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:18-1.4 - Project eligibility

Universal Citation: NJ Admin Code 9A:18-1.4

Current through Register Vol. 56, No. 6, March 18, 2024

(a) The Secretary shall consider for approval a grant from bond funds available or expected to become available pursuant to the Bond Act provided that the institution meets the following funding eligibility criteria. The institution must:

1. Have an up-to-date long-range facilities plan approved by the governing board that details the facilities needs of the institution and how the institution plans to address those needs;

2. Demonstrate how the project to be financed through bonds issued under the Bond Act advances the goals of the long-range facilities plan, increases the academic capacity of the institution, and provides a direct benefit to students;

3. Demonstrate that the project is construction ready;

4. Commit to provide matching funds to support 25 percent of the cost of the project;

5. Commit to use the grant for the purpose described in (a)2 above; and

6. Commit, by resolution of its governing board, to maintaining the capital improvement funded by the grant.

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