New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 49 - PUBLIC-PRIVATE PARTNERSHIPS RULES
Subchapter 3 - QUALIFICATION OF EXPERTS AND PROFESSIONALS
Section 17:49-3.1 - Pre-qualification of third-party financial institutions

Universal Citation: NJ Admin Code 17:49-3.1

Current through Register Vol. 55, No. 48, December 18, 2023

(a) The Office of Public Finance shall pre-qualify third-party financial institutions that shall act as collateral agents and manage construction accounts for public-private partnership agreements.

(b) The minimum standards to qualify shall include:

1. Current authorization to conduct business in the State of New Jersey;

2. Participation as a trustee in at least three complex public bonding transactions or participation in three public-private partnership projects in this or any other jurisdiction; and

3. Capital stock surplus and aggregate earnings of at least $ 10 million under a state or national banking charter;

(c) A financial institution seeking to become pre-qualified shall submit a letter to the Office of Public Finance outlining how its institution successfully satisfies the minimum standard required and its commitment to (d) below.

(d) Financial institutions shall agree to provide the appropriate public entity pre-audit access during the term of engagement and for six years thereafter.

(e) The Office of Public Finance shall maintain a list of third-party institutions that have been pre-qualified.

Adopted by 52 N.J.R. 898(a), effective 4/20/2020

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