18A:72A-75 Use of capital improvement fund.
266 words·~1 min read·
/nj/title-18a/chapter-72a/18a-72a-75A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
4. The capital improvement fund shall be used to provide grants to New Jersey's four-year public and private institutions of higher education for the cost, or a portion of the cost, of the renewal, renovation, improvement, expansion, construction, and reconstruction of facilities and technology infrastructure. Each institution shall use the grants for existing renewal and renovations needs at instructional, laboratory, communication, research, and administrative facilities. An institution may use up to 20% of a grant within student-support facilities for renewal and renovation or improvement, expansion, construction, and reconstruction.
If all renewal and renovation is completed at instructional, laboratory, communication, research, and administrative facilities or is accounted for through other funding sources, or if an institution is granted an exemption by the Secretary of Higher Education for the purpose of maximizing federal grant fund recoveries or for the purpose of replacing a building when projected renewal and renovation costs exceed the projected cost of replacement, then grant funds may be used for the improvement, expansion, construction, and reconstruction of instructional, laboratory, communication, and research facilities, or technology infrastructure.
As used in this act:
"renewal and renovation" means making the changes necessary to address deferred capital maintenance needs, to meet all State and federal health, safety, fire, and building code standards, or to provide a safe and appropriate educational or working environment;
"student-support facilities" mean student resident halls, student dining facilities, student activity centers, and student health centers; and
"technology infrastructure" means video, voice, and data telecommunications equipment and linkages with a life expectancy of at least 10 years.
L.1999, c.217, s.4; amended 2002, c.96; 2012, c.42, s.18.