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Public Information - Adopted New Rules/Amendments


Adopted New Rules/Amendments


Adopted Amendments: N.J.A.C. 19:31-18.3 and 18.10
Authority Assistance Programs
Grow New Jersey Assistance Program
The EDA has adopted amendments to the rules implementing the Grow New Jersey Assistance (Grow NJ) Program to revise the net positive economic benefit test, which measures the likely impact of an eligible project on the State of New Jersey and/or its municipalities, by taking into account EDA's certainty, or lack thereof, with regard to the business's location after the commitment period expires.
 
Adopted Amendment: N.J.A.C. 19:31-3.1
Authority Assistance Programs; Direct Loan Program
The EDA has adopted an amendment to establish certain terms and eligibility requirements for certain municipalities, local redevelopment agencies, and county improvement authorities under the Real Estate Impact Fund, to support and foster redevelopment of underutilized properties owned or operated in strategic urban locations.

Adopted Amendments: N.J.A.C. 19:31-3.1, 3.2, 4.1, 4.2, 4.3, 4.5 through 4.9, 9.1, 9.2, 9.4, 9.7, 9.9, 18.2 through 18.8, 18.11, 18.15, and 19.2 through 19.5
Authority Assistance Programs
Direct Loan Programs; Economic Redevelopment and Growth Program; Urban Transit Hub Tax Credit Program; Grow New Jersey Assistance Program; and Angel Investor Tax Credit Program
The adopted amendments revise the rules implementing the Economic Redevelopment and Growth (ERG) Program, Urban Transit Hub Tax Credit (UTHTC) Program, and Grow New Jersey Assistance (Grow NJ) Program based on enactment of recent statutory revisions; specifically:
 
P.L. 2015, c. 69 encourages the development of mixed use parking projects by allowing municipal parking authorities and certain private developers to apply for tax credits for mixed use parking projects under the ERG Program;
P.L. 2015, c. 72 revises the definition of "qualifying economic redevelopment and growth grant incentive area" for purposes of the ERG Program and "qualified incentive area" for purposes of the Grow NJ Program to include the "sports complex" under the jurisdiction of the New Jersey Sports and Exposition Authority;
P.L. 2015, c. 217 revises certain provisions pertaining to requirements and funding allocations for qualified residential projects and mixed use parking projects under the ERG Program; and allows certain large development projects which involve either a business engaged in research, development, or manufacture of drugs and medical devices or a business licensed to provide clinical laboratory services to qualify as mega projects under the Grow NJ Program;
P.L. 2015, c. 242 authorizes up to $ 25 million in ERG Program tax credits to Rutgers, the State University of New Jersey to finance certain infrastructure projects on its campus; raises the total program cap to accommodate the additional tax credits without adversely affecting other tax credit categories; and exempts university infrastructure projects receiving tax credits from the general ERG Program requirement that supported projects must generate fiscal benefits to the State in excess of the incentive amount; and
P.L. 2015, c. 252 delays certain documentation submission deadlines under the ERG Program, UTHTC Program, and Grow NJ Program.
 
In addition, the adopted amendments implement several policy revisions regarding, among others, eligibility requirements under the Edison Innovation Angel Growth Fund; determination of material factor regarding licensed professionals and their direct administrative support staff, and extension of certain documentation deadlines as a result of "force majeure" under the Grow NJ Program; and inclusion of certain common law employees and partners as full-time employees, as well as adjustments to the application deadline and certain fees under the Angel Investor Tax Credit Program, as summarized below.

Adopted Amendments: N.J.A.C. 19:31-18.2, 18.4, 18.5, 18.7, 18.8, 18.11, 18.15, and 18.16
Authority Assistance Programs
Grow New Jersey Assistance Program
The EDA has adopted amendments to the rules implementing Grow New Jersey Assistance (Grow NJ) Program to administer applications and awards for qualified incubator facilities in the Grow New Jersey Assistance Act, N.J.S.A. 34:1B-242 through 250.

Adopted Amendments: N.J.A.C. 19:31-18.2, 18.3, 18.5, 18.8, 18.11, 18.15, and 18.16
Authority Assistance Programs; Grow New Jersey Assistance Program
The EDA has adopted amendments to the rules implementing the Grow New Jersey Assistance (Grow NJ) Program to address greater efficiencies in administration of the program involving successor and affiliate entities of a business, factors considered by the EDA when determining whether to allow a different period of time by full-time employees at the qualified business facility, clarification of minimum capital investment, and job eligibility for certain proximate buildings and subleasing of a qualified business facility.

