Senator STEPHEN M. SWEENEY
District 3 (Cumberland, Gloucester and Salem)
Senator STEVEN V. OROHO
District 24 (Morris, Sussex and Warren)
Senator ROBERT M. GORDON
District 38 (Bergen and Passaic)
Senators Ruiz, Greenstein and Turner
“Career and Technical Education and School Security Bond Act”; authorizes issuance of $750,000,000 in general obligation bonds to finance certain school and county college capital projects; appropriates $5,000.
CURRENT VERSION OF TEXT
As amended by the Senate on March 26, 2018.
An Act authorizing the creation of a debt of the State of New Jersey by the issuance of bonds of the State in the aggregate principal amount of 1[$500,000,000] $750,000,0001 for the purpose of capital project grants for increasing the career and technical education program capacity at county vocational school districts and county colleges 1and for school security upgrades1; providing the ways and means to pay and discharge the principal of and interest on the bonds; providing for the submission of this act to the people at a general election; and making an appropriation therefor.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. This act shall be known and may be cited as the “Career and Technical Education 1and School Security1 Bond Act.”
2. The Legislature finds and declares that:
a. Studies indicate that fewer than 50 percent of young Americans in their mid-twenties have any kind of postsecondary degree, while economists tell us that by 2020 two-thirds of jobs will require some education or training beyond high school.
b. Survey after survey indicates that employers cannot find individuals with the skills they need to fill today’s jobs, especially technical jobs in fields like information technology, health care, logistics and distribution, advanced manufacturing, and aviation technology.
c. These factors argue for a much stronger push to better align our education system, especially our high schools and county colleges, with the needs of our economy in order to equip more students with the skills they will need to take advantage of career opportunities in high-demand, high-growth fields.
d. High quality career and technical education (CTE) programs address the gap between skills and employment opportunities by creating an educational environment that combines core academics with real-world experience, and while New Jersey’s county vocational school districts and county colleges have established and advanced career and technical education programs, the demand for such programs far outweighs their availability.
e. In 2017, the county vocational school districts were unable to meet the needs of 17,000 students who sought enrollment but could not be accepted due to a lack of facilities. The county vocational school districts were only able to accommodate 41.5 percent of applicants, and on a Statewide average there were 2.3 applicants for every available seat.
f. These statistics point to a critical need for the construction of new facilities, the expansion of existing facilities, and the renovation of existing spaces to enable county vocational school districts and county colleges to significantly increase their efforts through the expansion of career and technical education programs to meet the demands of labor and industry for a trained workforce.
g. The modest amount of school construction funds available to county vocational school districts under the “Educational Facilities Construction and Financing Act,” P.L.2000, c.72 (C.18A:7G-1 et al.), and the funding available to county colleges under the “Building Our Future Bond Act,” P.L.2012, c.41, has been depleted, and a stable source of new funding is critical if these institutions are to be able to move forward in the development of career and technical education programs aligned to the needs of business and industry.
h. The economic viability and competitiveness of New Jersey is inextricably linked to the strengths and skills of the State’s current and future workforce and absent the investment of State resources in career and technical education programs the State will be unable to maintain current and attract new high-demand industries that are the engine of economic growth.
3. As used in this act:
“Bonds” mean the bonds authorized to be issued, or issued, under this act.
“Career and technical education program” means a program, approved by the Department of Education, that offers a sequence of courses that provide students with the coherent and rigorous content aligned with challenging academic standards and relevant technical knowledge and skills needed to prepare for further education and careers in current or emerging professions. A career and technical education program provides technical skill proficiency, an industry-recognized credential, a certificate, or an associate degree.
“Commission” means the New Jersey Commission on Capital Budgeting and Planning.
“Commissioner” means the Commissioner of Education.
“Construct” and “construction” means the planning, erecting, altering, repairing, purchasing, improving, developing, constructing, reconstructing, extending, rehabilitating, renovating, upgrading, demolishing, and equipping of education buildings at 1schools,1 county vocational school districts 1,1 and county colleges.
