State Codes and Statutes

Statutes > New-jersey > Title-18a > Section-18a-72a > 18a-72a-51

18A:72A-51.  "Higher Education Facilities Trust Fund"      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 from the net proceeds of the State lottery established by P.L.1970, c.13 (C.5:9-1 et seq.) 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.