N.J. Admin. Code § 6A:26-4.1

Current through Register Vol. 57, No. 1, January 6, 2025

Section 6A:26-4.1 - Capital projects fund

(a) All revenues and appropriations related to school facilities projects receiving funding pursuant to EFCFA and this chapter, and to other capital projects that utilize revenue sources identified in (b) below, shall be accounted for in the capital-projects fund defined in N.J.A.C. 6A:23A-1.2.

(b) The source of revenue in the capital-projects fund includes the:

1. Sale of school bonds;

2. Issuance of temporary notes or loan bonds pursuant to N.J.S.A. 18A:24-3;

3. Issuance of certificates of participation for a lease-purchase agreement greater than five years approved prior to EFCFA;

4. Grants received pursuant to N.J.S.A. 18A:7G-15; and

5. All revenue sources identified in the referenda or resolution authorizing the issuance of school bonds pursuant to N.J.A.C. 6A:26-3.7 and 3.12.

(c) The revenue source in the capital-projects fund also shall include capital-reserve withdrawals and other local revenues to fund the local share of a school facilities project not utilizing school bonds pursuant to N.J.A.C. 6A:26-3.7(c).

(d) All revenue sources identified in the referenda or resolution pursuant to N.J.A.C. 6A:26-3.7 or 3.11 shall be transferred to the capital-projects fund upon voter, board of school estimate or capital project review board approval. The revenue sources shall be accounted for separately with, and accorded the same accounting treatment as, the corresponding school bonds.

N.J. Admin. Code § 6A:26-4.1

Amended by R.2013 d.145, effective 12/16/2013.
See: 45 N.J.R. 1026(a), 45 N.J.R. 2557(a).
Rewrote (a), (c), and (d); in the introductory paragraph of (b), substituted "capital-projects" for "capital projects"; and in (b)3, substituted "lease-purchase" for "lease purchase".