N.J. Admin. Code § 7:26-14A.10

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

Section 7:26-14A.10 - Loan agreement

(a) The Department may impose conditions precedent as may be necessary and appropriate to implement the laws of the State and effectuate the purpose and intent of the 1980 and 1985 Acts which conditions shall include, but not be limited to, the following:

1. The borrower shall submit proof that it and its contractors and subcontractors will comply with any hazard insurance requirements of the loan agreement and that it will be able to certify that the insurance is in full force and effect and that the premiums have been paid;

2. The borrower shall certify that it and its contractors and subcontractors are maintaining their financial records in accordance with generally accepted accounting principles;

3. The borrower shall certify that it and its contractors and their subcontractors will comply with the discrimination and affirmative action provisions of 10:2-1 through 10:2-4, the New Jersey Law Against Discrimination (10:5-1 et seq.), and the rules promulgated pursuant thereto, including but not limited to N.J.A.C. 17:27-1 et seq.; the New Jersey Prevailing Wage Act, 34:11-56.2 5 through 34:11-56.46; the Civil Rights provisions of 10:1-1 et seq. and the rules promulgated pursuant thereto; and

4. The borrower shall certify in accordance with N.J.A.C. 7:26-14A.24 that it is in compliance with all other requirements and conditions of the loan agreement and this subchapter.

(b) The loan agreement shall set forth the terms and conditions of the loan, which may include, but not be limited to, as applicable: a description of the project, including an estimate of all expenses to be funded, escrow agent requirements, and the approved commencement and completion dates for the project or major phases thereof.

1. The borrower shall execute four copies of the loan agreement and return them within 45 calendar days after receipt. The Department may, in its discretion, extend the time for execution. The loan agreement shall be signed by a person authorized by resolution or ordinance to obligate the borrower to the terms and conditions of the loan agreement and this subchapter. A copy of the resolution or ordinance shall be forwarded immediately to the Department.

2. The loan agreement shall set forth the terms and conditions of the loan, which may include but not be limited to, as applicable: approved project scope including construction plans and specifications where applicable, budget, approved project costs, escrow agent requirements, construction and disbursement schedules, and the approved commencement and completion dates for the project or major phases thereof.

3. After the Department has completed its internal processing of the loan agreement, it shall transmit a copy of the executed loan agreement to the borrower.

N.J. Admin. Code § 7:26-14A.10

Recodified from 7:26-14A.14 and amended by R.1996 d.578, effective 12/16/1996.
See: 28 New Jersey Register 2114(a), 28 New Jersey Register 5248(a).
Rewrote introductory paragraph of (b). Section was "Determination by the Department".