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Code · New Jersey · Title 58 — Insurance · Chapter 11B

58:11B-10.2 Department of Environmental Protection Loan Origination Fee Fund.

356 words·~2 min read·/nj/title-58/chapter-11b/58-11b-10-2·

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1. a. There is established in the New Jersey Infrastructure Bank a special fund to be known as the Department of Environmental Protection Loan Origination Fee Fund.
The Department of Environmental Protection Loan Origination Fee Fund shall be credited with:
(1)moneys deposited into the fund as loan origination fees received by the Department of Environmental Protection and paid by project sponsors of wastewater treatment system projects or water supply projects financed under the New Jersey Environmental Infrastructure Financing Program; and
(2)any interest paid on the amounts on deposit in the Department of Environmental Protection Loan Origination Fee Fund.
b. Moneys in the Department of Environmental Protection Loan Origination Fee Fund shall be drawn and used by the Department of Environmental Protection for administrative and operating expenses incurred by the department in administering the New Jersey Environmental Infrastructure Financing Program, except that the total amount utilized by the department for administrative and operating expenses in any fiscal year shall not exceed $5,000,000. The monies in the Department of Environmental Protection Loan Origination Fee Fund shall also be available for application by the department for State matching funds or loans to local government units for the cost of wastewater treatment system or water supply projects.
Amounts in excess of the funds drawn by the department from the Department of Environmental Protection Loan Origination Fee Fund during any given fiscal year shall be carried forward into the following fiscal year and held on deposit in the fund.
c. As used in this section, "Department of Environmental Protection loan origination fee" means the fee charged by the Department of Environmental Protection in connection with engineering and environmental services provided by the department to a project sponsor pursuant to such project sponsor's participation in the New Jersey Environmental Infrastructure Financing Program. A project sponsor may finance any portion of the Department of Environmental Protection loan origination fee through the trust by a trust loan to pay a portion of the costs incurred by the department in the implementation of the New Jersey Environmental Infrastructure Financing Program.
L.2005, c.202, s.1; amended 2015, c.106, s.8; 2016, c.56, s.21; 2019, c.516, s.4.
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