New Jersey Regulations § 19:25-16.34A Application for termination of reporting with net liabilities by publicly financed candidates
Regulation Text
(a)
A publicly financed candidate who has returned all public moneys to the Commission in compliance with the requirements of
19:25-16.3
4, but who has continued to file postelection quarterly reports to report net liabilities, that is, outstanding obligations in excess of the total assets of the candidate committee, including its cash balance in all of its depository accounts, may apply to the Commission to file a final report to terminate the reporting of the candidate committee as set forth in (b) through (e) below.
(b)
Such application shall not be made earlier than seven years after the date of the election.
(c)
Each candidate and treasurer filing an application for termination of reporting shall certify the following:
1.
For each outstanding obligation, the date each obligation was incurred and the date it was first reported on a report filed with the Commission;
2.
A statement describing the efforts made by the campaign to retire the outstanding obligations, including, without limitation, efforts to compromise or resolve the debt with the vendor or service provider;
3.
That the candidate committee expects to receive no further contributions to retire its net liabilities in the election;
4.
That the candidate committee has liquidated all assets and applied proceeds from such liquidation to retire debt;
5.
That the candidate committee expects to make no further expenditures except to bring any remaining depository account balance to zero; and
6.
All reports required by the Reporting Act and this chapter have been timely filed and correctly stated, except for good cause shown.
(d)
For each outstanding obligation described in (c)1 above, the candidate and the treasurer shall make a separate certification that no pledge or commitment has been made or received by any candidate or treasurer, or other authorized person or representative of the campaign, or by the candidate committee, that the payment of such obligation will be forgiven or assumed by any party other than the candidate committee.
(e)
The Commission shall review each such application and shall grant its approval to such application based upon consideration of all factors set forth in (c) and (d) above, and whether or not all outstanding audit issues have been resolved with the candidate committee.
History
New Rule, R.2009 d.89, effective
3/16/2009
.
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