SENATE BUDGET AND APPROPRIATIONS COMMITTEE

 

STATEMENT TO

 

[First Reprint]

SENATE, No. 1473

 

STATE OF NEW JERSEY

 

DATED: JANUARY 14, 1997

 

 

      The Senate Budget and Appropriations Committee reports favorably Senate Bill No. 1473 (1R) of 1996.

      Senate Bill No. 1473 (1R) appropriates $276,250 from the "Jobs, Education and Competitiveness Bond Fund" to the Commission on Higher Education for construction and renovation projects at four independent institutions of higher education.

       As a result of the closing of Upsala College, the commission has approved the reallocation of that college's share of the bond funds among four independent colleges. Caldwell College will receive $50,250 for the construction of an academic building; Rider University will receive $73,000 for the renovation of Memorial Hall; Monmouth University will receive $73,000 for the renovation of Edison Science Building; and Fairleigh Dickinson University will receive $80,000 for the construction of an academic building on the Madison campus.

 

FISCAL IMPACT

 

      This bill appropriates $276,250 from the "Jobs, Education and Competitiveness Bond Fund" (created by the "Jobs, Education and Competitiveness Bond Act of 1988," P.L.1988, c.78) to the Commission on Higher Education for construction and renovation projects at four independent institutions of higher education.