SENATE, No. 2897

STATE OF NEW JERSEY

217th LEGISLATURE

 

INTRODUCED JANUARY 9, 2017

 


 

Sponsored by:

Senator  PAUL A. SARLO

District 36 (Bergen and Passaic)

Senator  THOMAS H. KEAN, JR.

District 21 (Morris, Somerset and Union)

 

 

 

 

SYNOPSIS

     Appropriates $34,293,697 from “Building Our Future Bond Act” and provides for reallocating amount remaining from project grants not awarded, for public and private institutions of higher education.

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act appropriating $34,293,697 from the “Building Our Future Bond Act,” P.L.2012, c.41, reallocating a previous bond appropriation, for the purpose of capital project grants for New Jersey’s public and private institutions of higher education.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    There is appropriated to the Office of the Secretary of Higher Education in the Department of State from the “Building Our Future Fund” established pursuant to section 14 of the “Building Our Future Bond Act,” P.L.2012, c.41, the sum of $34,293,697, plus an amount to be requested by the Secretary of Higher Education and approved by the Joint Budget Oversight Committee pursuant to section 27 of P.L.2012, c.41, remaining from project grants not awarded but appropriated pursuant to P.L.2013, c.96, for the purpose of capital project grants for increasing academic capacity at New Jersey’s public and private institutions of higher education.  This sum shall be allocated to institutions of higher education according to the list of eligible projects submitted by the Secretary of Higher Education on June 27, 2016 to the presiding officers of each House of the Legislature pursuant to the provisions of the “Building Our Future Bond Act,” P.L.2012, c.41.

 

     2.    Expenditures of sums appropriated by this act are subject to the provisions and conditions of P.L.2012, c.41.

 

     3.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill appropriates to the Office of the Secretary of Higher Education in the Department of State from the “Building Our Future Fund” established pursuant to the “Building Our Future Bond Act,” P.L.2012, c.41, the sum of $34,293,697, plus an amount to be requested by the Secretary of Higher Education and approved by the Joint Budget Oversight Committee, remaining from project grants not awarded but as originally appropriated under P.L.2013, c.96.  These funds are for the purpose of capital project grants to increase academic capacity at New Jersey’s public and private institutions of higher education.

     The “Building Our Future Bond Act” authorized a $750,000,000 general obligation bond issue.  In August of 2013, the Legislature appropriated $715,706,303 from the bond fund to finance capital project grants that were submitted to the Legislature for approval on April 29, 2013.  The appropriation of $34,293,697 included in this bill represents the balance of the proceeds of the $750,000,000 bond issue.  The bill also appropriates for reallocation, pending approval by the Joint Budget Oversight Committee, an amount requested by the secretary that remains from project grants not awarded and originally appropriated under P.L.2013, c.96.  The total amount appropriated in the bill will support the list of capital projects submitted by the secretary to the Legislature on June 27, 2016.