SENATE CONCURRENT RESOLUTION No. 73

STATE OF NEW JERSEY

INTRODUCED MAY 16, 1996

By Senator MATHEUSSEN

A Concurrent Resolution to approve a proposal for a non-revenue producing project at Rowan College to be financed by the New Jersey Educational Facilities Authority.

Whereas, P.L.1988, c.159 authorizes a board of trustees of a State college to enter into an agreement with the New Jersey Educational Facilities Authority, established under N.J.S.18A:72A-1 et seq., for the acquisition, construction or financing of a non-revenue producing educational facility; and

Whereas, P.L.1988, c.159 further provides that prior to finalapproval of a proposal for the acquisition, construction orfinancing of a non-revenue producing educational facility, a board of trustees shall submit the details of the proposal to the Legislature; and

Whereas, On May 2, 1996, pursuant to the provisions of P.L.1988, c.159, the Board of Trustees of Rowan College submitted to the Legislature a proposal for a non-revenue producing construction project for the renovation of three administrative buildings and two academic buildings at a total cost of approximately $7 million; and

Whereas, The project will be financed by long term bonds issued by the New Jersey Educational Facilities Authority with the college to pay the necessary debt service on the issued bonds from current budget allocations; now, therefore,

    Be It Resolved by the Senate of the State of New Jersey (the General Assembly concurring):

    1. The Legislature approves without further modifications the project proposed by the Board of Trustees of Rowan College to enter into an agreement with the New Jersey Educational Facilities Authority as submitted to the Legislature on May 2, 1996 for the renovation of three administrative buildings and two academic buildings.

    2. Duly authenticated copies of this concurrent resolution signed by the President of the Senate and attested by the Secretary thereof and signed by the Speaker of the General Assembly and attested by the Clerk thereof, shall be transmitted to the president of the Board of Trustees of Rowan College, the chairman of the Commission on Higher Education, and the New Jersey Educational Facilities Authority.

STATEMENT

    This concurrent resolution approves the proposal without further modifications, as submitted to the Legislature on May 2, 1996, for Rowan College to enter into an agreement with the New Jersey Educational Facilities Authority. This agreement requires the authority to finance a non-revenue producing capital project at the college by issuing long term bonds with the college paying the necessary debt service on those bonds. The project is for the renovation of three administrative buildings and two academic buildings at the approximate total cost of $7 million.

    The statute which authorizes a State college to enter into an agreement with the New Jersey Educational Facilities Authority for the acquisition, construction or financing of a non-revenue producing facility provides that no project may be approved unless submitted to the Legislature. The concurrent resolution approving the proposal without modification expedites the commencement of the project, as otherwise the proposal would not be deemed approved until July 1, 1996, or if a House is not in session on that date, on the date of the next session.

Approves a proposed project at Rowan College to be financed by the New Jersey Educational Facilities Authority.