58:11B-5.2 Financing cost estimate.
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/nj/title-58/chapter-11b/58-11b-5-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
2. a. The trust shall make available a financing cost estimate to any local government unit seeking to finance $1,000,000 or more of the costs of an environmental infrastructure project or project component. The financing cost estimate shall provide a local government unit with an estimate of the costs of financing an environmental infrastructure project through the trust to enable the local government unit to evaluate, and other interested parties to consider, the potential savings of trust financing, including interest costs, compared to other available methods of financing the project.
b. The trust may require the local government unit to provide information concerning the project and the borrower needed to generate a financing cost estimate, including, but not limited to, a detailed description of the project, design, engineering and environmental information, a cost estimate prepared by the project engineer or other qualified person, information regarding the borrower, the amount to be financed, and any other information the trust deems relevant in order for the cost estimate to be as accurate as possible.
The trust, in conjunction with the Department of Environmental Protection, shall provide with the financing cost estimate:
(1)a description of the priority system used by the Department of Environmental Protection in awarding financing under the program; and
(2)a comparison of the estimates of the cost of issuance and underwriting fees, servicing fees, and interest costs for a project financed through the trust versus a project financed independently by the local government unit through its own bond process.
c. The trust, through its web site, shall make available online a form that may be completed by the local government unit for submission to the trust in order for the trust to make an estimate of financing costs for the project. Upon submission of the completed form, the trust shall, within 5 days thereafter, provide an estimate of the financing costs and possible interest rate that may be made available for the project.
L.2017, c.71, s.2.