N.J. Admin. Code § 7:1A-2.10

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

Section 7:1A-2.10 - Effect of loan award

(a) The loan award document shall become effective immediately after its execution by the Department and the applicant, and shall constitute an obligation of the applicable fund in the amount and for the purposes stated in the loan award document.

(b) The award of the loan shall not commit or obligate the Department to award any continuation loan to cover cost overruns for any project. The Department's policy is that cost overruns for any project or portion thereof are solely the responsibility of the borrower.

N.J. Admin. Code § 7:1A-2.10

As amended, R.1984 d.232, effective 6/18/1984.
See: 16 New Jersey Register 631(a), 16 New Jersey Register 1479(a).
"Effect of loan award" was formerly codified at N.J.A.C. 7:1A-2.11.
(b): exception covering "testing of an interconnection" added.
Emergency amendment, R.1988 d.479, effective 9/19/1988 (expires November 18, 1988).
See: 20 New Jersey Register 2470(a).
Substituted "applicable fund" for "Water Supply Fund".
Adopted concurrent proposal, R.1988 d.574, effective 11/18/1988.
See: 20 New Jersey Register 2470(a), 20 New Jersey Register 3129(a).
Provisions of emergency amendment R.1988 d.479 readopted without change.
Amended by R.1992 d.252, effective 6/15/1992.
See: 24 New Jersey Register 707(a), 24 New Jersey Register 2245(a).
Modified to eliminate the Department's ability to increase the loan award amount for the costs of subsequent repair, replacement or rebuilding of funded interconnections.