N.J. Admin. Code § 19:32-3.1

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

Section 19:32-3.1 - Amount of the grant

(a) The grant shall be in the amount of the State share and may be reduced upon final completion as set forth at (b) below.

(b) Prior to final completion and the final disbursement, the district shall certify to the Authority the total costs of the school facilities project. If such amount is less than the final eligible costs, the Authority shall adjust the amount of the grant accordingly pursuant to the following:

1. The total costs shall be subtracted from the final eligible costs;

2. The amount determined at (b)1 above shall be multiplied by the district aid percentage or 40 percent, whichever is greater; and

3. The number determined at (b)2 above shall be subtracted from the original amount of the grant. The remaining number represents the final amount of the grant.

N.J. Admin. Code § 19:32-3.1

Amended by 47 N.J.R. 2001(a), effective 8/3/2015

Amended by 55 N.J.R. 756(a), effective 4/17/2023