N.J. Admin. Code § 5:80-6.6

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

Section 5:80-6.6 - Investment income earned on the PSR, DCE, and CDE

(a) After payment of the annual administrative fee specified in N.J.A.C. 5:80-6.3has been funded, the investment income earned on the DCE and CDE may be used:

1. To fund current operating deficits and/or arrearages, including debt service arrearages, of the project;

2. To pay the partners a return on equity to the extent allowed by law and to the extent not paid from operating revenues of the project, but only if there are no operating deficits or arrearages at the project; and

3. In accordance with the designated uses of the accounts or for other purposes requested by the project sponsor and approved by the Agency.

(b) After funding the uses described in N.J.A.C. 5:80-6.5(b)1, 2, and 3 and the annual administrative fee specified at N.J.A.C. 5:80-6.3, the investment income on the PSR may be utilized in the manner set forth in (a) above.

N.J. Admin. Code § 5:80-6.6

Amended by 50 N.J.R. 1479(a), effective 7/2/2018