N.J. Admin. Code § 7:22-4.20

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

Section 7:22-4.20 - Trust loan agreement amendments

(a) The Trust shall require a Trust loan agreement amendment to change principal provisions of a Trust loan agreement where the Trust determines that project changes substantially alter the objective or scope of the project or time of performance of the project or any major phase thereof or to change substantially a term or condition of the Trust loan agreement.

(b) In the event that additional moneys are needed due to the low bid building cost being higher than the original Trust loan amount, the recipient may request a supplemental Trust loan. The Trust may execute a supplemental Trust loan agreement only after passage of a subsequent legislative act providing moneys for the specific project of concern. The recipient shall be responsible for all other increased costs.

(c) In the event that additional moneys in excess of any existing Trust loan award(s) are needed due to differing site conditions, the recipient may request a post-construction supplemental Trust loan. The Trust may execute a post-construction supplemental Trust loan agreement only after passage of a subsequent legislative act providing moneys for the specific project of concern. The recipient shall be responsible for all other increased costs.

N.J. Admin. Code § 7:22-4.20

Amended by R.1992 d.42, effective 1/21/1992.
See: 23 New Jersey Register 3282(a), 24 New Jersey Register 246(a).
Clarified operating procedures and the parameters under which a recipient may request a line item adjustment within a Trust loan agreement.
Amended by R.1993 d.242, effective 6/7/1993.
See: 24 New Jersey Register 4310(b), 25 New Jersey Register 2271(a).
Added a provision governing circumstances in which additional money is required for a project as a result of differing site conditions.
Amended by R.1998 d.407, effective 8/3/1998.
See: 30 New Jersey Register 1144(a), 30 New Jersey Register 2863(a).
In (b) and (c), substituted "recipient" for "local government unit" throughout.