N.J.S.A. 18A:72A-27.1 — Powers and duties, revenue producing facilities.

18A:72A-27.1 Powers and duties, revenue producing facilities. 18A:72A-27.1. In addition to the powers and duties with respect to dormitories given under N.J.S.18A:72A-26 and N.J.S.18A:72A-27 the treasurer, the board of governors of the university, the board of trustees of the New Jersey Institute of Technology, the board of trustees of a State college, the board of trustees of Rowan University, the board of trustees of Montclair State University, the board of trustees of Kean University, the board of trustees of a county college, and the governing body of an affiliate of a public institution of higher education shall also have the same power and be subject to the same duties in relation to any conveyance, lease or sublease made under subsection a., b., or c. of N.J.S.18A:72A-26 or loan agreement under subsection e. of N.J.S.18A:72A-26, with respect to revenue-producing facilities; that is to say, structures or facilities which produce revenues sufficient to pay the rentals due and to become due under any lease or sublease made under subsection c. of N.J.S.18A:72A-26 or loan payments due and to become due under any loan agreement made under subsection e. of N.J.S.18A:72A-26 including, without limitation, student unions and parking facilities. amended 1971, c.74; 1971, c.77, s.3; 1994, c.48, s.239; 2012, c.45, s.105; 2017, c.178, s.62; 2021, c.282, s.64; 2021, c.415, s.10. 18A:72A-27.2. Powers of board of trustees 1. In addition to the powers and duties with respect to dormitories and revenue-producing facilities given under the provisions of this chapter, the board of trustees of a State college shall have the following powers with respect to any educational facility, as defined in N.J.S. 18A:72A-3: a. To enter into any conveyance, lease, sublease, or loan agreement of the type provided for in N.J.S. 18A:72A-26, N.J.S.18A:72A-27, and N.J.S.18A:72A-27.1 with the authority, with respect to the acquisition, construction and financing of any educational facility; b. To enter into any other agreement with the authority, with respect to the acquisition, construction or financing of an educational facility according to terms and conditions which the authority and the board of trustees shall determine in accordance with the powers of the authority; c. To pledge and assign all or any part of any funds appropriated to the State college and available for the purposes provided in subsections a. and b. of this section or any other available moneys of the State college to the payment of any amount due and owing under any agreement made under subsections a. and b. of this section if that agreement expressly states that the payment of any and all amounts due and owing thereunder shall, to the extent the funds shall be derived from appropriations, depend on appropriations being made by the Legislature. L.1988, c.159, s.1; amended 2021, c.415, s.11.

This is the verbatim text of N.J.S.A. 18A:72A-27.1, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.