ 3,500 fee to the Agency to cover administrative costs in reviewing and processing the use of residual receipts and to maintain the account established pursuant to N.J.A.C. 5:80-30.5. In addition, Agency review is subject to the payment of Agency bond counsel costs. Payment may be made by the entity receiving the residual receipts or the qualifying development's sponsor.

N.J. Admin. Code § 5:80-30.4

Amended by R.2005 d.219, effective 7/5/2005.
See: 37 New Jersey Register 970(a), 37 New Jersey Register 2476(a).
Rewrote (b).