SENATE, No. 2289
STATE OF NEW JERSEY
INTRODUCED DECEMBER 1, 1997
By Senator BARK
AN ACT creating grant and loan funds for public school facilities, supplementing Title 18A of the New Jersey Statutes and amending various parts of the statutory law.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. (New section) This act shall be known and may be cited as the "Public School Facilities Funding Act of 1998."
2. (New section) The Legislature finds and declares that public school districts throughout this State have a critical and urgent need to construct new facilities and to renovate and repair aging and deteriorating school buildings in order to provide adequate classroom space to implement the requirements of the new core curriculum content standards; that the State Supreme Court has recently reaffirmed the constitutional obligation of the State to provide adequate public school facilities to all children; that it is equally imperative that each school building provide a safe and healthful environment for its pupils; and that the establishment of grant and revolving loan funds for public school construction will help ensure that these objectives are attained.
3. (New section) As used in this act:
"Abbott district" means one of the 28 urban districts in district factor groups A and B specifically identified in the appendix to Raymond Abbott, et al. v. Fred G. Burke, et al. decided by the New Jersey Supreme Court on June 5, 1990 (119 N.J. 287, 394);
"Authority" means the New Jersey Educational Facilities Authority established pursuant to N.J.S.18A:72A-1 et seq.;
"Board of education" means the board of education of a local school district, a regional school district, a county vocational school district or a county special services school district;
"Bonds" mean the bonds authorized to be issued, or issued under this act;
"Commissioner" means the Commissioner of Education;
"Construction and renovation" mean, in addition to the usual meanings thereof, the designing, engineering, financing, extension, repair, remodeling, rehabilitation, alteration or conversion, or any combination thereof, of a public school building or any part thereof;
"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 any project authorized by this act, including any rights or interests therein; the execution of any agreements and franchises deemed by the department to be necessary or useful and convenient in connection with any project authorized by this act; the procurement of engineering, inspection, planning, legal, financial or other professional services, including the services of a bond registrar or an authenticating agent; the issuance of bonds, or any interest or discount thereon; the administrative, organizational, operating or other expenses incident to the financing, completing and placing into service of projects 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;
"Department" means the Department of Education;
"Local school district" means any school district which is operated under the provisions of Title 18A of the New Jersey Statutes and which is responsible for the provision of free public education to all children;
"Public school" means a school, under collegiate grade, which is operated by a local school district; and
"Public school facility" means any school building owned or acquired under an existing lease purchase agreement by a board of education and the necessary attendant related facilities and equipment of a board of education used for instructional purposes and for community needs.
4. (New section) There is hereby created a special fund in the New Jersey Educational Facilities Authority, established pursuant to N.J.S. 18A:72A-1 et seq., which shall be entitled the "Public School Facilities Grant Fund," hereinafter referred to as the "grant fund." The grant fund shall be maintained in a separate account and administered by the authority to carry out the provisions of this act. The fund shall consist of:
a. the proceeds from the sale of bonds as specified under subsection a. of section 5 of the "Public School Facilities Bond Act of 1998," P.L. c. (C. ) (now pending before the Legislature as Senate Bill No. of 1997);
b. all moneys appropriated by the State for the purposes of the grant fund; and
c. all interest and investment earnings received on moneys in the fund.
5. (New section) The grant fund shall be used to provide grants:
a. to be awarded to the board of education of each Abbott district on a per-pupil basis for the cost of construction and renovation of public school facilities for early childhood programs;
b. to be awarded to boards of education of Abbott districts on the basis of a facilities needs assessment for the cost of construction and renovation of public school facilities. The State Board of Education may establish the maximum amount of a grant to be awarded under this subsection.
6. (New section) a. Any board of education of an Abbott district may determine, by resolution, to apply for a grant from the grant fund. Upon adoption of that resolution, the board shall file an application with the Commissioner of Education, which application shall include a complete description of the project. Upon receipt of the application, the commissioner shall evaluate the conditions in the district in the context of the selection criteria established pursuant to section 9 of this act. The commissioner shall report his findings to the State Board of Education and may include in the report a recommendation as to the amount, if any, of the grant proposed with respect to the school district.
b. The State Board of Education shall review the commissioner's report and, by resolution, approve or disapprove a district's eligibility for a grant. For each eligible district, the board shall establish the amount of the grant. The board shall forward a copy of the resolution along with the amount of the grant to the authority.
c. The State board shall submit to the Legislature a copy of the resolution along with the amount of the grant. If the Legislature does not disapprove the grant by the adoption of a concurrent resolution within 60 days, the grant shall be deemed to be approved.
d. Each grant awarded under this act shall be contingent upon the recipient board of education entering into a contract or contracts for the commencement of construction or renovation of the public school facility within one year of the date on which the funds were made available.
