The "Building Our Future" bond act, commonly known as Public Question No. 1, was passed on Nov. 6, $750 million to be distributed among public and private universities in the state.
Funds granted must be used to construct or renovate academic and research facilities, according to Matthew Borowick, associate vice president of alumni and government relations.
"We'll put those funds to good use, enhancing our students' learning environment," he said.
According to Borowick, universities are only required to fund 25 percent of the projects and the grants will cover 75 percent of costs.
"The best part is that these are grant funds, not loans," he said. "The funds are an investment in higher education. They do not need to be repaid."
As to when the university could receive the funds, Borowick said,"I believe that's still going to take some time."
After the state issues the bonds the secretary of higher education will develop procedures and applications for funds and their distribution, according to Borowick.
The Building Our Future bond act allowed residents to have a say in the funding that will go to institutions designed fto serve them.
"It was especially encouraging to see the large number of people who voted yes," Borowick said. "It says a lot about the value that our alumni and many New Jersey voters place in a vibrant system of public and private higher education."
Sixty two percent voted yes on Public Question No. 1.
"I was rexcited to see the passage of Public Question No. 1 this election year," sophomore and N.J. resident Jessica Bucci said.
Both public and private universities will be eligible to receive grant money from the passage of Public Question One.
However, the funds available will vary. Public colleges and universities will receive almost $550 million, while county colleges will receive $150 million.
Independent colleges and universities, such as Seton Hall, will share $52.5 million, according to Borowick.
The last time the University received funds in such a manner was in 1988, according to Borowick.
"Ronald Reagan was president. Tom Kean was Governor. And I was a senior at Seton Hall!" he said.
According to Borowick, other states have passed bonds similar to the Building Our Future bond act but many of these other states did not include private and independent colleges.
"We are fortunate that our state's leaders and voters understand the valuable role that universities like Seton Hall play in providing quality educational opportunities to our state's citizens," he said.
Erin Williams can be reached at erin.williams@student.shu.edu.
