New Jersey Administrative Code
Title 2 - AGRICULTURE
Chapter 76 - STATE AGRICULTURE DEVELOPMENT COMMITTEE
Subchapter 16 - NONPROFIT ACQUISITION PROJECTS: PROJECT AGREEMENT, NEGOTIATIONS FOR PURCHASE OF PROJECT SITE, DISBURSEMENTS, ACCOUNTING AND RECORDKEEPING REQUIREMENTS
Section 2:76-16.3 - Disbursement of grant
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The Committee shall disburse the grant in advance of closing or as reimbursement after closing.
(b) If the nonprofit seeks payment in advance of closing, it shall submit its request at least 60 days before the scheduled date of closing.
(c) For each parcel of land in the project site for which payment is requested, the nonprofit shall submit:
(d) Upon receipt of a request for payment under (c) above, the Committee shall:
(e) The Committee shall mail each grant disbursement to the nonprofit in the form of a check. The nonprofit shall not sign over the check to the property owner or any other person but shall deposit the check into the nonprofit's bank account.
(f) The nonprofit shall immediately inform the Committee if the closing date established in the contract of sale for the project site is postponed for any reason. A nonprofit that has received a disbursement in advance of a scheduled closing that is postponed is subject to the following conditions:
(g) A nonprofit that has repaid the disbursement plus accrued interest under (f)2 above may, upon acquisition of the project site, submit a request for reimbursement after closing in accordance with (c)2 above.
(h) The nonprofit may unilaterally withdraw the project at any time before it receives Committee funds. The nonprofit shall not terminate the project agreement after it receives any Committee funds without the written consent of the Committee.
(i) If the nonprofit terminates the project agreement under (h) above, the nonprofit is responsible for any costs of acquisition incurred as of the time of termination. The nonprofit shall also repay, with interest at the judgment interest rate established under the New Jersey Court Rules Governing Civil Practice at 4:42-11(a)(ii) in effect at the time of termination, any disbursement which the Committee made to the nonprofit for the project.