N.J. Admin. Code § 9A:18-1.3

Current through Register Vol. 56, No. 19, October 7, 2024

Section 9A:18-1.3 - Allocation of funds

(a) Grants from the Bond Act shall be used only to fund projects for increasing the academic capacity at New Jersey public and private institutions of higher education.

(b) Bonds of the State of New Jersey are authorized to be issued in the aggregate principal amount of $ 750,000,000 and shall be allocated as set forth in P.L. 2012, c. 41, §5.

(c) For any grant for a project approved by the Secretary, which is financed by bond funds set forth in (b) above, the grant shall support 75 percent of the cost of the project and the public and private institutions of higher education shall provide matching funds to support 25 percent of the cost of the project.

N.J. Admin. Code § 9A:18-1.3