N.J. Admin. Code § 7:22-3.5

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

Section 7:22-3.5 - Bond Act Funds

(a) The proceeds from the sale of bonds, allocated and issued pursuant to the Bond Acts, shall be paid to the State Treasurer and held thereby in separate interest bearing accounts specifically dedicated to making zero or low interest Fund loans to applicants for financing the cost of the construction of environmental infrastructure facilities.

(b) Any Federal or State funds which may be made available to the State for loans to applicants for the construction of environmental infrastructure facilities may be deposited into the appropriate Fund(s).

(c) The moneys in the Fund are specifically dedicated and shall be used for the purposes identified in N.J.A.C. 7:22-3.3; however, no moneys shall be expended from the Fund for those purposes without the specific appropriation thereof by the Legislature.

(d) Payments of principal and interest on loans awarded from the Fund shall be made to the Fund.

N.J. Admin. Code § 7:22-3.5

Amended by R.1992 d.42, effective 1/21/1992.
See: 23 New Jersey Register 3282(a), 24 New Jersey Register 246(a).
Reference to Stormwater Management and Combined Overflow Abatement Fund added.
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) and (b), substituted "applicants" for "local government units" and "environmental infrastructure" for "wastewater treatment"; and in (b), substituted "appropriate" for "Wastewater Treatment" preceding "Fund(s)".