New Jersey Statutes 18A:72A-45. Approval for lease agreements
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Terms Used In New Jersey Statutes 18A:72A-45
- Higher education: means that education which is provided by any or all of the public institutions of higher education as herein defined and any or all equivalent private institutions. See New Jersey Statutes 18A:1-1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
8. The authority shall not enter into a lease agreement with an institution of higher education unless the Secretary of Higher Education has approved the purchase of the higher education equipment by the institution. The secretary shall provide a written certification of such approval including the amount approved to the authority.
L.1993, c.136, s.8; amended 2009, c.308, s.35; 2012, c.42, s.4.