Project Financing > Bond Program > Bond Application Process

Bond Application Process

Step 1 Borrower Application

  • Schedule a meeting with NJRA at (609) 278-5175.
  • Submit application and fee
  • Select NJRA approved bond counsel
  • Submit financial statements, sales contract/site plan approvals

Step 2 Preliminary Approval

  • NJRA Board adopts preliminary approval
  • Bond counsel opines that applicant can commit to capital expenditures after approval

Step 3 Final Bond Approval

  • Bank commits to Direct Purchase or issues Direct Pay Letter of Credit
  • Bond counsel prepares 14 day public notice
  • NJRA Board adopts final approval authorizing bond issue

Step 4 Bond Closing 

  • Bond counsel completes all documents
  • Bond proceeds are deposited in project fund from sale of bonds or direct purchase
  • Borrower requisitions proceeds pursuant to approved project costs