“Cost” means the expenses incurred in connection with: the acquisition by purchase, lease, or otherwise, the development, and the construction of any project authorized by this act; the acquisition by purchase, lease, or otherwise, and the development of any real or personal property for use in connection with a project authorized by this act, including any rights of interest therein; the execution of any agreements and franchises deemed by the Commissioner of Education or the Secretary of Higher Education to be necessary or useful and convenient in connection with any project; the procurement or provision of engineering, architectural design, surveying, inspection, planning, legal, financial, or other professional services, estimates, studies, reports, or advice, including the services of a bond registrar or an authenticating agent; feasibility studies; the issuance of bonds, or any interest or discount thereon; the administrative, organizational, operating, or other expenses incident to the financing and completing of any project authorized by this act; the establishment of a reserve fund or funds for working capital, operating, maintenance, or replacement expenses and for the payment or security of principal or interest on bonds, as the Director of the Division of Budget and Accounting in the Department of the Treasury may determine; and reimbursement to any fund of the State of moneys which may have been transferred or advanced therefrom to any fund created by this act, or of any moneys which may have been expended therefrom for, or in connection with, any project authorized by this act.
“County college” means an entity established pursuant to chapter 64A of Title 18A of the New Jersey Statutes.
“County vocational school district” means an entity established pursuant to article 3 of chapter 54 of Title 18A of the New Jersey Statute.
“Education buildings” means buildings, structures, and facilities required for the operation of 1schools,1 county vocational school districts 1,1 or county colleges.
“Government securities” means any bonds or other obligations which as to principal and interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of America, including obligations of any federal agency, to the extent those obligations are unconditionally guaranteed by the United States of America, and any certificates or any other evidences of an ownership interest in those obligations of, or unconditionally guaranteed by, the United States of America or in specified portions which may consist of the principal of, or the interest on, those obligations.
“Project” means the establishment and construction of education buildings and the expansion and construction of additional facilities at, and the acquisition and installation of additional and upgraded equipment for, existing education buildings for the purpose of increasing academic capacity to expand or offer new career and technical education programs which shall include, but not be limited to, classrooms, laboratories, computer facilities, and other academic buildings and all property appurtenant thereto, 1or for the purpose of school facility upgrades in education buildings,1 but shall not include dormitories, administrative buildings, athletic facilities, or other revenue-producing facilities.
1“School” means an educational institution that includes any of the grades kindergarten through 12.1
“Secretary” means the Secretary of Higher Education appointed pursuant to section 2 of P.L.2009, c.308 (C.18A:3B-47).
“Stackable credentials program” means a program established for the purpose of supporting industry-recognized, short-term credentials and certificates that count toward a higher-level certificate or degree so that individuals may advance in employment and training over the course of their careers.
4. The Commissioner of Education and the Secretary of Higher Education shall jointly adopt, pursuant to the "Administrative Procedure Act," P.L.1968 c.410 (C.52:14B‑1 et seq.), rules and regulations necessary to implement the provisions of this act.
5. Bonds of the State of New Jersey are authorized to be issued in the aggregate principal amount of 1[$500,000,000] $750,000,0001 to be allocated as grants for the costs of projects as follows:
a. $450,000,000 for county vocational school 1[districts; and] district career and technical education grants;1
b. $50,000,000 for county 1[colleges] college career and technical education grants; and
c. $250,000,000 for school facility security grants1 .
1[c.] d.1 Procedures for the review and approval of, and eligibility criteria for, 1career and technical education1 grants shall be established by the commissioner, in consultation with the Commissioner of Labor and Workforce Development, in the case of county vocational school district grants, and by the secretary, in consultation with the Commissioner of Labor and Workforce Development, in the case of county college grants. The county vocational school district or the county college, as applicable, shall demonstrate how the proposed project to be financed through bond funds will: increase the capacity of the county vocational school district or county college to offer career and technical education programs; prepare students for high demand, technically skilled careers; and align with labor market demands or economic development goals. The county vocational school district or the county college shall demonstrate the process by which it engaged employers to identify workforce needs.
