New Jersey § 18a:7g-17

§ 18a:7g-17.

In each fiscal year the State Treasurer shall pay from the General Fund to the financing

authority, in accordance with a contract between the State Treasurer and the financing

authority as authorized pursuant to section 18 of P.L.2000, c. 72 ( C.18A:7G-18 ), an amount equal to the debt service amount due to be paid in the State fiscal year

on the bonds or refunding bonds of the financing authority issued or incurred pursuant

to section 14 of P.L.2000, c. 72 ( C.18A:7G-14 ) and any additional costs authorized pursuant to that section; provided that all

such payments from the General Fund shall be subject to and dependent upon appropriations

being made from time to time by the Legislature for those purposes, and provided further

that all payments shall be used only to pay for the costs of school facilities projects

and the costs of financing those projects. In regard to the increase in the amount of bonds authorized to be issued by the financing

authority pursuant to P.L.2008, c. 39 for the State share of costs for school facilities projects, debt service on the

bonds or refunding bonds issued or incurred by the financing authority pursuant to

section 14 of P.L.2000, c. 72 ( C.18A:7G-14 ) and any additional costs authorized pursuant to that section shall first be payable

from revenues received from the gross income tax pursuant to the “New Jersey Gross

Income Tax Act,” P.L.1976, c. 47 ( C.54A:1-1 et seq. ), except for debt service and additional costs for the administrative, insurance,

operating, and other expenses of the financing authority and the development authority

incurred in connection with school facilities projects.