7. (New section) a. There is hereby created a special fund in the authority which shall be entitled the "Public School Facilities Loan Fund," hereinafter referred to as the "loan fund." The loan fund shall be maintained in a separate account and administered by the authority as a nonlapsing revolving fund for carrying out the provisions of this act. The loan fund shall consist of:
(1) all moneys appropriated by the State for the purposes of the fund;
(2) all moneys received from the issuance of bonds or notes pursuant to section 13 of this act; and
(3) all interest and investment earnings received on moneys in the fund and sums received as repayment of principal and interest on outstanding loans made by the fund.
b. The authority shall establish reserve and guarantee funds for the purposes of this act, which shall consist of:
(1) the proceeds from the sale of bonds as specified under subsection b. of section 5 of the "Public School Facilities Bond Act of 1998," P.L. c. (C. )(now pending before the Legislature as Senate Bill No. of 1997);
(2) all interest and investment earnings received on moneys in the funds; and
(3) all moneys appropriated by the State for the purposes of the reserve and guarantee funds.
The reserve fund shall be used by the authority to secure debt issued by the authority, and the guarantee fund shall be used by the authority to secure debt issued by a school district.
8. (New section) The loan fund shall be used to make direct low-interest loans to boards of education for the cost of the construction and renovation of public school facilities.
9. (New section) In order to ensure the most effective utilization of the moneys in the grant and loan funds, the Commissioner of Education shall establish a list of selection criteria for boards of education applying for a grant or loan, taking into consideration all of the factors which impact on the ability of each school district to provide suitable facilities for a thorough and efficient education and to implement the requirements of the core curriculum content standards, including the number of unhoused pupils, health and safety needs, the number of years on split or curtailed sessions, the rate of pupil population increase, the adequacy of existing or proposed facilities, plans for use by the community or other social service agencies, the school tax rate of the district, the equalized valuation per pupil of the district, and any other factors which the State Board of Education deems necessary or appropriate.
10. (New section) a. Notwithstanding the provisions of N.J.S.18A:20-4.2, a board of education may determine, by resolution, to apply to borrow money from the loan fund. Upon adoption of the resolution, the board of education shall file an application with the Commissioner of Education, which application shall include a complete description of the project. Upon receipt of the application, the commissioner shall evaluate the conditions in the district in the context of the selection criteria established pursuant to section 9 of this act. The commissioner shall report his findings to the State Board of Education and may include in the report a recommendation as to the amount, if any, of the loan proposed with respect to the school district.
b. The State Board of Education shall review the commissioner's reports, and, by resolution, approve or disapprove a local board's eligibility for a loan. For each local board which is approved for funding, the State board shall establish the amount of the loan. The State board shall forward a copy of the resolution along with the amount of the loan to the authority. The authority shall establish the repayment schedule which shall be appropriate for the life of the project to be financed, but in no event in excess of 25 years, and the interest rate.
c. The authority shall submit to the Legislature a copy of the resolution along with the amount of the loan, the repayment schedule and the interest rate which has been determined for each board. If the Legislature does not disapprove the loan by the adoption of a concurrent resolution within 60 days, the loan shall be deemed to be approved.
d. Each loan awarded under this act shall be contingent upon the recipient board of education entering into a contract or contracts for the commencement of construction or renovation of the public school facility within one year of the date on which the funds were made available.
11. (New section) a. Each board of education which receives a loan provided pursuant to this act shall include an amount equal to the amount required for the repayment of the interest and principal of the loan in its annual budget for the period established by the authority for the repayment of the loan. The district shall receive State aid for debt service pursuant to section 26 of P.L.1996, c.138 (C.18A:7F-26).
b. In addition to the amount of taxes determined by the legal voters of the district at the annual school election, the secretary of the board of education shall certify the amount required for the repayment of the interest and principal of the loan in the same manner required for interest and debt redemption charges pursuant to N.J.S.18A:22-33, and the amount so certified shall be included in the taxes assessed, levied and collected in the municipality or municipalities comprising the district.
