New Jersey Administrative Code
Title 9A - HIGHER EDUCATION
Chapter 18 - RULES AND PROCEDURES FOR IMPLEMENTATION OF THE BUILDING OUR FUTURE BOND ACT
Subchapter 1 - GENERAL PROVISIONS
Section 9A:18-1.3 - Allocation of funds
Universal Citation: NJ Admin Code 9A:18-1.3
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Grants from the Bond Act shall be used only to fund projects for increasing the academic capacity at New Jersey public and private institutions of higher education.
(b) Bonds of the State of New Jersey are authorized to be issued in the aggregate principal amount of $ 750,000,000 and shall be allocated as set forth in P.L. 2012, c. 41, §5.
(c) For any grant for a project approved by the Secretary, which is financed by bond funds set forth in (b) above, the grant shall support 75 percent of the cost of the project and the public and private institutions of higher education shall provide matching funds to support 25 percent of the cost of the project.
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