N.J. Admin. Code § 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.
Notes
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