New Jersey § 18a:64a-25

§ 18a:64a-25.

a. Any purchase, contract or agreement for the performance of any work or the furnishing

or hiring of materials or supplies, the cost or price of which, together with any

sums expended for the performance of any work or services in connection with the same

project or the furnishing of similar materials or supplies during the same fiscal

year, paid with or out of college funds, does not exceed the total sum of $25,000 or, commencing January 1, 2003 , the amount determined pursuant to subsection b. of this section in any fiscal year

may be made, negotiated and awarded by a contracting agent, when so authorized by

resolution of the board of trustees of the county college, without public advertising

for bids and bidding therefor. b. Commencing January 1, 2003 and every two years thereafter, the Governor, in consultation with the Department

of the Treasury, shall adjust the threshold amount set forth in subsection a. of this

section in direct proportion to the rise or fall of the Consumer Price Index for all

urban consumers in the New York and Northeastern New Jersey and the Philadelphia areas

as reported by the United States Department of Labor. The adjustment shall become effective on July 1 of the year in which it is reported. c. Any purchase, contract or agreement made pursuant to this section may be awarded

for a period of 24 consecutive months, notwithstanding that such 24 -month period does not coincide with the fiscal year.