New Jersey Administrative Code
Title 3 - BANKING
Chapter 42 - PINELANDS DEVELOPMENT CREDIT BANK
Subchapter 5 - BOARD PURCHASE OF PINELANDS DEVELOPMENT CREDITS
Section 3:42-5.6 - Purchase price
Universal Citation: NJ Admin Code 3:42-5.6
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The purchase price for Pinelands Development Credits acquired by the Board shall be $ 74,000 for each Pinelands Development Credit or fraction of that amount which reflects that portion of a Pinelands Development Credit so acquired.
(b) The Board may increase the purchase price set forth in (a) above if it determines that:
1. The purchase price, as increased, does not
exceed 80 percent of the market value of Pinelands Development Credits as
determined by examination and analysis of Pinelands Development Credit sales
data reported to the Bank pursuant to
3:42-3.4; provided, however, that
the Board shall not consider any sales data which does not meet generally
accepted real estate appraisal practices; and
2. The purchase price, as increased, will not
substantially impair the private sale of Pinelands Development
Credits.
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