ASSEMBLY, No. 904
STATE OF NEW JERSEY
Introduced Pending Technical Review by Legislative Counsel
PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION
By Assemblymen ROCCO and WOLFE
An Act concerning county colleges and amending P.L.1971, c.12.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.1971, c.12 (C.18A:64A-22.1) is amended to read as follows:
1. Whenever the funds appropriated to the board of higher education are insufficient to satisfy the State's share of capital projects for county colleges pursuant to N.J.S.18A:64A-22, additional State support for such projects shall be made available to counties in which county colleges are located for the payment of interest and principal on bonds entitled to the benefits of this act and interest on notes issued in anticipation thereof, provided that the total principal amount of such bonds shall not exceed[$80,000,000.00] $160,000,000.
(cf: P.L.1985, c.136, s.1)
2. This act shall take effect immediately.
STATEMENT
This bill increases the amount of bonds which may be issued to provide additional State support for county colleges from $80,000,000 to $160,000,000. Pursuant to P.L.1971, c.12, these bonds may be issued as revenue bonds by the county board of freeholders, after certification by the State Treasurer that additional State support is necessary. State aid for debt service is paid to a county in accordance with the amount of bonds issued. The bonds are not deemed a liability of the State, nor are the amounts of bonds issued considered in determining the net debt of the county.
The county colleges need capital support for their aging infrastructure to accommodate renovation and construction of new facilities. Increasing the amount of bonds available for this purpose will help the county colleges maintain the infrastructure and avoid raising tuition above the level of affordability for the many students which attend our county colleges.
Raises bonding limit for county college support to $160 million.