Adopted Amendments: N.J.A.C. 19:31-9.1, 9.2, 9.4, 9.7, 18.2, 18.3, 18.4, 18.7, 18.11, and 18.15
Authority Assistance Programs
Urban Transit Hub Tax Credit Program and Grow New Jersey Assistance Program
The EDA has adopted amendments to the rules implementing the Urban Transit Hub Tax Credit (UTHTC) Program to clarify certain deadlines for application and reporting; and, the Grow New Jersey Assistance (Grow NJ) Program to clarify the administration of certain statutory elements of the program, particularly as relates to Atlantic City.

Adopted Amendments: N.J.A.C. 19:31-4.2, 4.6, 4.8, 4.9, 4.11, 9.10, 18.2, 18.3, 18.4, 18.5, 18.7, 18.8, 18.9, 18.10, 18.11, 18.13, and 18.16
Authority Assistance Programs
Economic Redevelopment and Growth Program; Urban Transit Hub Tax Credit Program; and Grow New Jersey Assistance Program

The EDA has adopted amendments to the Economic Redevelopment and Growth (ERG) Program, Grow New Jersey Assistance (Grow NJ) Program and Urban Transit Hub Tax Credit (UTHTC) Program pursuant to statutory revisions enacted through the Economic Opportunity Act of 2014, Part 3, P.L. 2014, c. 63, that 1) designates a municipality that contains a Tourism District as established pursuant to section 5 of P.L. 2011, c. 18 (N.J.S.A. 5:12-219) and regulated by the Casino Reinvestment Development Authority as the fifth Garden State Growth Zone (GSGZ) eligible for maximum incentives under the ERG and Grow NJ programs, to help attract new economic development and job growth in Atlantic City; and 2) revises certain other key benefits for the continued success of EDA-administered incentives, including the ERG and Grow NJ programs.

Adopted Amendments: N.J.A.C. 19:31-12.3, 12.4, and 12.8
Authority Assistance Programs
Technology Business Tax Certificate Transfer Program
The EDA has adopted amendments to clarify certain existing eligibility requirements under the New Jersey Technology Business Tax Certificate Transfer Program, mainly that the determination for ineligibility pertaining to a business which is directly or indirectly at least 50 percent owned or controlled by another corporation that has demonstrated net operating income or is part of a consolidated group of affiliated corporations that in the aggregate has demonstrated positive net operating income, shall apply only to a corporation that directly or indirectly owns or controls at least 50 percent of the applicant and a corporation that is part of a consolidated group of affiliated corporations with the applicant only if the corporation must report net operating income in financial statements, which are defined in this chapter as statements prepared by an independent Certified Public Accountant (CPA) in accordance with Generally Accepted Accounting Principles (GAAP) as determined by the Financial Accounting Standards Board (FASB).

Adopted Amendments: N.J.A.C. 19:30-6.1, 6.2, 6.3, and 6.4; and 19:31-4, 9.6, 10.12, 14.2, 14.14, 15.7, and 18
Adopted New Rules: N.J.A.C. 19:31-4.5, 4.9, 4.13, 18.17, and 18.18
Adopted Amendment: N.J.A.C. 19:31-18.13
Administrative Rules; Fees
Authority Assistance Programs; Economic Redevelopment and Growth Program; Urban Transit Hub Tax Credit Program; Business Employment Incentive Program; Business Retention and Relocation Assistance Grant Program; Tax Credit Certificate Transfer Program; and Grow New Jersey Assistance Program

