58:11B-10.2 Department of Environmental Protection Loan Origination Fee Fund.
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 accumulated on the amounts of the Department of Environmental Protection loan origination fees.
b. Moneys in the Department of Environmental Protection Loan Origination Fee Fund shall be 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 amounts 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 revenue anticipation shall be carried forward into the following year.
c. As used in this section, "Department of Environmental Protection loan origination fee" means the fee charged by the Department of Environmental Protection and financed under the 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; amended 2016, c.56, s.21.
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