18A:72A-12.6 "Dormitory Safety Trust Fund."
198 words·~1 min read·
/nj/title-18a/chapter-72a/18a-72a-12-6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
6. a. There is created within the New Jersey educational facilities authority established pursuant to N.J.S.18A:72A-4, the "Dormitory Safety Trust Fund," hereinafter referred to as the "trust fund." The trust fund shall be maintained as a separate account and administered by the authority to carry out the provisions of P.L.2000, c.56 (C.52:27D-198.7 et al.). There shall be paid into this fund:
(1)moneys received from the sale of bonds or notes issued pursuant to section 8 of P.L.2000, c.56 (C.18A:72A-12.8);
(2)moneys appropriated by the Legislature, including moneys as may be appropriated annually in an amount sufficient to pay the principal and interest on the bonds or notes;
(3)all interest and investment earnings received on the moneys in the trust fund; and
(4)all repayments of loans authorized pursuant to P.L.2000, c.56 (C.52:27D-198.7 et al.).
b. The trust fund shall be used to provide loans to the schools and institutions of higher education which are required pursuant to P.L.2000, c.56 (C.52:27D-198.7 et al.) to install automatic fire suppression systems, for the cost, or a portion of the cost, of the construction, reconstruction, development, extension or improvement of dormitory safety facilities, including fire prevention and sprinkler systems.
L.2000,c.56,s.6.