New Jersey Administrative Code › Title 6A - EDUCATION › Chapter 26 - EDUCATIONAL FACILITIES › Subchapter 3 - CAPITAL PROJECT REVIEW › Section 6A:26-3.8 - Determination of State support for school facilities projects

Current through Register Vol. 56, No. 14, July 15, 2024
(a) State
				support for school facilities projects shall be determined as follows:
1. State debt service aid for projects
				approved on or after July 18, 2000, shall be calculated as follows:
Aid is the sum of A for each issuance of school bonds issued
				  for a school facilities project approved by the Commissioner on or after July
				  18, 2000, where:
A = B [times] AC/P [times] DAP [times] M, with AC/P =
				  1
whenever AC/P would otherwise yield a number greater than
				  one, and where:
B is the school district's debt service for the individual
				  issuance for the State fiscal year;
AC is the preliminary eligible costs determined pursuant to
				  section 7 of EFCFA;
P is the principal of the individual issuance plus any other
				  funding sources approved for the school facilities project;
DAP is the district aid percentage as defined pursuant to
				  18A:7G-3, except that DAP shall
				  not be less than 40 percent and, for county special services school districts,
				  DAP is that of the county vocational school district in the same county;
				  and
M is a factor representing the degree to which a school
				  district has fulfilled maintenance requirements for a school facilities
				  project, and shall be 1.0 except when a different maintenance factor is
				  required by N.J.S.A. 18A:7G- 9.
2. State debt service aid for school
				facilities projects approved prior to July 18, 2000, shall be calculated as
				follows:
Aid is the sum of A where
A = B [times] CCSAID/TEBUD and where
B is the school district's total debt service or lease
				  purchase payment for the individual issuance for the State fiscal year;
CCSAID is the school district's core curriculum standards aid
				  amount determined pursuant to
				  18A:7F-15; and
TEBUD is the school district's T & E budget determined
				  pursuant to
				  18A:7F-13.
For county special services school districts, CCSAID/TEBUD
				  shall be that of the county vocational school district in the same
				  county.
3. The amount of a
				grant shall be determined as follows:
i. The
				State share payable to the school district shall equal the product of the
				school facilities project's final eligible costs and the district aid
				percentage or 40 percent, whichever is greater. The Development Authority shall
				provide grant funding for the State share pursuant to an agreement between the
				school district and the Development Authority, which shall set forth the terms
				of disbursement of the State share in addition to other terms and conditions.
(1) All grants and the corresponding local
				share shall be accounted for separately by project in the capital projects fund
				in accordance with N.J.A.C. 6A:26-4;
(2) Local share budgeted in capital outlay
				shall be transferred to the capital projects fund upon execution of the grant
				agreement with the Development Authority. Any unexpended transferred capital
				outlay funds remaining after completion of the school facilities project shall
				be transferred to the general fund in the current year or reserved and
				designated in the subsequent year's general fund budget.