18A:72A-43 Allocation of moneys.

6. The moneys deposited into the fund created pursuant to section 5 of P.L.1993, c.136 (C.18A:72A-42) shall be allocated in the following manner:

a. A minimum of $24,000,000 for the leasing of higher education equipment at the State colleges;

b. A minimum of $19,440,000 for the leasing of higher education equipment at Rutgers, The State University;

c. A minimum of $10,080,000 for the leasing of higher education equipment at the University of Medicine and Dentistry of New Jersey;

d. A minimum of $6,480,000 for the leasing of higher education equipment at the New Jersey Institute of Technology;

e. A minimum of $22,000,000 for the leasing of higher education equipment at the county colleges;

f. A minimum of $10,500,000 for the leasing of higher education equipment at private institutions of higher education; and

g. A minimum of $7,500,000 for the leasing of higher education equipment for emerging needs programs at public and private institutions of higher education.

The Secretary of Higher Education may apportion the amounts authorized in subsection g. among any other amounts authorized in subsections a. through f.

The Secretary of Higher Education may reallocate any balance in the amounts authorized in subsections a. through g. of this section which have not been fully committed within 18 months of the effective date of this act.

The Secretary of Higher Education shall determine the allocation of moneys deposited into the fund resulting from the issuance by the authority of new bonds because of the retirement of bonds previously issued by the authority.

L.1993, c.136, s.6; amended 2009, c.308, s.34; 2012, c.42, s.3.