18A:72A-76 - Allocation of fund
18A:72A-76 Allocation of fund.
5. a. An amount not to exceed $550,000,000 in the capital improvement fund shall be allocated as follows:
$169,000,000 for Rutgers, The State University;
$95,062,500 for the University of Medicine and Dentistry of New Jersey;
$60,937,500 for the New Jersey Institute of Technology;
$175,000,000 for the State colleges and universities; and
$50,000,000 for the private institutions of higher education.
b.The commission may reallocate any balance in an amount authorized in subsection a. of this section which has not been approved by the commission for grants within 24 months of the adoption of regulations by the commission. The commission may allocate any additional moneys in the capital improvement fund to institutions for capital improvement projects as the commission determines and shall determine the allocation of moneys deposited into the fund resulting from the issuance by the authority of new bonds because of the retirement of bonds previously issued by the authority.
c.The facilities and technology infrastructure funded by grants from the capital improvement fund shall follow the principles of affirmative action and equal opportunity employment. In furtherance of these principles, the commission shall continue its policy of encouraging institutions to solicit bids from, and award contracts to, minority and women-owned businesses.
L.1999,c.217,s.5.