The EDA has adopted amendments to the rules implementing the Economic Redevelopment and Growth (ERG) Program and Grow New Jersey Assistance (Grow NJ) Program - which were originally proposed on January 6, 2014, at 46 N.J.R. 32(a) (Original Proposal) based on statutory revisions enacted pursuant to the New Jersey Economic Opportunity Act of 2013, P.L. 2013, c. 161 - to incorporate substantive changes in response to public comments and EDA review. P.L. 2013, c. 161 merges the State's five economic development incentive programs, while expanding the geographic boundaries and lowering eligibility thresholds for the ERG and Grow NJ programs to further the ability of the State to attract and retain businesses; and phases out the Business Employment Incentive Program (BEIP) and Business Retention and Relocation Assistance Grant (BRRAG) Program by December 31, 2013, and the Urban Transit Hub Tax Credit (UTHTC) Program by January 16, 2014. In addition to implementing the statutory revisions, the Original Proposal proposed amendments to address fees under the ERG Program and Grow NJ Program commensurate with the increased level of assistance, and eligibility review and compliance monitoring required pursuant to P.L. 2013, c. 161; and establish and revise certain fees under the Brownfields and Contaminated Site Remediation Program, UTHTC Program, BEIP, BRRAG Program, and BRRAG Tax Credit Certificate Transfer Program, for the costs in administering awards that may extend for up to 15 years following approval by EDA.

Adopted Amendments: N.J.A.C. 19:30-6.1 and 19:31-3.1
Administrative Rules; Fees
Authority Assistance Programs; Direct Loan Program
Real Estate Impact Fund

The EDA has adopted proposed amendments to establish certain terms and eligibility requirements for a new loan product, entitled the Real Estate Impact Fund, intended to support and foster redevelopment in strategic urban and other significant locations.

Adopted Amendments: N.J.A.C. 19:31-2.1, 3.1, and 3.2
Authority Assistance Programs; Loan Guarantee Programs; Direct Loan Program
The EDA has adopted amendments to its rules to revise certain terms and requirements for eligibility under the EDA's Loan Guarantee and Direct Loan programs, intended to streamline existing requirements, make the EDA's core guarantee and loan programs more reflective of current market needs, and enhance the Authority's assistance to small to mid-size businesses in the State.

Adopted New Rules: N.J.A.C. 19:31-19
Angel Investor Tax Credit Program
The EDA has adopted new rules to establish the Angel Investor Tax Credit Program pursuant to P.L. 2013, c. 14 to encourage angel investments, which are generally equity placements into high-risk start-up ventures, to spur job creation and growth in New Jersey's current and next generation of select high-skill, high-wage, emerging technology industries.

Adopted Amendments: N.J.A.C. 19:31-12.2, 12.3, 12.4, and 12.7
Technology Business Tax Certificate Transfer Program
The EDA has adopted amendments to its rules implementing the Technology Business Tax Certificate Transfer Program to clarify certain terms and provisions pertaining to program eligibility.

Adopted New Rules: N.J.A.C. 19:31C-3
Land Use
The Fort Monmouth Economic Revitalization Authority (FMERA), pursuant to the Fort Monmouth Economic Revitalization Act, P.L. 2010, c. 51 (N.J.S.A. 52:27I-18 et seq.), has adopted these rules consistent with, and in furtherance of, the Fort Monmouth Reuse and Redevelopment Plan ("Reuse Plan") – the comprehensive conversion and revitalization plan for Fort Monmouth developed by the former Fort Monmouth Economic Revitalization Planning Authority "...to encourage enlightened land use and create employment and other business opportunities for the benefit of the three host municipalities." Accordingly, the adopted new land use rules are intended to further the vision described in the Reuse Plan and are designed to promote flexibility in implementation of the Reuse Plan, where appropriate, so as to focus on the creation and replacement of new jobs and return the region to economic vitality as expeditiously as possible. The rules also provide procedures to be followed for amending or supplementing the Reuse Plan, when determined by FMERA to be necessary or appropriate, and as permitted pursuant to the Act.

Adopted Amendments: N.J.A.C. 19:30-6.3 and 6.7
Bond Closing Fees
The EDA has adopted amendments to increase certain bond closing fees and revise existing fee waiver provisions that pertain to multi-jurisdictional, interstate projects.

Adopted Amendments: N.J.A.C. 19:30-6.3 and 19:31-3.1
Edison Innovation VC Growth Fund; Subordinated Guarantee Fee
The EDA has adopted amendments to establish a fee for certain guaranteed financing where the Authority's interest is subordinated of the existing fee plus 25 basis points; and, to allow investments other than from institutional venture backed investments for meeting certain matching fund requirements under the Edison Innovation VC Growth Fund.

