18A:62-42 - Funds administered separately - New Jersey Statutes

18A:62-42.  Funds administered separately
14.  a.  The endowment fund and the grant fund shall be administered separately by the State Treasurer.  Each fund shall consist of moneys appropriated or otherwise made available to it by the Legislature and any interest received on the investment of moneys in that fund.

b.If, in any fiscal year, the fund balance in either the endowment fund or the grant fund is insufficient to fund payment in full of the State matching funds authorized to be paid under the provisions of this act, the amount of available funds shall be prorated among all eligible applicants.

L.1999,c.226, s.14; amended 1999, c.368, s.11.