Approval of this act will allow the State to issue bonds in the total principal amount of $750 million. Proceeds from the bonds will be used to provide grants to New Jersey's public and private colleges and universities to construct and equip higher education buildings to increase academic capacity.
Bond proceeds will be allocated as follows:
- $300 million for public research universities;
- $247.5 million for State colleges and other State universities;
- $150 million for county colleges; and
- $52.5 million for private institutions with an endowment of $1 billion or less.
Public and private colleges and universities which receive grants will be required to provide funds to support 25% of a project.
Do you approve the "Building Out Future Bond Act"? This bond act authorizes the State to issue bonds in the aggregate principal amount of $750 million to provide matching grants to New Jersey's colleges and universities. Money from the grants will be used to build, equip and expand higher education facilities for the purpose of increasing academic capacity.
[ ] Yes
[ ] No