N.J. Admin. Code § 7:7-17.18

Current through Register Vol. 56, No. 17, September 3, 2024

Section 7:7-17.18 - Financial assurance; fully funded trust fund requirements

(a) A person who chooses to establish a fully funded trust fund as financial assurance pursuant to this subchapter shall submit to the Department the original fully funded trust fund agreement. The trust fund agreement shall:

1. Be executed by an entity that has the authority to act as a trustee and whose trust operations are regulated and examined by a New Jersey or Federal agency;

2. Include any applicable Department file number, and the name, street address, lot, block, municipality, and county of the mitigation site;

3. Specify that the fully funded trust fund cannot be revoked or terminated without the prior written approval of the Department;

4. Specify that the trustee may only disburse funds with the Department's written approval;

5. Specify that funds shall be utilized solely for the purposes of conducting the mitigation project or mitigation bank as approved by the Department;

6. Specify that the Department may access the fully funded trust fund to pay for the cost of the mitigation project or bank, pursuant to 7:7-17.17(l); and

7. Identify the Department as the sole beneficiary of the fully funded trust fund.

(b) Any person responsible for conducting a mitigation project or bank that uses a fully funded trust fund to satisfy the requirements of this subchapter shall annually, at least 30 calendar days prior to the anniversary date of when that person was obligated to establish a financial assurance, submit to the Department a written statement from the trustee confirming the value of the trust in the amount that the Department has approved, and confirming that the trust shall continue for the next consecutive 12-month period.

N.J. Admin. Code § 7:7-17.18

Adopted by 47 N.J.R. 1392(a), effective 7/6/2015