N.J. Admin. Code § 7:26-14A.11

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

Section 7:26-14A.11 - Effect of loan agreement

(a) At the time of execution of the loan agreement by the Department and the borrower, the loan shall become effective and shall constitute an obligation of the Resource Recovery and Solid Waste Disposal Facility Fund in the amount and for the purposes stated in the loan agreement.

(b) The award of the loan shall not commit or obligate the Department to award any continuation loan or future loans. The Department shall not in any way be held responsible for the borrower's use of loan funds.

(c) A determination of eligibility by the Department shall not be used as a defense, by the borrower, to any action by any agency for the borrower's failure to obtain all requisite permits, licenses and operating certificates.

N.J. Admin. Code § 7:26-14A.11

Recodified from 7:26-14A.15 and amended by R.1996 d.578, effective 12/16/1996.
See: 28 New Jersey Register 2114(a), 28 New Jersey Register 5248(a).
Substituted reference to future loans and to use of loan funds for reference to cost overruns. Former section recodified to N.J.A.C. 7:26-14A.8.