N.J. Stat. § 18A:7G-9
Aid is the sum of A for each issuance of school bonds issued for a school facilities project approved by the commissioner after the effective date of P.L. 2000, c. 72 (C.18A:7G-1 et al.)
where
A = B x AC/P x DAP x M, with AC/P =1
whenever AC/P would otherwise yield a number greater than one, and where:
B is the district's debt service for the individual issuance for the fiscal year;
AC is the preliminary eligible costs determined pursuant to section 7 of P.L. 2000, c. 72 (C.18A:7G-7);
P is the principal of the individual issuance plus any other funding sources approved for the school facilities project;
DAP is the district's district aid percentage as defined pursuant to section 3 of P.L. 2000, c. 72 (C.18A:7G-3) and where DAP shall not be less than 40 percent. If the project's design incorporates the implementation of energy efficiency improvements or the installation of energy efficient features or equipment, the DAP shall be increased by no more than five percent. In order to qualify for a DAP increase for the implementation of energy efficiency improvements or the installation of energy efficient features or equipment pursuant to this subsection, a district shall submit to the development authority and Department of Education a certification, along with evidential documentation, attesting that the project's design incorporates the implementation of energy efficiency improvements or the installation of energy efficient features or equipment; and
M is a factor representing the degree to which a district has fulfilled maintenance requirements for a school facilities project determined pursuant to subsection b. of this section.
For county special services school districts, DAP shall be that of the county vocational school district in the same county.
Notwithstanding the provisions of this subsection to the contrary, DAP for a county vocational school district school facilities project that is approved by the commissioner following the effective date of P.L. 2009, c. 185 shall equal the greater of the district's district aid percentage as defined pursuant to section 3 of P.L. 2000, c. 72 (C.18A:7G-3) or the percentage of the students in the county vocational school district's resident enrollment who reside in SDA districts; except that DAP shall not be less than 40 percent or greater than 90 percent.
Maintenance Percentage | Maintenance Factor (M) |
199% - .151% | 75% |
150% - .100% | 50% |
Less than .100% | Zero |
Any district which received approval from the commissioner for a school facilities project at any time prior to the effective date of P.L. 2000, c. 72 (C.18A:7G-1 et al.), and has not issued debt, other than short term notes, may submit an application pursuant to section 5 of P.L. 2000, c. 72 (C.18A:7G-5) to have the final eligible costs of the project determined pursuant to that section and to have the New Jersey Economic Development Authority construct the project; or, at its discretion, the district may choose to receive debt service aid under this section or under section 10 of P.L. 2000, c. 72 (C.18A:7G-10) or to receive a grant under section 15 of P.L. 2000, c. 72 (C.18A:7G-15).
For the purposes of this subsection, the "issuance of debt" shall include lease purchase agreements in excess of five years.
N.J.S. § 18A:7G-9