ASSEMBLY, No. 1619
STATE OF NEW JERSEY
INTRODUCED FEBRUARY 29, 1996
By Assemblyman ROMANO
A Supplement to "An Act making appropriations for the support of the State Government and the several public purposes for the fiscal year ending June 30, 1996 and regulating the disbursement thereof," approved June 30, 1995 (P.L.1995, c.164).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. In addition to the amounts appropriated under P.L.1995, c.164, there is appropriated out of the General Fund the following sum for the purpose specified:
STATE AID 34 DEPARTMENT OF EDUCATION 30 Educational, Cultural and Intellectual Development 31 Direct Educational Services and Assistance 5120 Division of School Finance and Regulatory Services 38 Facilities Planning and School Building Aid |
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38-5120 Facilities Planning and School Building Aid ......... ................ |
$19,200,000 |
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State Aid and Grants: |
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School Building Aid Supplement ............................. ....................... |
($19,200,000) |
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2. This act shall take effect immediately.
STATEMENT
This bill appropriates $19.2 million in supplemental debt service aid to the 30 special needs districts. Under the Appropriations Act of 1996, debt service aid entitlement for each eligible school district was calculated by multiplying the 1994-95 State percentage share by its 1995-96 school year debt service budget. Since many local school districts' debt service budget increased as a result of the issuance of bonds for new capital projects, the State appropriation of $69.9 million for the debt service aid program was only sufficient to fund all eligible school districts at 61.2 percent of their entitlement. This bill provides the additional money needed so that the special needs districts would receive full funding of their debt service aid entitlement.
Supplemental appropriation of $19.2 million to fully fund debt service aid for special needs districts.