Projects that meet any of the following criteria shall receive priority for 1career and technical education1 grant funding:
(1) the county vocational school district or the county college offers a stackable credentials program;
(2) in the case of a county vocational school district grant, the school district has entered into a partnership with a county college for the provision of career and technical education programs, and in the case of a county college grant, the county college has entered into a partnership with a county vocational school district for the provision of career and technical education programs; or
(3) the county vocational school district or the county college has entered into a partnership with an employer to provide technical education and training for current or potential employees.
1[d.] Procedures for the review and approval of, and eligibility criteria for, school facility security grants shall be established by the commissioner.
e. For any career and technical education project approved by the commissioner or the secretary, as applicable, the grant shall support 75% of the cost of the project and the county which established the county vocational school district or county college shall support 25% of the cost of the project. This matching requirement may be met through cash contributions, or through in-kind contributions including, but not limited to, land, facilities, or equipment as permitted by the commissioner or secretary.
f.1 The commissioner in the case of county vocational school district 1career and technical education1 grants 1and school facility security grants1, and the secretary in the case of county college grants, shall prepare a list of eligible projects. The commissioner or the secretary, as applicable, shall submit to the presiding officers of each House of the Legislature on a date that both Houses are in session a copy of the list of eligible projects along with the amount of the grant for each project. The list shall be deemed to be approved in its entirety unless the Legislature adopts a concurrent resolution stating that the Legislature is not in agreement with the list within 60 days following the date of transmittal of the list to the Legislature. The payment of project grants on the list of projects shall be subject to the prior appropriation of sufficient funds pursuant to section 15 of this act for total project amounts so listed.
6. The bonds authorized under this act shall be serial bonds, term bonds, or a combination thereof, and shall be known as “Career and Technical Education 1and School Security1 Bonds.” They shall be issued from time to time as the issuing officials herein named shall determine and may be issued in coupon form, fully‑registered form or book‑entry form. The bonds may be subject to redemption prior to maturity and shall mature and be paid not later than 35 years from the respective dates of their issuance.
7. The Governor, the State Treasurer and the Director of the Division of Budget and Accounting in the Department of the Treasury, or any two of these officials, herein referred to as “the issuing officials,” are authorized to carry out the provisions of this act relating to the issuance of bonds, and shall determine all matters in connection therewith, subject to the provisions of this act. If an issuing official is absent from the State or incapable of acting for any reason, the powers and duties of that issuing official shall be exercised and performed by the person authorized by law to act in an official capacity in the place of that issuing official.
8. Bonds issued in accordance with the provisions of this act shall be a direct obligation of the State of New Jersey, and the faith and credit of the State are pledged for the payment of the interest and redemption premium thereon, if any, when due, and for the payment of the principal thereof at maturity or earlier redemption date. The principal of and interest on the bonds shall be exempt from taxation by the State or by any county, municipality or other taxing district of the State.
9. The bonds shall be signed in the name of the State by means of the manual or facsimile signature of the Governor under the Great Seal of the State, which seal may be by facsimile or by way of any other form of reproduction on the bonds, and attested by the manual or facsimile signature of the Secretary of State, or an Assistant Secretary of State, and shall be countersigned by the facsimile signature of the Director of the Division of Budget and Accounting in the Department of the Treasury and may be manually authenticated by an authenticating agent or bond registrar, as the issuing official shall determine. Interest coupons, if any, attached to the bonds shall be signed by the facsimile signature of the Director of the Division of Budget and Accounting in the Department of the Treasury. The bonds may be issued notwithstanding that an official signing them or whose manual or facsimile signature appears on the bonds or coupons has ceased to hold office at the time of issuance, or at the time of the delivery of the bonds to the purchaser thereof.
