N.J. Admin. Code § 7:22-4.5

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

Section 7:22-4.5 - Trust funds and accounts

(a) The Trust shall establish one or more general loan fund(s) into which may be deposited all revenues and receipts of the Trust, including moneys received as payment of principal and interest on loans made by the Trust, earnings on the moneys in any fund or account of the Trust, any grants or appropriations, other than those specified in (b) below, and all other moneys from any source available for the purpose of making Trust loans to applicants for the construction of environmental infrastructure facilities.

(b) The Trust shall establish reserve and guarantee funds into which will be deposited the proceeds from any State bonds authorized for deposit in the Trust or other funds appropriated by law to the Trust for deposit in the reserve and guarantee funds. The reserve funds will be used by the Trust to secure debt issued by the Trust. The guarantee funds will be used by the Trust to secure debt issued by a project sponsor.

(c) Except for interim loans, the Trust shall not expend any moneys for loans during a fiscal year unless the expenditure is authorized pursuant to a project specific appropriations act by the Legislature in accordance with the Trust Act.

N.J. Admin. Code § 7:22-4.5

Amended by R.1992 d.42, effective 1/21/1992.
See: 23 New Jersey Register 3282(a), 24 New Jersey Register 246(a).
Editorial corrections.
Amended by R.1995 d.494, effective 9/5/1995.
See: 27 New Jersey Register 1536(a), 27 New Jersey Register 3403(a).
Amended by R.1998 d.407, effective 8/3/1998.
See: 30 New Jersey Register 1144(a), 30 New Jersey Register 2863(a).
In (a), substituted "applicants" for "local government units" and "environmental infrastructure" for "wastewater treatment"; and in (c), substituted "project sponsor" for "local government unit".
Amended by R.2002 d.259, effective 8/5/2002.
See: 34 New Jersey Register 1373(a), 34 New Jersey Register 2803(a).
At the beginning of (c), added "Except for interims loans,".