2017 New Jersey Revised Statutes
TITLE 58 - WATERS AND WATER SUPPLY
Section 58:11B-10.3 - Department of Transportation Loan Origination Fee Fund.

58:11B-10.3 Department of Transportation Loan Origination Fee Fund.

22. a. There is established in the New Jersey Infrastructure Bank a special fund to be known as the Department of Transportation Loan Origination Fee Fund.

The Department of Transportation Loan Origination Fee Fund shall be credited with:

(1) moneys deposited into the fund as loan origination fees received by the Department of Transportation and paid by project sponsors of transportation projects financed under the New Jersey Transportation Infrastructure Financing Program; and

(2) any interest accumulated on the amounts of the Department of Transportation loan origination fees.

b. Moneys in the Department of Transportation Loan Origination Fee Fund shall be used by the Department of Transportation for administrative and operating expenses incurred by the department in administering the New Jersey Transportation Infrastructure Financing Program, except that the total amount utilized by the department for administrative and operating expenses in any fiscal year shall not exceed $8,000,000. The amounts in the Department of Transportation 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 transportation projects. Amounts in excess of revenue anticipation shall be carried forward into the following year.

c. As used in this section, "Department of Transportation loan origination fee" means the fee charged by the Department of Transportation and financed under the trust loan to pay a portion of the costs incurred by the department in the implementation of the New Jersey Transportation Infrastructure Financing Program.

L.2016, c.56, s.22.