N.J. Admin. Code § 7:1A-2.24

Current through Register Vol. 56, No. 11, June 3, 2024

Section 7:1A-2.24 - Project changes and loan modifications

(a) A loan modification means any written alteration of the loan terms or conditions, budget or project method or other administrative, technical or financial agreements.

(b) Due to the limited amount of funds available for water supply projects there shall be no loan modification increasing the loan amount. Increased costs resulting from a loan modification shall be the responsibility of the borrower.

(c) The borrower shall promptly notify the Administrator in writing (certified mail, return receipt requested) of events or proposed changes which may require a loan modification including but not limited to:

1. Rebudgeting;

2. Changes in approved technical plans or specifications for the project;

3. Changes which may affect the approved scope or objective of a project;

4. Significant, changed conditions at the project site;

5. Deceleration in the time for the performance of the project or any major phase thereof;

6. Changes which may increase or substantially decrease the total cost of a project;

7. Changes in key personnel identified in the loan award document or a reduction in time or effort devoted to the project by such personnel.

(d) If the Department decides a formal loan amendment is necessary, it shall notify the borrower and a formal loan amendment shall be prepared in accordance with 7:1A-2.25. If the Department decides a formal loan amendment is not necessary, it shall follow the procedures of 7:1A-2.26 or 2.27, as applicable.

N.J. Admin. Code § 7:1A-2.24

As amended, R.1984 d.232, effective 6/18/1984.
See: 16 New Jersey Register 631(a), 16 New Jersey Register 1479(a).
"Project changes and loan modifications" was formerly codified at N.J.A.C. 7:1A-2.25.
(d): N.J.A.C. references changed.