12. (New section) Any board of education shall be eligible to receive an additional loan pursuant to this act notwithstanding that the board has received a previous loan, provided that the additional loan is in conformity with the selection criteria established pursuant to section 9 of this act.
13. (New section) a. The New Jersey Educational Facilities Authority shall from time to time issue bonds or notes in an amount sufficient to finance the loans made to boards of education under this act and to finance the administrative costs associated with the issuance of the bonds or notes. The authority shall issue the bonds or notes in such manner as it shall determine in accordance with this provisions of this act and the "New Jersey Educational Facilities Authority Law," N.J.S.18A:72A-1 et seq.
b. Bonds or notes issued pursuant to this act shall not be in any way a debt or liability of the State or of any political subdivision thereof other than the authority and shall not create or constitute any indebtedness, liability or obligation of the State or of any political subdivision thereof, or be or constitute a pledge of the faith and credit of the Sate or of any political subdivision thereof, but all bonds or notes, unless funded or refunded by bonds or notes of the authority, shall be payable solely from revenues or funds pledged or available for their payment as authorized by this act. Each bond shall contain on its face a statement to the effect that the authority is obligated to pay the principal thereof, redemption premium, if any, or the interest thereon only from revenues or funds of the authority and that neither the State nor any political subdivision thereof is obligated to pay the principal thereof, redemption premium, if any, or interest thereon and that neither the faith and credit nor the taxing power of the State or of any political subdivision thereof is pledged to the payment of the principal of, redemption premium, if any, or the interest on the bonds.
14. N.J.S.18A:72A-1 is amended to read as follows:
18A:72A-1. It is hereby declared that a serious public emergency exists affecting and threatening the welfare, comfort, health, safety and prosperity of the people of the state and resulting from the fact that financial resources are lacking with which to construct required dormitory and other educational facilities at public and private institutions of higher education and to provide for public school facility projects; that it is essential that this and future generations of youth be given the fullest opportunity to learn and to develop their intellectual and mental capacities; that it is essential that institutions for higher education and boards of education within the state be provided with appropriate additional means to assist such youth in achieving the required levels of learning and development of their intellectual and mental capacities; that it is essential that all resources of the state be employed in order to meet the tremendous demand for higher educational opportunities and public school facilities; that all institutions of higher education in the state, both public and private, and all public school facilities are an integral part of the total educational effort in the state for providing pre-kindergarten through higher educational opportunities, and that it is the purpose of this chapter to provide a measure of assistance and an alternative method to enable institutions of higher education and boards of education in the state to provide the facilities which are sorely needed to accomplish the purposes of this chapter, all to the public benefit and good, to the extent and manner provided herein.
(cf: N.J.S.18A:72A-1)
15. N.J.S.18A:72A-3 is amended to read as follows:
18A:72A-3. As used in this act, the following words and terms shall have the following meanings, unless the context indicates or requires another or different meaning or intent:
"Authority" means the New Jersey Educational Facilities Authority created by this chapter or any board, body, commission, department or officer succeeding to the principal functions thereof or to whom the powers conferred upon the authority by this chapter shall be given by law;
"Bond" means bonds or notes of the authority issued pursuant to this chapter;
"Dormitory" means a housing unit with necessary and usual attendant and related facilities and equipment;
"Educational facility" means a structure suitable for use as a dormitory, dining hall, student union, administration building, academic building, library, laboratory, research facility, classroom, athletic facility, health care facility, teaching hospital, and parking maintenance storage or utility facility and other structures or facilities related thereto or required or useful for the instruction of students or the conducting of research or the operation of an institution for higher education, and the necessary and usual attendant and related facilities and equipment, but shall not include any facility used or to be used for sectarian instruction or as a place for religious worship;
"Emerging needs program" means a program at one or more public or private institutions of higher education directed to meeting new and advanced technology needs or to supporting new academic programs in science and technology;
"Higher education equipment" means any property consisting of, or relating to, scientific, engineering, technical, computer, communications or instructional equipment;
"Participating college" means a public institution of higher education or private college which, pursuant to the provisions of this chapter, participates with the authority in undertaking the financing
and construction or acquisition of a project;
"Project" means a dormitory or an educational facility or any combination thereof or a public school facility;
"Private college" means an institution for higher education other than a public college, situated within the State and which, by virtue of law or charter, is a nonprofit educational institution empowered to provide a program of education beyond the high school level;
"Private institution of higher education" means independent colleges or universities incorporated and located in New Jersey, which by virtue of law or character or license, are nonprofit educational institutions authorized to grant academic degrees and which provide a level of education which is equivalent to the education provided by the State's public institutions of higher education as attested by the receipt of and continuation of regional accreditation by the Middle States Association of Colleges and Schools, and which are eligible to receive State aid; "Public institution of higher education" means Rutgers, The State University, the State colleges, the New Jersey Institute of Technology, the University of Medicine and Dentistry of New Jersey, the county colleges and any other public university or college now or hereafter established or authorized by law;
"Public school facility" means any school building owned or acquired under an existing lease purchase agreement by a board of education and the necessary and attendant related facilities and equipment of a board of education used for instructional purposes and for community.