10. a. The bonds shall recite that they are issued for the purposes set forth in section 5 of this act, that they are issued pursuant to this act, that this act was submitted to the people of the State at the general election next occurring at least 70 days after enactment as specified in section 23 of this act, and that this act was approved by a majority of the legally qualified voters of the State voting thereon at the election. This recital shall be conclusive evidence of the authority of the State to issue the bonds and their validity. Any bonds containing this recital shall, in any suit, action or proceeding involving their validity, be conclusively deemed to be fully authorized by this act and to have been issued, sold, executed and delivered in conformity herewith and with all other provisions of laws applicable hereto, and shall be incontestable for any cause.
b. The bonds shall be issued in those denominations and in the form or forms, whether coupon, fully-registered or book-entry, and with or without provisions for interchangeability thereof, as may be determined by the issuing officials.
11. When the bonds are issued from time to time, the bonds of each issue shall constitute a separate series to be designated by the issuing officials. Each series of bonds shall bear such rate or rates of interest as may be determined by the issuing officials, which interest shall be payable semiannually; except that the first and last interest periods may be longer or shorter, in order that intervening semiannual payments may be at convenient dates.
12. The bonds shall be issued and sold at the price or prices and under the terms, conditions and regulations as the issuing officials may prescribe, after notice of the sale, published at least once in at least three newspapers published in this State, and at least once in a publication carrying municipal bond notices and devoted primarily to financial news, published in this State or in the city of New York, the first notice to appear at least five days prior to the day of bidding. The notice of sale may contain a provision to the effect that any bid in pursuance thereof may be rejected. In the event of rejection or failure to receive any acceptable bid, the issuing officials, at any time within 60 days from the date of the advertised sale, may sell the bonds at a private sale at such price or prices under the terms and conditions as the issuing officials may prescribe. The issuing officials may sell all or part of the bonds of any series as issued to any State fund or to the federal government or any agency thereof, at a private sale, without advertisement.
13. Until permanent bonds are prepared, the issuing officials may issue temporary bonds in the form and with those privileges as to their registration and exchange for permanent bonds as may be determined by the issuing officials.
14. The proceeds from the sale of bonds used to provide grants to 1schools,1 county vocational school districts 1,1 and county colleges as set forth in section 5 shall be paid to the State Treasurer, shall be held by the State Treasurer in a separate fund, and shall be deposited in such depositories as may be selected by the State Treasurer to the credit of the fund, which fund shall be known as the “Career and Technical Education 1and School Security1 Fund.”
15. a. The moneys in the “Career and Technical Education 1and School Security1 Fund” are specifically dedicated and shall be applied to the cost of providing grants to 1schools,1 county vocational school districts 1,1 and county colleges for projects as set forth in section 5 of this act. However, no moneys in the fund shall be expended for those purposes, except as otherwise authorized by this act, without the appropriation thereof by the Legislature, but bonds may be issued as herein provided, notwithstanding that the Legislature shall not have then adopted an act making an appropriation of any of the moneys.
b. At any time prior to the issuance and sale of bonds under this act, the State Treasurer is authorized to transfer from any available moneys in any fund of the treasury of the State to the credit of the “Career and Technical Education 1and School Security1 Fund” those sums as the State Treasurer may deem necessary. The sums so transferred shall be returned to the same fund of the treasury of the State by the State Treasurer from the proceeds of the sale of the first issue of bonds.
c. Pending their application to the purposes provided in this act, the moneys in the “Career and Technical Education 1and School Security1 Fund” may be invested and reinvested as are other trust funds in the custody of the State Treasurer, in the manner provided by law. Net earnings received from the investment, reinvestment, or deposit of moneys in the Career and Technical Education 1and School Security1 Fund” shall be paid into the General Fund.
