Establishes "Higher Education Deferred Maintenance Fund" to provide funding for deferred maintenance needs at public institutions of higher education.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates a dedicated fund, the ‘Higher Education Deferred Maintenance Fund,’ to address critical maintenance needs at New Jersey’s public colleges and universities. The fund will provide financial resources to cover repairs and upkeep of buildings and infrastructure on these campuses. This aims to ensure the continued functionality and safety of higher education facilities. The fund will be supported through a dedicated revenue stream.
Key provisions
- Establishes the ‘Higher Education Deferred Maintenance Fund.’
- Designates a source of revenue for the fund.
- Authorizes the use of fund resources for deferred maintenance at public colleges and universities.
- Specifies eligible maintenance projects.
- Outlines procedures for the administration and oversight of the fund.
Who is affected
- Public colleges and universities in New Jersey
- Students
- Faculty
- State taxpayers
Notable changes
- Creates a new funding mechanism specifically for deferred maintenance in higher education.
- Addresses a long-standing need for capital improvements at state-supported institutions.
Fiscal impact
The bill’s fiscal impact will depend on the level of funding established for the Higher Education Deferred Maintenance Fund and the scope of maintenance projects undertaken.
Bill text
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Sponsors
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2 on record
Primary sponsors
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