N.J. Admin. Code § 19:35-3.1

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

Section 19:35-3.1 - Manner and requirements of surplus property disposition

(a) Whenever, consistent with this chapter, it is determined that disposition of surplus personal or real property would be advantageous to the school construction program, the SDA may dispose of such surplus real and/or personal property through a competitive sale to the public through public advertisement upon the terms and conditions established in this chapter, in any one of the following manners:

1. Through the solicitation of sealed bids;

2. Through the solicitation of offers for purchase; or

3. Through internet auction.

(b) The SDA may dispose of surplus real and/or personal property by direct negotiated sale without public advertisement, under the conditions permitting waiver of public advertisement as set forth at N.J.A.C. 19:35-3.2 and 3.3.

(c) All surplus real and/or personal property shall be disposed of in "as is, where is, with all faults" condition.

(d) The method used to dispose of surplus real and/or personal property shall be selected by the SDA to maximize the return realized by the disposition, in accordance with the best interests of the school construction program.

(e) If the declaration of the property as surplus was subject to Board approval, the method selected to dispose of the surplus property must also be approved by the Board.

N.J. Admin. Code § 19:35-3.1

Adopted by 54 N.J.R. 647(a), effective 4/4/2022