New Jersey Administrative Code
Title 9A - HIGHER EDUCATION
Chapter 19 - RULES AND PROCEDURES FOR IMPLEMENTATION OF THE SECURING OUR CHILDREN'S FUTURE BOND ACT
Subchapter 1 - GENERAL PROVISIONS
Section 9A:19-1.3 - Application of bond proceeds

Universal Citation: NJ Admin Code 9A:19-1.3

Current through Register Vol. 55, No. 48, December 18, 2023

(a) Pursuant to the Act, proceeds of bonds issued under the Act shall be credited to the Securing Our Children's Future Fund (the Fund).

(b) Money credited to the Fund is specifically dedicated and shall be used for the purposes identified in the Act, which provides, in part, an allocation of $ 50 million for the purpose of awarding grants to county colleges for CTE projects. The allocation shall include an amount sufficient to address costs associated with administration of the grants by the State agencies.

(c) For any grant approved by the Secretary that is financed by the Fund, the grant shall support no more than 75 percent of the cost of the proposed CTE project, and the county college shall provide matching funds to support no less than 25 percent of the cost of the proposed CTE project.

Adopted by 52 N.J.R. 794(a), effective 4/6/2020

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