(TRENTON) – Legislation Assembly Speaker Vincent Prieto sponsored to provide funding for improvements at colleges and universities and increase the academic competitiveness of schools in New Jersey has been signed into law.
The law (A-34) 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.
“Investing in New Jersey’s public institutions of higher learning is about providing our state’s best and brightest individuals with facilities that will allow them to receive a world-class education,” said Prieto (D-Hudson/Bergen). “This will keep the state’s colleges and universities competitive so that more talented New Jersey residents will study and stay here at home.”
Signed into law 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.
