NJ S1503

Establishes the "Higher Education Deferred Maintenance Fund" within the New Jersey Department of the Treasury as a nonlapsing, revolving fund to address deferred maintenance at public colleges and universities

Requires all public institutions of higher education to submit a deferred maintenance plan to the Secretary of Higher Education within 90 days of enactment, with updates every five years

Fund may cover up to 50% of deferred maintenance project costs at four-year public institutions and up to 100% at county colleges, with remaining costs to be paid from non-State sources

Secretary of Higher Education must develop an allocation formula in consultation with the New Jersey Educational Facilities Authority and representatives from public institutions

Fund will be credited with legislative appropriations plus any available federal or private funds designated for deferred maintenance purposes