18A:72A-54 - Application for grant
18A:72A-54 Application for grant.
6. a. The governing board of a public or private institution of higher education may determine, by resolution, to apply for a grant from the trust fund. Upon adoption of the resolution, the board shall file an application with the Commission on Higher Education, which application shall include a complete description of the project to be financed and an identification of any additional sources of revenue to be used.
b.The Commission on Higher Education shall review the application and, by resolution, approve or disapprove the grant. For each grant which is approved, the commission shall establish the amount and shall forward a copy of the resolution along with the amount of the grant to the authority.
c.The Commission on Higher Education shall submit to the Legislature a copy of the resolution approving the grant 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 authorized. In addition, the resolution approving the grant for the new instructional and research facility for Rutgers, The State University, School of Law, Newark, shall be submitted by the commission to the Joint Budget Oversight Committee for its approval prior to the commission's submission of the resolution to the Legislature. The commission shall provide to the committee such information concerning the grant as the committee may require for its consideration.
d.Each grant awarded under this act shall be contingent upon the recipient governing board entering into a contract or contracts for the commencement of the construction, reconstruction, development, extension, or improvement of the facility within one year of the date on which the funds of the grant are made available.
L.1993, c.375, s.6; amended 2009, c.308, s.39.