In Parts 1 and 2 of this series, we discussed the circumstances that led to the planned phase-out of the London Inter-bank Offered Rate, commonly referred to as “LIBOR” and the proposed replacement rate known as the Secured Overnight Financing Rate (“SOFR”). In this last part of the series, we will present the proposed language recommended by the Alternative Reference Rate Committee (“ARRC”) to be used in new contracts that reference LIBOR.
Communities in New Jersey have long been in need of a means to help mitigate the effects of stormwater runoff.
On April 9, 2019, the New Jersey Economic Development Authority (NJEDA) authorized the creation of a revised Brownfields Loan Program (the "Program") to provide low-interest financing to borrowers in an effort to facilitate remediation of vacant or underdeveloped brownfields sites and return such sites to full and productive use, particularly in the under-served communities within the State. The Program is an expansion of the NJEDA's existing Brownfields Loan Program.
Aging infrastructure, rising sea levels, polluted stormwater runoff, and the impact of more intense weather events have created an urgent need for New Jersey to address its stormwater infrastructure.
On July 13, 2016, the New Jersey State Board of Education adopted regulations as to testing for the presence of lead in drinking water. These regulations have been long-awaited since Governor Christie first announced in May that such testing would be mandatory for all school districts in the State.
There still appears to be some confusion as to whether environmental due diligence for the acquisition of New Jersey commercial or industrial property requires conducting a Phase I Environmental Site Assessment, a Preliminary Assessment, or both.
On Monday, January 26, 2015, the New Jersey Supreme Court issued its much anticipated opinion in Morristown Associates v. Grant Oil Co., ___ N.J. ___ (2015), unanimously holding that the general six-year statute of limitations applicable to injury to real property does not apply to private contribution claims under the New Jersey Spill Compensation and Control Act (“Spill Act”), N.J.S.A. 58:10-23.11f(a)(2)(a).
On October 8, 2014, the New Jersey Department of Environmental Protection (“NJDEP”) approved an application by Exelis Inc. (“Exelis”) under the “Waiver Rule” for a waiver from the requirements of the NJDEP Recycling Rules (“Recycling Rules”).