Current through Register Vol. 56, No. 18, September 16, 2024
(a) Following approval by its governing board, an institution of higher education may apply to the Secretary for approval of a higher education equipment purchase(s) to be financed by the equipment leasing fund. The institution's application shall include the following:
1. A copy of the institution's governing board resolution approving the institution's equipment purchase and committing to support the annual operating costs and maintenance requirements for any new equipment;
2. A brief description of the process used to generate the application for approval of the proposed purchase;
3. A description of how the proposed purchase relates to the current institutional mission and plans;
4. A description of how the proposed purchase supports industry-valued credentialing programs and experiential learning opportunities;
5. The program(s) or function(s) to be served by the equipment, including the specific educational objectives to be met;
6. A description of the equipment to be purchased;
7. For each item of equipment described at (a)6 above, where the estimated per unit cost of the equipment to be purchased exceeds $ 10,000, the estimated cost and number of units of the equipment to be purchased;
8. The useful life of the equipment either by reference to the Internal Revenue Service's Class Life Asset Description Range System set forth at Revenue Procedure 87-56, incorporated herein by reference, as amended and supplemented, or by appraisal of any independent engineering or accounting firm, as appropriate;
9. The estimated timetable for the acquisition and installation of the equipment;
10. Identification of all sources of revenue to be used to pay the institution's annual share of principal and interest on bonds issued to acquire equipment for use by the institution;
11. Certification by the institution that the project will comply with all applicable rules, codes, statutes, and government guidelines;
12. Any information regarding the energy efficiency of the proposed project, including manufacturer information or engineer reports; and
13. Any additional information the institution deems necessary to demonstrate how the institution's proposed purchase meets the objectives identified at N.J.A.C. 9A:14-1.4(b).
14. Any other information as may be required by the Secretary on a case-by-case basis and relating to a specific application.
(b) No application shall be for an amount totaling less than $ 50,000, unless it is for the final portion of an institution's allocation, or the submission of an application for such smaller amount has been authorized by the Secretary.
(c) Descriptions of the equipment submitted pursuant to (a)6 above may be illustrative and the equipment to be purchased may be changed as a result of the bidding processes, advances in technology, or for other reasons, provided that the equipment is consistent with the application approved by the governing board of the affected institution and by the Secretary, and is authorized pursuant to the lease agreement. The Secretary shall require that an institution demonstrate that the proposed equipment has been approved by the institution's governing board.
(d) Applications for purchase approval shall be submitted in a format provided by the Secretary.