"University" means Rutgers, The State University.
(cf: P.L.1993, c.136, s.3)
16. N.J.S.18A:72A-4 is amended to read as follows:
18A:72A-4. (a) There is hereby established in but not of the Department of the Treasury a public body corporate and politic, with corporate succession to be known as the "New Jersey educational facilities authority." Notwithstanding this allocation, the authority shall be independent of any supervision or control by the department or any officer thereof. The authority shall constitute a political subdivision of the State established as an instrumentality exercising public and essential governmental functions, and the exercise by the authority of the powers conferred by this chapter shall be deemed and held to be an essential governmental function of the State.
(b) The authority shall consist of [seven] nine members, [two] four of whom shall be the chairman of the Commission on Higher Education, ex officio, and the State Treasurer, ex officio, the Commissioner of Education, ex officio, and the Commissioner of Community Affairs, ex officio, or when so designated by them, their deputies and five citizens of the State to be appointed by the Governor with the advice and consent of the Senate for terms of five years; provided that the terms of the members first appointed shall be arranged by the Governor so that one of such terms shall expire on April 30 in each successive year ensuing after such appointments. Each member shall hold office for the term of his appointment and shall continue to serve during the term of his successor unless and until his successor shall have been appointed and qualified. Any vacancy among the members appointed by the Governor shall be filled by appointment for the unexpired term only. A member of the authority shall be eligible for reappointment.
(c) Any member of the authority appointed by the Governor may be removed from office by the Governor for cause after a public hearing.
(d) The members of the authority shall serve without compensation, but the authority may reimburse its members for necessary expenses incurred in the discharge of their duties.
(e) The authority, upon the first appointment of its members and thereafter on or after April 30 in each year, shall annually elect from among its members a chairman and a vice chairman who shall hold office until April 30 next ensuing and shall continue to serve during the terms of their respective successors unless and until their respective successors shall have been appointed and qualified. The authority may also appoint, retain and employ, without regard to the provisions of Title 11, Civil Service, of the Revised Statutes, such officers, agents, employees and experts as it may require, and it shall determine their qualifications, terms of office, duties, services and compensation.
(f) The powers of the authority shall be vested in the members thereof in office from time to time and a majority of the total authorized membership of the authority shall constitute a quorum at any meeting thereof. Action may be taken and motions and resolutions adopted by the authority at any meeting thereof by the affirmative vote of a majority of the members present, unless in any case the bylaws of the authority shall require a larger number. No vacancy in the membership of the authority shall impair the right of a quorum to exercise all the rights and perform all the duties of the authority.
(g) Before the issuance of any bonds under the provisions of this chapter, the members and the officer of the authority charged with the handling of the authority's moneys shall be covered by a surety bond or bonds in a penal sum of not less than $25,000.00 per person conditioned upon the faithful performance of the duties of their respective offices, and executed by a surety company authorized to transact business in the State of New Jersey as surety. Each such bond shall be submitted to the attorney general for his approval and upon his approval shall be filed in the Office of the Secretary of State prior to the issuance of any bonds by the authority. At all times after the issuance of any bonds by the authority the officer of the authority and each member charged with the handling of the authority's moneys shall maintain such surety bonds in full force and effect. All costs of such surety bonds shall be borne by the authority.
