Sarlo Bill Investing In NJ Colleges & Universities Becomes Law

TRENTON – Legislation authored by Senator Paul Sarlo that will provide funds to invest in New Jersey’s colleges and universities was signed into law today. The law, A-34/S-2897, will fund upgrades and expansions for higher education facilities, helping to improve educational opportunities for students.

The law appropriates $34.3 million from the Building Our Future Bond Act, a state bond program dedicated to capital improvement projects at New Jersey’s four-year public institutions of higher learning with an endowment less than $1 billion.

“This is an investment in higher education that will support enhanced opportunities for students at New Jersey’s colleges and universities,” said Senator Sarlo, the chairman of the Senate Budget and Appropriations Committee. “Improved facilities will help keep our institutions of higher education on the forefront of research and development, which translates into economic growth for the state. We want to have the best schools for our students and the best opportunities for progress and economic opportunities.”

Enacted in 2012 and approved by the voters, the Building Our Future Bond Act authorized a $750 million general obligation bond issue to support New Jersey’s academic infrastructure. In August 2013, the Legislature appropriated $716 million to finance capital project grants that had been submitted for its approval that April.  The $34 million appropriation in this bill represents the balance of the proceeds of the initial $750 million bond issue.