New Jersey Statutes 18A:72A-51. “Higher Education Facilities Trust Fund.”
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Terms Used In New Jersey Statutes 18A:72A-51
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
3. There is created within the New Jersey Educational Facilities Authority, established pursuant to N.J.S. 18A:72A-1 et seq., the “Higher Education Facilities 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 this act. The trust fund shall consist of:
a. moneys received from the issuance of bonds or notes pursuant to section 9 of P.L.1993, c.375 (C. 18A:72A-57) and an annual appropriation in an amount sufficient to pay the principal and interest on the bonds or notes;
b. all moneys appropriated by the State for the purposes of the trust fund; and
c. all interest and investment earnings received on moneys in the trust fund.
L.1993, c.375, s.3; amended 2017, c.98, s.21.