Adopted Repeal and New Rule: N.J.A.C. 19:31-9.15
Adopted Amendment: N.J.A.C. 19:31-10.2

Urban Transit Hub Tax Credit Program, Approval Process
Business Employment Incentive Program, Base Employment Number

The EDA has adopted amendments to its rules to delineate provisions relating to the approval process under the Urban Transit Hub Tax Credit (UTHTC) Program and, particularly, challenges to EDA determinations made under the program; and to clarify certain eligibility requirements under the Business Employment Incentive Program (BEIP).

Adopted Amendments: N.J.A.C. 19:31-3.1 and 3.2
Edison Innovation VC Growth Fund
The EDA has adopted amendments to its rules, at N.J.A.C. 19:31-3.1(b)6, to increase the funding limit under the Edison Innovation VC Growth Fund from $ 500,000 to $ 1 million.

Adopted Amendments: N.J.A.C. 19:31-4.2, 4.4, 4.5, 9.2, 9.3, 9.4, 9.5, 9.7, 9.9, 10.2, 10.4, 10.7, 14.2, 14.3, 14.6, 14.10, and 14.11
Adopted New Rules: N.J.A.C. 19:31-18

Economic Redevelopment and Growth (ERG) program; Urban Transit Hub Tax Credit program; Business Employment Incentive Program (BEIP); Business Retention and Relocation Assistance Grant (BRRAG) program; Grow New Jersey Assistance Program
The EDA has adopted new rules to establish the Grow New Jersey Assistance Program pursuant to P.L. 2011, c. 149 to encourage economic development and job creation and to preserve jobs that currently exist in New Jersey but which are in danger of being relocated outside of the State. In addition, additional amendments have been adopted to rules implementing other EDA incentive programs – Economic Redevelopment and Growth (ERG) program, Urban Transit Hub Tax Credit (UTHTC) program, Business Employment Incentive Program (BEIP) and Business Retention and Relocation Assistance Grant (BRRAG) program – based on statutory revisions contained in P.L. 2011, c. 149 as well as recent policy determinations by the Authority intended to clarify certain eligibility and application requirements and improve implementation of each.

Adopted Amendments: N.J.A.C. 19:31-9.3, 10.4, 12.2, and 14.2
Urban Transit Hub Tax Credit Program; Business Employment Incentive Program; Technology Business Tax Certificate Transfer Program; and Business Retention and Relocation Assistance Grant Program
The EDA has adopted amendments to the rules implementing the Urban Transit Hub Tax Credit (UTHTC) program, Business Employment Incentive Program (BEIP), Technology Business Tax Certificate Transfer Program, and Business Retention and Relocation Assistance Grant (BRRAG) program to implement administrative revisions which clarify or expand certain eligibility requirements.

Adopted Amendments: N.J.A.C. 19:30-6.2 and 6.3; 19:31-3.1 and 6.2
Terms of Financial Assistance – Premier Lenders program, Fund for Community Economic Development, Main Street Business Assistance Program
The EDA has adopted amendments to its rules to revise certain terms of financial assistance and guarantee and closing fees under the newly-named Premier Lenders program, formerly the Preferred Lender program, the Fund for Community Economic Development and the Main Street Business Assistance Program.

Adopted New Rules: N.J.A.C. 19:31C-1
Real and Personal Property Leasing
The Fort Monmouth Economic Revitalization Authority (FMERA) has adopted new rules to establish procedures for the lease of real property and accompanying personal property. The main purpose of the rules is to establish an alternative process for the Authority to make lease proposals to other public agencies outside of the public request for proposal (RFP) process. 

Adopted Amendments: N.J.A.C. 19:31-4.2; and 19:31-9.1, 9.2, 9.3, 9.5, 9.7, 9.9, 9.11, and 9.12
Adopted Repeals and New Rules: N.J.A.C. 19:31-9.10 and 9.14

Economic Redevelopment and Growth (ERG) Program; Urban Transit Hub Tax Credit (UTHTC) Program
The EDA has adopted amendments to the rules implementing the Economic Redevelopment and Growth (ERG) program and Urban Transit Hub Tax Credit (UTHTC) program pursuant to recent statutory revisions in P.L. 2011, c. 89. Specifically, P.L. 2011, c. 89 made various changes in the Urban Transit Hub Tax Credit Program concerning mixed use projects, in-State job relocation, tax credit and investment criteria, and affordable housing; and revised the ERG program to make certain Meadowlands area properties eligible for incentive grants.

