18A:72A-74 - "Higher Education Capital Improvement Fund."
18A:72A-74 "Higher Education Capital Improvement Fund."
3.There is created within the New Jersey Educational Facilities Authority, established pursuant to chapter 72A of Title 18A of the New Jersey Statutes, the "Higher Education Capital Improvement Fund," hereinafter referred to as the "capital improvement fund." The capital improvement fund shall be maintained as a separate account and administered by the authority to carry out the provisions of this act. The capital improvement fund shall consist of:
a.moneys received from the issuance of bonds, notes or other obligations issued pursuant to section 7 of P.L.1999, c.217 (C.18A:72A-78) and an annual appropriation from the net proceeds of the State lottery established by P.L.1970, c.13 (C.5:9-1 et seq.) in an amount sufficient to pay the principal and interest on the bonds, notes or other obligations;
b.all moneys appropriated by the State for the purposes of the capital improvement fund; and
c.all interest and investment earnings received on moneys in the capital improvement fund.
L.1999,c.217,s.3.