N.J. Admin. Code § 7:26H-1.16

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

Section 7:26H-1.16 - Sale or transfer of assets; securities; debt issuances

(a) No sale or transfer of assets of a solid waste disposal utility or any change in majority control of such disposal utility shall be consummated without prior authorization of the Department, unless the solid waste disposal facility is a privately owned sanitary landfill that sells or transfers assets in accordance with 7:26H-8.6. Filings for authority shall be in accordance with 7:26H-3.2, Petitions for the approval of the sale or lease of property, and 3.3, Petitions for authority to transfer capital stock.

(b) No solid waste disposal utility shall issue any stocks, bonds, notes or other evidence of indebtedness or issue a mortgage without prior authorization of the Department, unless that solid waste disposal utility is a privately owned sanitary landfill that issues stocks, bonds, notes or other evidence of indebtedness or issues a mortgage in accordance with 7:26H-8.6. Petitions by all solid waste disposal utilities other than privately-owned sanitary landfills for authority to issue stock, bonds, notes, other evidence of indebtedness or to execute mortgages shall be filed in accordance with 7:26H-3.5, Petitions for authority to issue stocks, bonds, notes, other evidence or indebtedness or to execute mortgages.

(c) No solid waste collection utility shall sell, lease, or otherwise dispose of its property, including customer lists, without the prior authorization of the Department. Filings for authority shall be in accordance with 7:26H-3.2 (Petitions for the approval of the sale or lease of property) and 3.3 (Petitions for authority to transfer capital stock). Filings will be reviewed by the Department in accordance with the procedures set forth at 7:26H-5.11.

(d) No solid waste collection utility shall execute a mortgage without prior authorization of the Department. Petitions for authority to execute mortgages shall be filed in accordance with 7:26H-3.5 (Petitions for authority to issue stocks, bonds, notes, other evidence or indebtedness or to execute mortgages). Filings will be reviewed by the Department in accordance with the procedures set forth at 7:26H-5.11.

N.J. Admin. Code § 7:26H-1.16

Amended by R.1996 d.253, effective 6/3/1996.
See: 28 N.J.R. 78(a), 28 N.J.R. 247(a), 28 N.J.R. 1147(a), 28 N.J.R. 2908(a).
Amended by R.2008 d.117, effective 5/5/2008.
See: 39 N.J.R. 4477(a), 40 N.J.R. 2243(a).
In (a), inserted ", unless the solid waste disposal facility is a privately owned sanitary landfill that sells or transfers assets in accordance with N.J.A.C. 7:26H-8.6", inserted a comma following "N.J.A.C. 7:26H-3.2" and inserted commas preceding and following "and 3.3", deleted the parentheses surrounding "Petitions for the approval of the sale or lease of property" and "Petitions for authority to transfer capital stock"; and in (b), inserted ", unless that solid waste disposal utility is a privately owned sanitary landfill that issues stocks, bonds, notes or other evidence of indebtedness or issues a mortgage in accordance with N.J.A.C. 7:26H-8.6" and "by all solid waste disposal utilities other than privately-owned sanitary landfills" and deleted the parentheses surrounding "Petitions for authority to issue stocks, bonds, notes, other evidence or indebtedness or to execute mortgages".