N.J. Admin. Code § 9A:18-1.8 - Application of bond proceeds
(a) The proceeds
from the sale of bonds, allocated and issued pursuant to the Bond Act, shall be
paid to the State Treasurer and held thereby in an interest bearing account
specifically dedicated to making grants to applicants for financing the costs
of approved projects.
(b) The
moneys in the account are specifically dedicated and shall be used for the
purposes identified in the Bond Act, however, no moneys shall be expended from
the account for those purposes without the appropriation thereof by the
Legislature.
Notes
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