N.J. Stat. § 18A:72A-53

Current through L. 2024, c. 87.

Section 18A:72A-53 - Allocation of initial grants

The initial grants from the trust fund shall be allocated as follows:

a. $48,000,000 for facilities at the State Colleges;

b. $38,880,000 for facilities at Rutgers, The State University;

c. $20,160,000 for facilities at the University of Medicine and Dentistry of New Jersey;

d. $12,960,000 for facilities at the New Jersey Institute of Technology;

e. $44,000,000 for facilities at the county colleges;

f. $21,000,000 for facilities at the private institutions of higher education;

g. $15,000,000 for South Jersey multi-institutional economic development facilities. As used in this section, "South Jersey multi-institutional economic development facilities" means facilities which would promote economic development in the eight southernmost counties of the State and which involve more than one public or private institution of higher education; and

h. $20,000,000 for a new facility for Rutgers, The State University, School of Law, Newark.

The amount authorized in subsection g. may be apportioned among any other amounts authorized in subsections a. through f. of this section.

The Secretary of Higher Education may reallocate any balance in an amount authorized in subsections a. through h. of this section which has not been approved by the secretary for a grant within 18 months of the effective date of this act.

The Secretary of Higher Education shall determine the allocation of moneys deposited into the trust fund resulting from the issuance by the authority of new bonds because of the retirement of bonds previously issued by the authority.

The facilities funded by grants from the trust fund shall follow the principles of affirmative action and equal opportunity employment. In furtherance of these principles, the Secretary of Higher Education shall continue the policy of encouraging institutions to solicit bids from, and award contracts to, minority and women-owned businesses.

N.J.S. § 18A:72A-53

Amended by L. 2012, c. 42,s. 7, eff. 8/7/2012.

Amended by L. 2009, c. 308,s. 38, eff. 7/17/2010.

L.1993, c.375, s.5.