Adopted New Rules: N.J.A.C. 19:31C-2
Sale of Real and Personal Property
The Fort Monmouth Economic Revitalization Authority (FMERA), pursuant to P.L. 2010, c. 51 (N.J.S.A. 52:27I-18 et seq.), is responsible for the efficient redevelopment and reuse of Fort Monmouth. In furtherance of its mission, FMERA has adopted rules to establish procedures for the sale of real property and accompanying personal property.

Adopted Concurrent New Rules: N.J.A.C. 19:31-4
Economic Redevelopment and Growth Program
The EDA, along with the Department of the Treasury, has adopted new rules for applicants seeking State incentive grants under the Economic Redevelopment and Growth (ERG) Program, established pursuant to the New Jersey Economic Stimulus Act of 2009, P.L. 2009, c. 90 (N.J.S.A. 52:27D-489a through o). The new rules, which originally became effective for one year upon special adoption, were proposed for permanent readoption in accordance with the normal rulemaking requirements of the Administrative Procedure Act, N.J.S.A. 52:14B-1 et seq.

Adopted Amendments: N.J.A.C. 19:31-9.6, 16.2, 16.5, 16.7, and 16.12
Adopted Repeal and New Rule: N.J.A.C. 19:31-16.14

Business Retention and Relocation Assistance Grant Sales and Use Tax Exemption Program
Urban Transit Hub Tax Credit Program

The adopted amendments and repeal and new rule to the Business Retention and Relocation Assistance Grant (BRRAG) Sales and Use Tax Exemption (STX) Program enable capital expenses incurred on behalf of a tenant by a landlord to meet the capital investment expenditures requirement for eligibility.

Adopted Amendments: N.J.A.C. 19:31-9.7 and 14
Adopted Repeal and New Rule: N.J.A.C. 19:31-14.17

Business Retention and Relocation Assistance Grant (BRRAG) Program
The EDA has adopted amendments to the Business Retention and Relocation Assistance Grant (BRRAG) Program pursuant to recent statutory revisions in P.L. 2010, c. 123 to enhance the effectiveness of this key economic development and growth incentive for businesses committed to retaining jobs in New Jersey.

Adopted Amendments: N.J.A.C. 19:30-6.1, 6.2 and 6.3; and 19:31-3.1, 3.2 and 3.5
Authority Assistance Programs; Direct Loan Program
The EDA has adopted amendments to its rules to establish fees and revise existing eligibility and approval provisions for three new programs – the Edison Innovation Angel Growth Fund, the Edison Innovation VC Growth Fund, and the Edison Innovation Growth Stars Fund – which are replacing current funding programs under the EDA's Edison Innovation Fund.

Readoptions with Amendments: N.J.A.C. 19:30 and 19:31
Adopted Repeals: N.J.A.C. 19:31-5
Adopted Repeals and New Rules: N.J.A.C. 19:30-4.2 and 19:31-8.14
Adopted Recodifications with Amendments: N.J.A.C. 19:30-3.3 and 3.4 as 3.6 and 3.7, respectively

Administrative Rules; Authority Assistance Programs
The EDA has readopted N.J.A.C. 19:30 and 19:31, which, pursuant to N.J.S.A. 52:14B-5.1C, were scheduled to expire July 22, 2010.  The readopted subchapters, including amendments, repeals and recodifications, are effective until expiration on November 9, 2015.

Readoption and Recodification with Amendments: N.J.A.C. 12A:2-1 as 19:31-14; 12A:2A-1 as 19:31-15; 12A:2A-2 as 19:31-16; and 12A:2A-4 as 19:31-17
Business Retention and Relocation Assistance Grant Program; Tax Credit Certificate Transfer Program; Sales and Use Tax Exemption Program; and Energy Sales Tax Exemption Program for Certain Counties
The EDA has readopted, with amendments, rules governing the Business Retention and Relocation Assistance Grant (BRRAG) Program, the BRRAG Tax Credit Certificate Transfer Program, the Sales and Use Tax Exemption Program, and the Energy Sales Tax Exemption Program for Certain Counties. Pursuant to P.L. 2008, c.27, jurisdiction and administration of these programs was transferred to the Authority from the New Jersey Commerce Commission.

