N.J. Admin. Code § 7:24A-4.6

Current through Register Vol. 56, No. 21, November 4, 2024

Section 7:24A-4.6 - Loan disbursements

(a) Loan disbursements shall be made only to the local government unit as sole borrower or as co-borrower, unless otherwise indicated in the loan award agreement.

(b) 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 disbursements are made, each will be equal to the loan amount corresponding to the percentage of the total project completed. Two percent of each disbursement shall be withheld until the whole project has been completed to the satisfaction of the Department. No disbursement shall be made until the Department receives the necessary information to document project cost. The information shall include all forms and documentation required by the Department as specified in the loan award agreement.

Amended by R.2000 d.119, effective 3/20/2000.
See: 31 New Jersey Register 3898(a), 32 New Jersey Register 1015(a).
In (b), substituted "Two" for "Ten" at the beginning of the third sentence.