N.J. Admin. Code § 9A:14-1.6

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

Section 9A:14-1.6 - Cancelation or reduction in approved amounts

(a) The Secretary may reduce or cancel entirely any balance in the amounts authorized if the amounts are not committed within 18 months of the allocations made by the Secretary. Funds will be considered committed when a lease agreement has been entered into between an institution and the Authority.

(b) No reduction in the balance shall be made pursuant to (a) above if:

1. The request for approval has been received by the Secretary within 18 months of the allocation;

2. The facility in which the equipment will be housed is under construction or renovation;

3. Delays are the result of Federal, State, or local governmental approvals or regulatory requirements not attributable to the institution; or

4. Other compelling and documentable reasons exist as determined by the Secretary.

(c) An institution's inability to secure the necessary funds to pay the 25 percent principal and interest payments on bonds issued to finance equipment for such institution shall not constitute good cause for not committing funds as required in (b) above.

(d) In the event that an institution requires a modification to an approved project, a formal request must be sent to the Secretary, prior to any action being taken by the institution, in order for the Secretary to evaluate the merits of the proposed project modification against the objectives set forth at N.J.A.C. 9A:14-1.4(b). The Secretary may exercise discretion to allow a grantee to modify its project if such modification is reasonable and consistent with the scope, objectives, purpose, and intent of the originally approved project and if such modification does not constitute a material change. Material changes to the grant agreement will not be allowed. Project modifications will be reviewed on a case-by-case basis and must be authorized under the terms and conditions of the lease agreement, tax certificate, and any other applicable bond documents. Additionally, the Secretary may, in a manner consistent with the allocations provided in the Act, allocate any balance to another approved grant of the same institution.

N.J. Admin. Code § 9A:14-1.6

Amended by 54 N.J.R. 715(a), effective 4/18/2022