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Higher Education Capital Improvement Fund (CIF)
Enacted in 1999, this law authorized the Authority to issue up to $550 million in bonds to fund partial grants to public and private four-year colleges and universities to enable them to finance preservation of their facilities and to improve and expand technological infrastructures. In 2000, the Authority issued two series of bonds under this program for a combined total par amount of $278 million. The Authority sold its third series of bonds in an amount of $194,590,000 in November 2002. A fourth series of bonds in an amount of approximately $77 million was issued in 2004.
*Refunding only. No new allocations.
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| Issue |
Maturity |
Interest Rate |
Principal |
Outstanding
4/1/2010 |
| 2000 A |
09/01/2020 |
5.0%-5.75% |
$132,800,000 |
$19,375,000 |
| 2000 B |
09/01/2020 |
4.2%-5.75% |
$145,295,000 |
$21,540,000 |
| 2002 A |
09/01/2022 |
3.0%-5.25% |
$194,590,000 |
$25,560,000 |
| 2004 A |
09/01/2024 |
5.0%-5.25% |
$76,725,000 |
$43,390,000 |
| 2005 A* |
09/01/2019 |
3.0%-5.0% |
$169,790,000 |
$168,840,000 |
| 2006 A* |
09/01/2024 |
4.0%-4.5% |
$155,460,000 |
$153,975,000 |
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Total |
$874,660,000 |
$432,680,000 |
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| Original Loan Amounts |
| Series 2000 A |
| Institution |
Allocation |
| Montclair State University |
$12,153,692 |
| William Paterson Uniersity |
$4,982,400 |
| University of Medicine & Dentistry of New Jersey |
$95,000,000 |
| Caldwell College |
$2,293,879 |
| Centenary College |
$1,728,633 |
| Drew Uninversity |
$2,609,502 |
| Fairleigh Dickinson University |
$6,704,743 |
| Felician College |
$1,858,019 |
| Princeton University |
$4,129,220 |
| Rider University |
$1,054,236 |
| Stevens Institute of Technology |
$286,275 |
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| Series 2000 B |
| Institution |
Allocation |
| Kean University |
$21,882,250 |
| New Jersey City University |
$17,185,250 |
| Ramapo College of New Jersey |
$7,576,429 |
| Rider University |
$734,900 |
| Rowan University |
$8,500,000 |
| Rutgers, The State University |
$75,000,000 |
| