Current through Register Vol. 56, No. 6, March 18, 2024
(a) The Secretary shall consider for approval grant applications that meet the funding eligibility criteria in 9A:18-1.4.
(b) Upon approval by its governing board at a duly authorized meeting, an institution of higher education shall apply to the Secretary for a project grant from the Bond Act. The institution's application shall include the following:
1. A complete description of the project grant to be financed with bond fund moneys, including design information;
2. A copy of the institutional governing board's resolution approving the institution's application and committing the institution to support the annual operating costs of and maintenance requirements for the proposed project;
3. A copy of the institution's current long-range facilities plan approved by the institution's governing board or certification that such a plan has already been submitted to the Secretary pursuant to P.L. 2009, c. 90;
4. A description of how the proposed project addresses the institution's long-range facilities plan;
5. The estimated schedule for completing the project, including cash flow requirements;
6. Cost data for the project, along with identification of all sources of funding to be used for any costs not funded by the grant;
7. The useful life of any project, including equipment as determined either by reference to the Internal Revenue Service's Class Life Asset Depreciation Range System set forth in Revenue Procedure 87-56, as amended, supplemented, or superseded, or by appraisal of any independent engineering or accounting firm, as appropriate;
8. Certification by the institution that the project will comply with all applicable laws, rules, codes, statutes, and government guidelines, including the principles of affirmative action and equal employment opportunity, where applicable;
9. Certification by the institution that it has or will have the matching funds required pursuant to 9A:18-1.3(c);
10. Any additional information the institution deems necessary to demonstrate how the proposed project meets the objectives identified in 9A:18-1.6; and
11. Other information as the Secretary may require on a case-by-case basis and relating to a specific proposal.
(c) If the bonds issued to fund a grant are issued on a tax-advantaged basis, including tax-exempt bonds, then in order to receive project grant funding for expenses incurred before such bonds are issued, such expenses must be "reimbursable" from bond proceeds under applicable Federal tax law.
(d) Institutions shall not use as matching funds, and grant funds may not be used to reimburse, any expenditures made before the approval of a project grant award, except in the discretion and upon approval by the Secretary, as determined on a case-by-case basis, and provided that the expenditures meet the requirements of 9A:18-1.4.
(e) Grant applications shall be submitted in a format provided by the Secretary.
