Statutes, codes, and regulations
New Jersey Administrative Code
Title 7 - ENVIRONMENTAL PROTECTIONChapter 11 - NEW JERSEY WATER SUPPLY AUTHORITY
Subchapter 4 - SCHEDULE OF RATES, CHARGES AND DEBT SERVICE ASSESSMENTS FOR THE SALE OF WATER FROM THE MANASQUAN RESERVOIR WATER SUPPLY SYSTEM
Section 7:11-4.4 - Debt service cost component

N.J. Admin. Code § 7:11-4.4

Download
PDF
Current through Register Vol. 56, No. 11, June 3, 2024
Section 7:11-4.4 - Debt service cost component
(a) The debt service costs component is based upon the amount to be included for debt service costs with respect to each annual payment period or portion thereof, and will be that amount accruing in the bond year (starting on August 1 of each calendar year and ending on the next following July 31) or corresponding portion thereof, commencing during the fiscal year (starting on July 1 of each calendar year and ending on the next following June 30) within which such annual payment period or portion thereof falls. The debt service costs include the aggregate amounts payable during the specified period for:
1. Interest accruing during such period on the bonds, but not including any interest accruing on the State loan bonds which is to be deferred and added to principal, until payment in respect of such deferred interest is to commence;
2. That portion of each required principal payment or mandatory redemption or sinking fund payment on the Authority bonds (together, "principal installment") which would accrue during such period;
3. Such additional amounts as are required to provide a debt service coverage in accordance with the following schedule:

Twelve Month Period Beginning onCoverage Percent of Gross Debt
Service
2/1/91-1/31/92105 percent
2/1/92-1/31/93110 percent
2/1/93-1/31/94115 percent
2/1/94-1/31/95 and thereafter120 percent

4. Any amounts payable into any debt service reserve fund established for any Authority bonds.
(b) A delayed water purchase surcharge will be assessed to all water purchasers who entered into a water purchase contract for an uninterruptible service commencing subsequent to the system operation date (delayed water purchase contract). This includes a purchaser under an initial water purchase contract, which provides for an increase in the amount of uninterruptible service effective subsequent to the system operation date.
1. The following debt service rate based on a sales base of 4.435 million gallons per day, applies to the delayed water purchase contract commencing July 1, 2001, October 1, 2002, and January 1, 2005.
Period Rate/Million Gallons (Coverage 120 percent)
7/1/2023 to 6/30/2024 $438.92
(c) In place of the imposition upon any delayed water purchaser of delayed water purchaser surcharges with respect to any one or more items, a delayed water purchaser may, at the time of entry into a delayed water purchase contract, make a single lump sum payment in respect of such items in a manner to be agreed upon between the Authority and the delayed water purchaser.

N.J. Admin. Code § 7:11-4.4

Amended by 46 N.J.R. 1745(a), effective 8/4/2014.
Amended by47 N.J.R. 1318(a), Effective June 15, 2015, operative July 1, 2015
Amended by 48 N.J.R. 1065(a), effective 6/20/2016
Amended by 49 N.J.R. 1680(a), effective 6/19/2017
Amended by 50 N.J.R. 1487(a), effective 7/2/2018
Amended by 51 N.J.R. 991(a), effective 6/17/2019
Amended by 52 N.J.R. 1266(a), effective 6/15/2020
Amended by 53 N.J.R. 1084(a), effective 6/21/2021
Amended by 54 N.J.R. 1166(a), effective 6/20/2022
Amended by 55 N.J.R. 1290(a), effective 6/19/2023