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Bill > A550
NJ A550
NJ A550Requires New Jersey Educational Facilities Authority to annually prepare report on debt held by public institutions of higher education.
summary
Introduced
01/27/2016
01/27/2016
In Committee
01/27/2016
01/27/2016
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 Regular Session
Bill Summary
This bill requires the New Jersey Educational Facilities Authority to annually submit a report to the Governor and Legislature detailing the debt ratio and the debt burden ratio for each public institution of higher education. The bill defines the debt ratio as an institution's expendable net assets divided by its total long-term debt, while the debt burden ratio is defined as the institution's debt service due divided by its total expenditures.
AI Summary
This bill requires the New Jersey Educational Facilities Authority to annually submit a report to the Governor and Legislature detailing the debt ratio and debt burden ratio for each public institution of higher education. The debt ratio is calculated as the institution's expendable net assets divided by its total long-term debt, while the debt burden ratio is calculated as the institution's debt service due divided by its total expenditures. The report must be submitted by January 1 following the academic year for which the report is prepared, and the bill takes effect immediately and applies to the first full academic year beginning after the date of enactment.
Committee Categories
Education
Sponsors (8)
Daniel Benson (D)*,
Joe Danielsen (D)*,
Mila Jasey (D)*,
Nancy Pinkin (D)*,
Annette Quijano (D)*,
Craig Coughlin (D),
John McKeon (D),
Troy Singleton (D),
Last Action
Introduced, Referred to Assembly Higher Education Committee (on 01/27/2016)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2016/Bills/A1000/550_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/A1000/550_I1.PDF |
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