N.J. Admin. Code § 9A:18-1.4

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

Section 9A:18-1.4 - Project eligibility

(a) The Secretary shall consider for approval a grant from bond funds available or expected to become available pursuant to the Bond Act provided that the institution meets the following funding eligibility criteria. The institution must:

1. Have an up-to-date long-range facilities plan approved by the governing board that details the facilities needs of the institution and how the institution plans to address those needs;

2. Demonstrate how the project to be financed through bonds issued under the Bond Act advances the goals of the long-range facilities plan, increases the academic capacity of the institution, and provides a direct benefit to students;

3. Demonstrate that the project is construction ready;

4. Commit to provide matching funds to support 25 percent of the cost of the project;

5. Commit to use the grant for the purpose described in (a)2 above; and

6. Commit, by resolution of its governing board, to maintaining the capital improvement funded by the grant.

N.J. Admin. Code § 9A:18-1.4