2. The Division of Local Government Services in the Department of Community Affairs shall establish a grant program, within the limit of funds appropriated or otherwise made available for the program, the purpose of which shall be to provide for the reimbursement of eligible costs associated with conducting feasibility studies that support the creation of meaningful and implementable plans to form or expand regional school districts. The division shall retain one percent of funds appropriated or otherwise made available for the program for the purpose of offsetting the expenses related to the administration of the program. In addition to funds being made available to boards of education and governing bodies seeking to conduct feasibility studies after the date of enactment of P.L.2021, c.402 (C. 18A:13-47.1 et al.), funds under the grant program shall be made available to:

a. the boards of education or governing bodies of two or more school districts which have conducted within two years prior to the enactment of P.L.2021, c.402 (C. 18A:13-47.1 et al.) a feasibility study for which no prior reimbursement was made; and

b. the boards of education or governing bodies of two or more school districts that are in the process of conducting a feasibility study as of the date of enactment of P.L.2021, c.402 (C. 18A:13-47.1 et al.).

L.2021, c.402, s.2.