16. If any coupon bond, coupon or registered bond is lost, mutilated or destroyed, a new bond or coupon shall be executed and delivered of like tenor, in substitution for the lost, mutilated or destroyed bond or coupon, upon the owner furnishing to the issuing officials evidence satisfactory to them of the loss, mutilation or destruction of the bond or coupon, the ownership thereof, and security, indemnity and reimbursement for expenses connected therewith, as the issuing officials may require.
17. The accrued interest, if any, received upon the sale of the bonds shall be applied to the discharge of a like amount of interest upon the bonds when due. Any expense incurred by the issuing officials for advertising, engraving, printing, clerical, authenticating, registering, legal or other services necessary to carry out the duties imposed upon them by the provisions of this act shall be paid from the proceeds of the sale of the bonds by the State Treasurer, upon the warrant of the Director of the Division of Budget and Accounting in the Department of the Treasury, in the same manner as other obligations of the State are paid.
18. Bonds of each series issued hereunder shall mature, including any sinking fund redemptions, not later than the 35th year from the date of issue of that series, and in amounts as shall be determined by the issuing officials. The issuing officials may reserve to the State by appropriate provision in the bonds of any series the power to redeem any of the bonds prior to maturity at the price or prices and upon the terms and conditions as may be provided in the bonds.
19. Any bond or bonds issued hereunder which are subject to refinancing pursuant to the “Refunding Bond Act of 1985,” P.L.1985, c.74 as amended by P.L.1992, c.182 (C.49:2B-1 et seq.), shall no longer be deemed to be outstanding, shall no longer constitute a direct obligation of the State of New Jersey, and the faith and credit of the State shall no longer be pledged to the payment of the principal of, redemption premium, if any, and interest on the bonds, and the bonds shall be secured solely by and payable solely from moneys and government securities deposited in trust with one or more trustees or escrow agents, which trustees and escrow agents shall be trust companies or national or state banks having powers of a trust company, located either within or without the State, as provided herein, whenever there shall be deposited in trust with the trustees or escrow agents, as provided herein, either moneys or government securities, including government securities issued or held in book-entry form on the books of the Department of Treasury of the United States, the principal of and interest on which when due will provide money which, together with the moneys, if any, deposited with the trustees or escrow agents at the same time, shall be sufficient to pay when due the principal of, redemption premium, if any, and interest due and to become due on the bonds on or prior to the redemption date or maturity date thereof, as the case may be; provided the government securities shall not be subject to redemption prior to their maturity other than at the option of the holder thereof. The State of New Jersey hereby covenants with the holders of any bonds for which government securities or moneys shall have been deposited in trust with the trustees or escrow agents as provided in this section that, except as otherwise provided in this section, neither the government securities nor moneys so deposited with the trustees or escrow agents shall be withdrawn or used by the State for any purpose other than, and shall be held in trust for, the payment of the principal of, redemption premium, if any, and interest to become due on the bonds; provided that any cash received from the principal or interest payments on the government securities deposited with the trustees or escrow agents, to the extent the cash will not be required at any time for that purpose, shall be paid over to the State, as received by the trustees or escrow agents, free and clear of any trust, lien, pledge or assignment securing the bonds; and to the extent the cash will be required for that purpose at a later date, shall, to the extent practicable and legally permissible, be reinvested in government securities maturing at times and in amounts sufficient to pay when due the principal of, redemption premium, if any, and interest to become due on the bonds on and prior to the redemption date or maturity date thereof, as the case may be, and interest earned from the reinvestments shall be paid over to the State, as received by the trustees or escrow agents, free and clear of any trust, lien or pledge securing the bonds. Notwithstanding anything to the contrary contained herein: a. the trustees or escrow agents shall, if so directed by the issuing officials, apply moneys on deposit with the trustees or escrow agents pursuant to the provisions of this section, and redeem or sell government securities so deposited with the trustees or escrow agents, and apply the proceeds thereof to (1) the purchase of the bonds which were refinanced by the deposit with the trustees or escrow agents of the moneys and government securities and immediately thereafter cancel all bonds so purchased, or (2) the purchase of different government securities; provided however, that the moneys and government securities on deposit with the trustees or escrow agents after the purchase and cancellation of the bonds or the purchase of different government securities shall be sufficient to pay when due the principal of, redemption premium, if any, and interest on all other bonds in respect of which the moneys and government securities were deposited with the trustees or escrow agents on or prior to the redemption date or maturity date thereof, as the case may be; and b. in the event that on any date, as a result of any purchases and cancellations of bonds or any purchases of different government securities, as provided in this sentence, the total amount of moneys and government securities remaining on deposit with the trustees or escrow agents is in excess of the total amount which would have been required to be deposited with the trustees or escrow agents on that date in respect of the remaining bonds for which the deposit was made in order to pay when due the principal of, redemption premium, if any, and interest on the remaining bonds, the trustees or escrow agents shall, if so directed by the issuing officials, pay the amount of the excess to the State, free and clear of any trust, lien, pledge or assignment securing the refunding bonds.
