The bill amends Section 14 of P.L.2000, c.72 to increase the bonding limit for the State's share of school facilities projects, contingent upon voter approval. It establishes new limits for bond issuance, including $100 million for county vocational school district projects, $6 billion for Abbott district projects, and $2.5 billion for other districts. Additionally, the bill allows the financing authority to issue bonds to cover administrative costs related to the issuance of these bonds, specifically for retained professional services. It also introduces restrictions on the use of bond proceeds for administrative expenses unless supported by State appropriations following a budget request, and clarifies the allocation of funds from bonds issued for SDA district projects.

Furthermore, the bill authorizes the New Jersey Economic Development Authority (EDA) to issue $7 billion in bonds for school facilities projects in SDA districts and $3.5 billion for projects in other districts, contingent upon voter approval in a statewide referendum. It includes provisions for funding emergent projects in SDA districts and modifies existing laws to ensure that the bonds issued are fully negotiable. The bill mandates that at least 70 percent of direct funding for school facilities projects be allocated to the SDA District Project Fund and the SDA District Emergent Project Fund, addressing the funding needs for school facilities as previous bond authorizations have been fully utilized.

Statutes affected:
Introduced: 18A:7G-14, 34:1B-5.9