Current through 2024-38, September 18, 2024
A. To the extent
that the available State ceiling is not fully used in any one calendar year,
allocation of the State ceiling amounts to carryforward projects will be made
first to solid waste energy projects which have reservations pursuant to
section 6, second to other waste energy projects, and third to other projects
or uses eligible for the carryforward.
B. Solid waste energy projects will be ranked
for allocation purposes based on the following considerations:
i. DEP or State priorities for landfill
improvement or elimination;
ii.
Existence of an inducement resolution or other official action by the issuer
for the project;
iii. Power
contract specifying the power price, completion deadline and any output
limit;
iv. Put or pay contracts for
waste or waste handling agreements with municipalities and other users, taking
into consideration the number of municipalities or users which have executed
such agreements, the population of the area to be served, and the likely cost
to each user;
v. A certification by
DEP that all licenses and permits required by DEP with respect to the project
have been issued or that none are required;
vi. A firm, valid and binding bond purchase
agreement wherein the purchaser agrees to purchase a stated principal amount of
bonds for the project;
vii. A
letter supporting the project from the chief municipal official of the
municipality in which the project will be located;
viii. A certification of bond counsel to the
issuer that the bonds will be exempt from Federal income tax, conditioned upon
receipt of an allocation of the State ceiling;
ix. Contracts for design, construction,
operation and maintenance of the project,; and
x. Other materials demonstrating that a bond
issue will close, as determined by the Authority, within a stated time and that
installation, construction and operation of a project will be expeditiously
commenced.
C. Other
projects or uses eligible for a carryforward allocation will be ranked based on
the following considerations:
i. Existence of
an inducement resolution or other official action of the issuer;
ii. A certification by DEP that all licenses
and permits required by DEP with respect to the project have been issued or
that none are required (not applicable for student loans);
iii. A letter supporting the project from the
chief municipal official of the municipality in which the project will be
located (not applicable for student loans);
iv. A firm, valid and binding bond purchase
agreement wherein the purchaser agrees to purchase a stated principal amount of
bonds for the project;
v. A
certification of bond counsel to the issuer that the bonds will be exempt from
Federal income tax, conditioned upon receipt of an allocation of the State
ceiling; and
vi. Other materials
demonstrating that a bond issue will close, as determined by the Authority,
within a stated time and that installation, construction and operation of a
project will be expeditiously commended or that any program will be
expeditiously commenced.
D. Applications for carryforward elections
must at least contain an inducement resolution or other official action and the
certification of bond counsel referred to in this section and must be provided
to the Authority on or before December 15 of each year unless otherwise agreed
by the Authority.
E.
Notwithstanding anything in this section to the contrary, the Authority may, in
its discretion, award carryforward allocations to eligible projects on a pro
rata or other equitable basis if the Authority determines that ranking such
projects would not be equitable under the circumstances, provided that the
priority for solid waste energy projects shall remain unless otherwise directed
by applicable law or Executive Order.
