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Code · New Jersey · Title 34 — Public Health and Safety · Chapter 1B

34:1B-293 Contract between purchaser and authority.

301 words·~1 min read·/nj/title-34/chapter-1b/34-1b-293

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

25. a. A purchaser that submits a successful bid for the purchase of tax credits pursuant to section 24 of P.L.2020, c.156 (C.34:1B-292) shall enter into a contract with the authority that includes payment information and the commitments made by the purchaser in its auction bid. A purchaser that submits a successful bid for the purchase of tax credits pursuant to section 24 of P.L.2020, c.156 (C.34:1B-292) shall pay by wire transfer the amount specified in its auction bid to the authority for deposit into the fund.
Upon receipt thereof, the chief executive officer shall notify the director to issue tax credits in the amount approved. Failure by the purchaser to pay the amount agreed upon on time may disqualify the purchaser from purchasing the tax credits and the authority may reassign the right to purchase the credits to another bidder. Failure by the purchaser to adhere to the commitments made in its auction bid may disqualify the purchaser from participating in future auctions and may result in the recapture of a portion of the tax credits.
b. The authority shall credit to the fund any money paid to the authority by a purchaser for an allocation of tax credits under the program.
c. The authority shall ensure that no undue financial advantage shall inure to a purchaser that also is: managing a qualified venture firm; beneficially owning, through rights, options, convertible interests, or otherwise, more than 15 percent of the voting securities or other voting ownership interests of a qualified venture firm; or controlling the direction of investments for a qualified venture firm. The chief executive officer of the authority shall certify that the authority is monitoring the activities of such purchasers and has taken appropriate steps to ensure no undue financial advantage inures to the purchasers.
L.2020, c.156, s.25.
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