(h) Notwithstanding any other law to the contrary, it shall not be or constitute a conflict of interest for a trustee, director, officer or employee of a participating college or a member or employee of a board of education to serve as a member of the authority; provided such trustee, director, officer, member or employee shall abstain from discussion, deliberation, action and vote by the authority under this chapter in specific respect to such participating college or board of education of which such member is a trustee, director, officer, member or employee.
(i) A true copy of the minutes of every meeting of the authority shall be forthwith delivered by and under the certification of the secretary thereof, to the Governor. No action taken at such meeting by the authority shall have force or effect until 10 days after such copy of the minutes shall have been so delivered. If, in said 10-day period, the Governor returns such copy of the minutes with veto of any action taken by the authority or any member thereof at such meeting, such action shall be null and of no effect. If the Governor shall not return the minutes within said 10-day period, any action therein recited shall have force and effect according to the wording thereof. At any time prior to the expiration of the said 10-day period, the Governor may sign a statement of approval of any such action of the authority, in which case the action so approved shall not thereafter be disapproved. Notwithstanding the foregoing provisions of this subsection (i), with regard to the sale and award of bonds of the authority, the authority shall furnish to the Governor a certified copy of the minutes of the meeting at which said bonds are sold and awarded forthwith upon the taking of such action and the Governor shall indicate his approval or disapproval of such action prior to the end of the business day upon which such action of the authority was taken. The powers conferred in this subsection (i) upon the Governor shall be exercised with due regard for the rights of the holders of bonds of the authority at any time outstanding, and nothing in, or done pursuant to, this subsection (i) shall in any way limit, restrict or alter the obligation or powers of the authority or any representative or officer of the authority to carry out and perform in every detail each and every covenant, agreement or contract at any time made or entered into by or on behalf of the authority with respect to its bonds or for the benefit, protection or security of the holders thereof.
(cf: P.L.1994, c.48, s.236)
17. N.J.S.18A:72A-8 is amended to read as follows:
18A:72A-8. (a) The authority is authorized from time to time to issue its negotiable bonds for any corporate purpose. In anticipation of the sale of such bonds the authority may issue negotiable bond anticipation notes and may renew the same from time to time, but the maximum maturity of any such note, including renewals thereof, shall not exceed five years from the date of issue of the original note. Such notes shall be paid from any revenues or other moneys of the authority available therefor and not otherwise pledged, or from the proceeds of sale of the bonds of the authority in anticipation of which they were issued. The notes shall be issued in the same manner as the bonds. Such notes and the resolution or resolutions authorizing the same may contain any provisions, conditions or limitations which a bond resolution of the authority may contain.
(b) Except as may otherwise be expressly provided by the authority, every issue of its bonds or notes shall be general obligations of the authority payable from any revenues or moneys or the authority, subject only to any agreements with the holders of particular bonds or notes pledging any particular revenues or moneys. Notwithstanding that bonds and notes may be payable from a special fund, they shall be fully negotiable within the meaning of Title 12A, the Uniform Commercial Code, of the New Jersey Statutes, subject only to the provisions of the bonds and notes for registration.
(c) The bonds may be issued as serial bonds or as term bonds, or the authority, in its discretion, may issue bonds of both types. The bonds shall be authorized by resolution of the members of the authority and shall bear such date or dates, mature at such time or times, not exceeding 50 years from their respective dates, bear interest at such rate or rates, [not exceeding 6% per annum,] or at such variable or formula rate or rates, be payable at such time or times, be in such denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in lawful money of the United States of America at such place or places, and be subject to such terms of redemption, as such resolution or resolutions may provide. The bonds or notes may be sold at public or private sale for such price or prices as the authority shall determine [, but which shall not at the time of sale yield more than 6% per annum computed according to standard tables of bond values]. Pending preparation of the definitive bonds, the authority may issue interim receipts or certificates which shall be exchanged for such definitive bonds.