Adopted Amendments: N.J.A.C. 19:31-12.1 through 12.7
Adopted New Rule: N.J.A.C. 19:31-12.8

Technology Business Tax Certificate Transfer Program
The amendments and new rule implement statutory revisions, pursuant to the New Jersey Economic Stimulus Act of 2009, P.L. 2009, c. 90, intended to increase the transferability and amount of new or expanding emerging technology and biotechnology companies' research and development tax credits related to net operating losses under the Technology Business Tax Certificate Transfer Program. In addition, the amendments and new rule include additional revisions, pursuant to P.L. 2010, c. 10, to clarify eligibility and provide greater certainty and predictability for new and emerging technology and biotechnology companies making application to the program.

Adopted Amendments: N.J.A.C. 12A:2-1.6 and 1.15; 12A:2A-1.5, 1.7, 2.5 and 2.12; 19:30-6.4 and 6.7; and 19:31-3.1
Adopted New Rules: N.J.A.C. 12A:2-1.14; and 12A:2A-1.7 and 2.11

Business Retention and Relocation Assistance Grant (BRRAG) Program, Tax Credit Certificate Transfer Pro-gram; Sales and Use Tax Exemption Program; Direct Loan Program; Administrative Rules – Fees
The adopted amendments and new rules adjust current fees for various loan and incentive programs, including the Business Retention and Relocation Assistance Grant (BRRAG) Program, Tax Credit Certificate Transfer Program and Sales and Use Tax Exemption Program, which was transferred from the Commerce Commission pursuant to P.L. 2008, c. 27.

Adopted Amendments: N.J.A.C. 19:31-9.1, 9.2, 9.3, 9.4, 9.5, 9.6, 9.7, 9.8, 9.9, 9.10 and 9.11
Adopted New Rules: 19:31-9.10, 9.11 and 9.13
Adopted Repeals: N.J.A.C. 19:31-9.12 and 9.13

Urban Transit Hub Tax Credit Program
The adopted amendments and new rules for the Urban Transit Hub Tax Credit Program are based on statutory revisions to the Urban Transit Hub Tax Credit Act, P.L. 2007, c. 346, enacted pursuant to P.L. 2009, c. 90.

Adopted Amendments N.J.A.C. 19:30-6.1
Administrative Rules/Fees
The adopted amendment establishes a fee to cover the administrative costs for the review and approval of proposed projects and long-range maintenance plans submitted by institutions of higher education pursuant to P.L. 2009, c. 90.

Adopted Concurrent New Rules N.J.A.C. 19:31-5 and 6
InvestNJ Business Grant Program/Main Street Business Assistance Program
The adopted new rules, with substantive changes, implement the requirements of the InvestNJ Business Grant Program Act and Main Street Business Assistance Program Act to provide financial assistance, on an expedited basis, to businesses facing severe fiscal challenges as a result of the current national economic crisis.

Adopted Amendments N.J.A.C. 19:31-3.1
Fund for Community Economic Development
The proposed rule amendments would expand the Loans to Lenders component of the Fund for Community Economic Development to include certain financing for grocery stores and supermarkets in urban areas.

Adopted New Rules N.J.A.C. 19:31-9
Urban Transit Hub Tax Credit Program
The adopted new rules implement the Urban Transit Hub Tax Credit Act - P.L. 2007, c. 346 - which establishes a tax credit program for capital investment and increased employment in targeted urban rail transit hubs to catalyze economic development in those transit hubs.

Adopted Amendments N.J.A.C. 19:30-6.1, 6.2, 6.3, 6.6, 19:31-2.1, 2.5, 4.1, 4.2, 4.3, 7.3 and 10.12
Fees on Loan and Guarantee Products and BEIP
The adopted rule amendments implement pricing changes for various EDA loan and guarantee programs as well as the Business Employment Incentive Program (BEIP).

Adopted Amendments N.J.A.C. 19:31-3.1
Direct Loan Program; New Jersey Urban Plus
The EDA has amended its rules to establish a maximum lending limit of $5 million under the Urban Plus loan product for certain projects with a capital investment of over $70 million exclusive of EDA financing.

Adopted Amendments N.J.A.C. 19:31-3.1, 3.2, 4.1 and 7.5
Terms and Interest Rates for Direct Loan Participations
The EDA has adopted its rules to remove previously published terms and interest rate floors for all its loans, excluding those determined by statute, and to reflect that the Authority, through official action of the Board, will implement future interest rate and term changes.