Board of Trustees

ROWAN COLLEGE at BURLINGTON COUNTY
BOARD OF TRUSTEES MEETING

March 15, 2022
RESOLUTION #2022-074-05

APPROVAL OF THE CAPITAL CONSTRUCTION BUDGET ALLOCATION FOR
CHAPTER 12 FUNDING DURING FISCAL YEAR 2023 IN AN AMOUNT NOT TO

EXCEED $4,078,000.00

WHEREAS, the Board of Trustees has determined it is necessary to adopt a Capital Construction budget allocation, for Chapter 12 funding during fiscal year 2023, for use in fiscal year 2023 and beyond; and

WHEREAS, the Board of Trustees has determined that the amount necessary for the Capital Construction needs (detailed list to be provided prior to bonding) is not to exceed $4,078,000.00; and

WHEREAS, the Board of Trustees has determined, as a component of the Capital Construction request, that the amount necessary for Chapter 12 funding for fiscal year 2023 is not to exceed $4,078,000.00 with the State Chapter 12 funds providing $2,039,000.00 and Burlington County providing a matching amount; and

WHEREAS, the Board of Trustees also understands that the College will be required to pay debt services to the County for the matching portion of the bond based on an amortization schedule that is established by the County and provide to the College;

NOW, THEREFORE, be it resolved by the Board of Trustees, now assembled in public session this 15th day of March 2022, hereby approves the submission to the Burlington County Board of Chosen Freeholders, a Capital Construction, including Chapter 12, request in an amount not to exceed $4,078,000.00 to be bonded by the County prior to June 30, 2023.

CAPITAL CONSTRUCTION INCLUDING CHAPTER 12 FOR FISCAL YEAR 2023