SENATE, No. 888
STATE OF NEW JERSEY
INTRODUCED MARCH 7, 1996
By Senators KENNY and O'CONNOR
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 ................................ |
$16,117,000 |
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State Aid and Grants: |
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Supplemental School Building Aid .................................................................ff |
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for State-operated School Districts ......................... |
($16,117,000) |
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2. This act shall take effect immediately.
STATEMENT
This bill provides a supplemental appropriation of $16.1 million in debt service aid to the three State-operated school districts - Jersey City ($6.8 million), Paterson ($1.8 million) , and Newark ($7.5 million). In FY 1996, each eligible school district in the State received 61.2 percent of its debt service aid entitlement, which was calculated based on a percentage of its debt service budget. This bill appropriates the funds needed to make up the difference between the debt service budget and debt service aid that each of the three State-operated school districts received so that the State would assume the entire cost of debt service for their capital projects.
Supplemental appropriation of $16.1 million in debt service aid to State-operated school districts.