20. Refunding bonds issued pursuant to P.L.1985, c.74 as amended by P.L.1992, c.182 (C.49:2B-1 et seq.) may be consolidated with bonds issued pursuant to section 5 of this act or with bonds issued pursuant to any other act for purposes of sale.
21. To provide funds to meet the interest and principal payment requirements for the bonds and refunding bonds issued under this act and outstanding, there is appropriated in the order following:
a. Revenue derived from the collection of taxes under the “Sales and Use Tax Act,” P.L.1966, c.30 (C.54:32B-1 et seq.), or so much thereof as may be required; and
b. If, at any time, funds necessary to meet the interest, redemption premium, if any, and principal payments on outstanding bonds issued under this act are insufficient or not available, there shall be assessed, levied and collected annually in each of the municipalities of the counties of this State, a tax on the real and personal property upon which municipal taxes are or shall be assessed, levied and collected, sufficient to meet the interest on all outstanding bonds issued hereunder and on the bonds proposed to be issued under this act in the calendar year in which the tax is to be raised and for the payment of bonds falling due in the year following the year for which the tax is levied. The tax shall be assessed, levied and collected in the same manner and at the same time as are other taxes upon real and personal property. The governing body of each municipality shall cause to be paid to the county treasurer of the county in which the municipality is located, on or before December 15 in each year, the amount of tax herein directed to be assessed and levied, and the county treasurer shall pay the amount of the tax to the State Treasurer on or before December 20 in each year.
If on or before December 31 in any year, the issuing officials, by resolution, determine that there are moneys in the General Fund beyond the needs of the State, sufficient to pay the principal of bonds falling due and all interest and redemption premium, if any, payable in the ensuing calendar year, the issuing officials shall file the resolution in the office of the State Treasurer, whereupon the State Treasurer shall transfer the moneys to a separate fund to be designated by the State Treasurer, and shall pay the principal, redemption premium, if any, and interest out of that fund as the same shall become due and payable, and the other sources of payment of the principal, redemption premium, if any, and interest provided for in this section shall not then be available, and the receipts for the year from the tax specified in subsection a. of this section shall be considered and treated as part of the General Fund, available for general purposes.
22. Should the State Treasurer, by December 31 of any year, deem it necessary, because of the insufficiency of funds collected from the sources of revenues as provided in this act, to meet the interest and principal payments for the year after the ensuing year, then the State Treasurer shall certify to the Director of the Division of Budget and Accounting in the Department of the Treasury the amount necessary to be raised by taxation for those purposes, the same to be assessed, levied and collected for and in the ensuing calendar year. The director shall, on or before March 1 following, calculate the amount in dollars to be assessed, levied and collected in each county as herein set forth. This calculation shall be based upon the corrected assessed valuation of each county for the year preceding the year in which the tax is to be assessed, but the tax shall be assessed, levied and collected upon the assessed valuation of the year in which the tax is assessed and levied. The director shall certify the amount to the county board of taxation and the treasurer of each county. The county board of taxation shall include the proper amount in the current tax levy of the several taxing districts of the county in proportion to the ratables as ascertained for the current year.