(d) Any resolution or resolutions authorizing any bonds or any issue of bonds may contain provisions, which shall be a part of the contract with the holders of the bonds to be authorized, as to:
(i) pledging all or any part of the revenues of a project or any revenue producing contract or contracts made by the authority with any individual, partnership, corporation or association or other body, public or private, to secure the payment of the bonds or of any particular issue of bonds, subject to such agreements with bondholders as may then exist;
(ii) the rentals, fees and other charges to be charged, and the amounts to be raised in each year thereby, and the use and disposition of the revenues;
(iii) the setting aside of reserves or sinking funds, and the regulation and disposition thereof;
(iv) limitations on the right of the authority or its agent to restrict and regulate the use of a project;
(v) limitations on the purpose to which the proceeds of sale of any issue of bonds then or thereafter to be issued may be applied and pledging such proceeds to secure the payment of the bonds or any issue of the bonds;
(vi) limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured and the refunding of outstanding bonds;
(vii) the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which such consent may be given;
(viii) limitations on the amount of moneys derived from a project to be expended for operating, administrative or other expenses of the authority; and
(ix) defining the acts or omissions to act which shall constitute a default in the duties of the authority to holders of its obligations and providing the rights and remedies of such holders in the event of a default.
(e) Neither the members of the authority nor any person executing the bonds or notes shall be liable personally on the bonds or notes or be subject to any personal liability or accountability by reason of the issuance thereof.
(f) The authority shall have power out of any funds available therefor to purchase its bonds or notes. The authority may hold, pledge, cancel or resell such bonds, subject to and in accordance with agreements with bondholders.
(cf: N.J.S.18A:72A-8)
18. (New section) Not later than July 1, 2000, the Commissioner of Education shall report to the Governor and Legislature on the effect of the grant and loan programs established pursuant to this act.
19. (New section) In accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), the State Board of Education, in consultation with the authority, shall adopt regulations for the implementation of this act, including standards for construction and renovation progress and practices, fiscal controls, accounting procedures and auditing of funds, and all other matters which the board deems necessary.
20. This act shall take effect upon the approval by the people of the issuance of general obligation bonds as provided under the "Public School Facilities Bond Act of 1998," P.L. c. (c. )(now pending before the Legislature as Senate Bill No. of 1997).
STATEMENT
This bill establishes grant and revolving loan funds in the New Jersey Educational Facilities Authority pending voter approval of the issuance of general obligation bonds in the amount of $350,000,000 under the "Public School Facilities Bond Act of 1998." The grant fund would be used to provide grants in the total amount of $150,000,000 to the Abbott districts for the cost of construction and renovation of school facilities, of which $55,000,000 would be distributed on a per-pupil basis for facilities for early childhood programs and $95,000,000 would be distributed on the basis of a facilities needs assessment.
The loan fund would be used to make direct low-interest loans to boards of education for the purpose of the construction and renovation of school facilities. The authority would use $200,000,000 of the general obligation bond monies to establish reserve and guarantee funds as the basis for issuing bonds to finance the loans as debt of the authority. Approximately $500,000,000 would be available for the revolving loan fund. The amount of a loan would be determined by the State Board of Education, and the repayment schedule and interest rate would be established by the authority. If a school board elected to apply for a loan, a referendum would not be required. School districts which receive a loan from the fund would be entitled to State aid for debt service.
Under the bill, the Commissioner of Education is required to establish selection criteria for the awarding of grants and loans, taking into consideration all of the factors which impact on the ability of each school district to provide suitable facilities for a thorough and efficient education and to meet the requirements of the core curriculum content standards, including the number of unhoused pupils, health and safety needs, the number of years on split or curtailed sessions, the rate of pupil population increase, the adequacy of existing or proposed facilities, plans for use by the community or other social service agencies, the school tax rate of the district, the equalized valuation per pupil of the district, and any other factors which the State Board deems necessary or appropriate.
Grants and loans awarded to boards of education would be deemed approved if the Legislature does not adopt a concurrent resolution of disapproval within 60 days of notification of the award.
Not later than July 1, 2000, the Commissioner of Education is required to report to the Governor and Legislature on the effect of the grant and loan program.
The statutes of the New Jersey Educational Facilities Authority are amended to permit the authority to provide grants and loans for public school facilities and to expand membership of the authority to include the Commissioner of Education and the Commissioner of Community Affairs.
Establishes grant and loan funds in the New Jersey Educational Facilities Authority to provide funds for public school construction and renovation.