N.J. Admin. Code § 7:1A-2.20
State funds shall be released to the borrower upon completion of the entire project to the satisfaction of the Department, or, on an interim basis. If interim payments are made, they will be equal to the loan amount corresponding to the percent of the total project completed. Ten percent of all payments shall be withheld until the whole project has been completed to the satisfaction of the Department. No payments shall be made until the Department receives satisfactory cost documentation which shall include all forms and information required by the Department and completed in a manner satisfactory to the Department. In the case of interconnection loan projects, the ten percent final payment shall not be made until an Operation and Maintenance Manual for the interconnection project has been approved and a final agreement between interconnected parties for carrying out Operation and Maintenance responsibilities has been executed and approved by the Department.
N.J. Admin. Code § 7:1A-2.20
See: 16 New Jersey Register 631(a), 16 New Jersey Register 1479(a).
"State payment" was formerly codified at N.J.A.C. 7:1A-2.21.
Final payment exception concerning interconnection projects added.