New Jersey Statutes 18A:72A-74. “Higher Education Capital Improvement Fund.”
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Terms Used In New Jersey Statutes 18A:72A-74
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
3. There is created within the New Jersey Educational Facilities Authority, established pursuant to chapter 72A of Title 18A of the New Jersey Statutes, the “Higher Education Capital Improvement Fund,” hereinafter referred to as the “capital improvement fund.” The capital improvement fund shall be maintained as a separate account and administered by the authority to carry out the provisions of this act. The capital improvement fund shall consist of:
a. moneys received from the issuance of bonds, notes or other obligations issued pursuant to section 7 of P.L.1999, c.217 (C. 18A:72A-78) and an annual appropriation in an amount sufficient to pay the principal and interest on the bonds, notes or other obligations;
b. all moneys appropriated by the State for the purposes of the capital improvement fund; and
c. all interest and investment earnings received on moneys in the capital improvement fund.
L.1999, c.217, s.3; amended 2017, c.98, s.22.