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:18-1.8 - Application of bond proceeds
Universal Citation: NJ Admin Code 9A:18-1.8
Current through Register Vol. 56, No. 6, March 18, 2024
(a) The proceeds from the sale of bonds, allocated and issued pursuant to the Bond Act, shall be paid to the State Treasurer and held thereby in an interest bearing account specifically dedicated to making grants to applicants for financing the costs of approved projects.
(b) The moneys in the account are specifically dedicated and shall be used for the purposes identified in the Bond Act, however, no moneys shall be expended from the account for those purposes without the appropriation thereof by the Legislature.
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