New Jersey Administrative Code
Title 3 - BANKING
Chapter 42 - PINELANDS DEVELOPMENT CREDIT BANK
Subchapter 7 - SALE, TRANSFER, EXCHANGE, CONVEYANCE OR RETIREMENT OF PINELANDS DEVELOPMENT CREDITS OWNED BY THE BANK
Part 1 - SALES OF PINELANDS DEVELOPMENT CREDITS
Section 3:42-7.3 - Requirements governing all bidding

(a) Bidders who are acting on behalf of another person shall supply to the Executive Director with their sealed written bid or prior to the commencement of an auction the following:

(b) The minimum acceptable bid shall be $ 74,000 for each Pinelands Development Credit or fraction of that amount which reflects that portion of a Pinelands Development Credit to be sold, provided, however, that the Board may establish a higher minimum acceptable bid if it determines that, based upon recent Pinelands Development Credit sales prices, a higher amount is necessary to avoid a substantial impairment of the private sale of Pinelands Development Credits.

(c) No bid or sale shall be conditioned upon a bidder obtaining financing or any municipal, county, State or Federal permit or development approval.

(d) All bids, whether they be submitted verbally or in writing, shall be deemed to be an acceptance of all terms and conditions of the sale as specified in the written instructions.

(e) Except as provided in 3:42-7.8, successful bidders shall be required to complete the purchase within 30 days of the date of award.