23. For the purpose of complying with the provisions of the State Constitution, this act shall be submitted to the people at the general election next occurring at least 70 days after enactment. To inform the people of the contents of this act, it shall be the duty of the Secretary of State, after this section takes effect, and at least 60 days prior to the election, to cause this act to be published at least once in one or more newspapers of each county, if any newspapers be published therein and to notify the clerk of each county of this State of the passage of this act; and the clerks respectively, in accordance with the instructions of the Secretary of State, shall have printed on each of the ballots the following:
If you approve of the act entitled below, make a cross (x), plus (+), or check ( a ) mark in the square opposite the word "Yes."
If you disapprove of the act entitled below, make a cross (x), plus (+), or check ( a ) mark in the square opposite the word "No."
If voting machines are used, a
vote of "Yes" or "No" shall be equivalent to these markings
CAREER AND TECHNICAL EDUCATION 1AND SCHOOL SECURITY1 BOND ACT
Do you approve the “Career and Technical Education 1and School Security1 Bond Act”? This bond act authorizes the State to issue bonds in the aggregate principal amount of 1[$500] $7501 million. The money from the sale of the bonds would be used to provide grants to 1schools,1 county vocational school districts 1,1 and county colleges. Money from the grants would be used to build, equip, and expand facilities to increase career and technical education program capacity1. Money would also be used for school facility security upgrades1 .
This act would allow the State to borrow a total principal amount of 1[$500] $7501 million. This money would be used to provide grants to county vocational school districts and county colleges to construct and equip buildings to increase capacity in career and technical education programs. 1The money would also be used to provide grants for school facility security projects at kindergarten through grade 12 schools.1 Four hundred fifty million dollars would support county vocational school district projects. Fifty million dollars would support county college projects. 1Two hundred fifty million dollars would support school facility security projects.1
The fact and date of the approval or passage of this act, as the case may be, may be inserted in the appropriate place after the title in the ballot. No other requirements of law of any kind or character as to notice or procedure, except as herein provided, need be adhered to.
The votes so cast for and against the approval of this act, by ballot or voting machine, shall be counted and the result thereof returned by the election officer, and a canvass of the election had in the same manner as is provided for by law in the case of the election of a Governor, and the approval or disapproval of this act so determined shall be declared in the same manner as the result of an election for a Governor, and if there is a majority of all the votes cast for and against it at the election in favor of the approval of this act, then all the provisions of this act not made effective theretofore shall take effect forthwith.
24. There is appropriated the sum of $5,000 to the Department of State for expenses in connection with the publication of notice pursuant to section 23 of this act.
25. The commissioner and the secretary shall submit to the State Treasurer and the commission with the department's or secretary’s annual budget request a plan for the expenditure of funds from the “Career and Technical Education 1and School Security1 Fund” for the upcoming fiscal year. This plan shall include the following information: a performance evaluation of the expenditures made from the funds to date; a description of programs planned during the upcoming fiscal year; a copy of the regulations in force governing the operation of programs that are financed, in part or in whole, by funds from the “Career and Technical Education 1and School Security1 Fund”; and an estimate of expenditures for the upcoming fiscal year.
26. Immediately following the submission to the Legislature of the Governor's annual budget message, the commissioner and the secretary shall submit to the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), and to the Joint Budget Oversight Committee, or its successor, copies of the plan called for under section 25 of this act, together with such changes therein as may have been required by the Governor's budget message.
27. 1[All] Except as otherwise provided by this act, all1 appropriations from the “Career and Technical Education 1and School Security1 Fund” shall be by specific allocation for each project, and any transfer of any funds so appropriated shall require the approval of the Joint Budget Oversight Committee, or its successor.
28. This section and sections 23 and 24 and of this act shall take effect immediately and the remainder of this act shall take effect as and when provided in section 23 of this act.