N.J. Admin. Code § 19:65-6.2

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

Section 19:65-6.2 - Administrative fees

(a) Initial fees shall be charged as follows:

1. With respect to approved projects for which the Authority will make a loan or loans to a participant, the Authority will charge an initial fee up to 2.75 percent of the initial amount of the loan.

2. With respect to approved projects in which the Authority is a participant (alone or with other participants), the Authority will charge an initial fee up to 2.75 percent of the Authority investment in the project.

3. With respect to approved projects for which a licensee is making an equivalent investment in accordance with N.J.A.C. 19:65-2.8, the Authority may, pursuant to criteria set forth in N.J.A.C. 19:65-9.2, charge an initial fee up to 2.75 percent of the amount of the equivalent investment.

4. With respect to approved hotel development projects, the Authority shall charge an initial fee up to one percent of the amount of the investment.

5. With respect to approved Casino Capital Construction Fund projects and approved Atlantic City Expansion Fund projects, the Authority shall charge an initial fee up to 2.00 percent of the Authority investment in the project.

6. With respect to public bond issuances, the Authority shall charge a fee of one percent of the gross bond proceeds.

(b) Annual fees shall be charged as follows:

1. With respect to approved projects for which the Authority will make a loan or loans to a participant, the Authority will charge a fee payable monthly in advance up to 1/12 of one-half of one percent of the outstanding amount of the loan on the date of payment.

2. With respect to approved projects for which a licensee is making an equivalent investment in accordance with N.J.A.C. 19:65-2.8, the Authority may, pursuant to criteria set forth in N.J.A.C. 19:65-9.2, charge a fee payable monthly in arrears up to 1/12 of one-quarter of one percent of the amount of the equivalent investment made as of such date of payment.

(c) The amount of the fees assessed in accordance with (a) and (b) above shall be based on the complexity of the application and the need for ongoing monitoring by the Authority.

N.J. Admin. Code § 19:65-6.2

Amended by R.1992 d.383, effective 10/5/1992.
See: 24 New Jersey Register 1692(b), 24 New Jersey Register 3535(a).
Section was Reserved.
Amended by R.1997 d.136, effective 3/17/1997.
See: 29 New Jersey Register 115(a), 29 New Jersey Register 934(a).
Inserted (a)4.
Amended by R.1997 d.452, effective 10/20/1997.
See: 29 New Jersey Register 3708(a), 29 New Jersey Register 4562(b).
In (a) and (b), inserted "shall be charged as follows"; in (a)1 through (a)4 and (b)1 and (b)2, substituted "up to" for "equal to"; and added (c).
Amended by R.2003 d.101, effective 3/3/2003.
See: 34 New Jersey Register 3177(a), 35 New Jersey Register 1274(a).
In (a)3 and (b)2, substituted "may, pursuant to criteria set forth in N.J.A.C. 19:65-9.2" for "will" following "the Authority".
Amended by R.2005 d.205, effective 7/5/2005.
See: 37 New Jersey Register 767(a), 37 New Jersey Register 2559(a).
Rewrote (a).