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S3931
SENATE, No. 3931
STATE OF NEW JERSEY
222nd LEGISLATURE
��
INTRODUCED MARCH 10, 2026
Sponsored by:
Senator� ANGELA V. MCKNIGHT
District 31 (Hudson)
SYNOPSIS
���� Reduces number of members of New Jersey Educational
Facilities Authority required for quorum.
CURRENT VERSION OF TEXT
���� As introduced.
���
An Act
concerning membership of the New Jersey Educational
Facilities Authority and amending N.J.S.18A:72A-4.
����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:
���� 1.��� N.J.S.18A:72A-4 is
amended to read as follows:
���� 18A:72A-4.����������� (a)
There is hereby established in but not of the Department of the Treasury a
public body corporate and politic, with corporate succession to be known as the
"New Jersey educational facilities authority."� Notwithstanding this
allocation, the authority shall be independent of any supervision or control by
the department or any officer thereof.� The authority shall constitute a
political subdivision of the State established as an instrumentality exercising
public and essential governmental functions, and the exercise by the authority
of the powers conferred by this chapter shall be deemed and held to be an
essential governmental function of the State.
���� (b)�� The authority shall
consist of seven members, two of whom shall be the Secretary of Higher
Education, ex officio, and the State Treasurer, ex officio, or when so
designated by them, their deputies and five citizens of the State to be
appointed by the Governor with the advice and consent of the Senate for terms
of five years; provided that the terms of the members first appointed shall be
arranged by the Governor so that one of such terms shall expire on April 30 in
each successive year ensuing after such appointments.� Members shall hold
office for the term of their appointments and shall continue to serve during
the term of their successors unless and until
[
his
]
the
successor shall have been appointed and qualified.� Any vacancy among the
members appointed by the Governor shall be filled by appointment for the
unexpired term only.� A member of the authority shall be eligible for
reappointment.
���� (c)�� Any member of the
authority appointed by the Governor may be removed from office by the Governor
for cause after a public hearing.
���� (d)�� The members of the
authority shall serve without compensation, but the authority may reimburse its
members for necessary expenses incurred in the discharge of their duties.
���� (e)�� The authority, upon the
first appointment of its members and thereafter on or after April 30 in each
year, shall annually elect from among its members a chairman and a vice
chairman who shall hold office until April 30 next ensuing and shall continue
to serve during the terms of their respective successors unless and until their
respective successors shall have been appointed and qualified.� The authority
may also appoint, retain and employ, without regard to the provisions of Title
11, Civil Service, of the Revised Statutes, such officers, agents, employees
and experts as it may require, and it shall determine their qualifications,
terms of office, duties, services and compensation.
���� (f)�� The powers of the
authority shall be vested in the members thereof in office from time to time
and a majority of the
[
total
authorized
]
current
membership of the authority
, but not less than three members,
shall constitute a quorum at any meeting thereof.� Action may be taken and
motions and resolutions adopted by the authority at any meeting thereof by the
affirmative vote of a majority of the members present, unless in any case the
bylaws of the authority shall require a larger number.� No vacancy in the
membership of the authority shall impair the right of a quorum to exercise all
the rights and perform all the duties of the authority.
���� (g)�� Before the issuance of
any bonds under the provisions of this chapter, the members and the officer of
the authority charged with the handling of the authority's moneys shall be
covered by a surety bond or bonds in a penal sum of not less than $25,000.00 per
person conditioned upon the faithful performance of the duties of their
respective offices, and executed by a surety company authorized to transact
business in the State of New Jersey as surety.� Each such bond shall be
submitted to the Attorney General for
[
his
]
approval and
upon
[
his
]
approval
shall be filed in the Office of the Secretary of State prior to the issuance of
any bonds by the authority.� At all times after the issuance of any bonds by
the authority the officer of the authority and each member charged with the
handling of the authority's moneys shall maintain such surety bonds in full
force and effect.� All costs of such surety bonds shall be borne by the
authority.
���� (h)�� Notwithstanding any
other law to the contrary, it shall not be or constitute a conflict of interest
for a trustee, director, officer or employee of a participating institution to
serve as a member of the authority; provided such trustee, director, officer or
employee shall abstain from discussion, deliberation, action and vote by the
authority under this chapter in specific respect to such participating
institution of which such member is a trustee, director, officer or employee.
���� (i)��� A true copy of the
minutes of every meeting of the authority shall be forthwith delivered by and
under the certification of the secretary thereof, to the Governor.� No action
taken at such meeting by the authority shall have force or effect until 10 days,
Saturdays, Sundays and public holidays excepted, after such copy of the minutes
shall have been so delivered.� If, in said 10-day period, the Governor returns
such copy of the minutes with veto of any action taken by the authority or any
member thereof at such meeting, such action shall be null and of no effect.� If
the Governor shall not return the minutes within said 10-day period, any action
therein recited shall have force and effect according to the wording thereof.�
At any time prior to the expiration of the said 10-day period, the Governor may
sign a statement of approval of any such action of the authority, in which case
the action so approved shall not thereafter be disapproved.
���� The powers conferred in this
subsection (i) upon the Governor shall be exercised with due regard for the
rights of the holders of bonds of the authority at any time outstanding, and
nothing in, or done pursuant to, this subsection (i) shall in any way limit,
restrict or alter the obligation or powers of the authority or any
representative or officer of the authority to carry out and perform in every
detail each and every covenant, agreement or contract at any time made or
entered into by or on behalf of the authority with respect to its bonds or for
the benefit, protection or security of the holders thereof.
(cf: P.L.2021, c.415, s.3)
���� 2.��� This act shall take
effect immediately.
STATEMENT
���� This bill reduces the number
of members of the New Jersey Educational Facilities Authority (authority) that
is required to constitute a quorum at a meeting of the authority.
���� Under the bill, a majority of
the current membership of the authority, but not less than three members,
constitutes a quorum at any meeting of the authority.� Under current law, a
majority of the total authorized membership of the authority constitutes a
quorum at any meeting of the authority.