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Dormitory Safety Trust Fund (DORM)
Enacted in 2000, the Dormitory Safety Trust Fund Act was created in response to a tragic dormitory fire at Seton Hall University. The Authority was given authorization to administer up to $90 million in State-supported bond financing to provide zero and low interest loans for the installation of fire suppression systems in all student residence buildings at public and private colleges and universities in New Jersey, as well as secondary, boarding and military schools. In August of 2001, the Authority sold $73.8 million in bonds to finance a portion of the $90 million authorization, which provided loans to 27 institutions. On October 9, 2003, the Authority closed the second series of bonds in the amount of $5,440,000, which provided loans to 12 institutions.
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| Issue |
Maturity |
Interest Rate |
Principal |
Outstanding
4/1/2010 |
| 2001 A |
03/01/2016 |
4.25%-5.25% |
$67,970,000 |
$29,130,000 |
| 2001 B |
03/01/2016 |
6.0%-6.25% |
$5,800,000 |
$2,480,000 |
| 2003 A |
03/01/2018 |
3.6%-4.2% |
$5,440,000 |
$2,910,000 |
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Total |
$79,210,000 |
$34,520,000 |
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| Original Loan Amounts |
| Series 2001 A |
| Institution |
Allocation |
| The College of New Jersey |
$926,139 |
| Kean University |
$1,498,000 |
| Montclair State University |
$1,100,000 |
| New Jersey City University |
$649,027 |
| Ramapo College of New Jersey |
$963,636 |
| Richard Stockton College of New Jersey |
$3,453,000 |
| Rowan University |
$7,720 |
| William Paterson University |
$229,229 |
| Rutgers, The State University |
$28,555,753 |
| Bloomfield College |
$286,126 |
| Caldwell College |
$474,000 |
| Centenary College |
$780,000 |
| College of Saint Elizabeth |
$509,235 |
| Rider University |
$1,500,000 |
| Princeton University |
$11,650,751 |
| Monmouth University |
$370,000 |
| Georgian Court College |
$258,850 |
| Felician College |
$135,000 |
| Fairleigh Dickinson University |
$2,513,999 |
| Drew University |
$5,139,016 |
| Purnell |
$249,250 |
| Blair Academy |
$462,849 |
| Hun School |
$894,193 |
| The Peddie School |
$332,100 |
| Stevens Institute of Technology |
$1,190,000 |
| Seton Hall University |
$2,880,290 |
| Saint Peter's College |
$960,000 |
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| Series 2001 B (Federably Taxable) |
| Institution |
Allocation |
| Stevens Institute of Technology |
$10,000 |
| Seton Hall University |
$1,532,354 |
| Rutgers, The State University |
$455,222 |
| William Paterson University of New Jersey |
$1,226,316 |
| Rowan University |
$1,773,000 |
| New Jersrey City University |
$438,178 |
| The College of New Jersey |
$304,372 |
| The Peddie School |
$62,300 |
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| Series 2003 A |
| Institution |
Allocation |
| Bloomfield College |
$174,451 |
| Caldwell College |
$209,045 |
| Centenary College |
$350,000 |
| Fairleigh Dickinson University |
$591,658 |
| Georgian Court University |
$178,198 |
| Monmouth University |
$873,700 |
| Rabbinical College of America |
$689,616 |
| Rider University |
$1,525,353 |
| Stevens Institute of Technology |
$243,500 |
| Talmudical Academy |
$98,000 |
| The College of New Jersey |
$436,818 |
| Yeshiva Gedolah of Bayonne |
$70,000 |
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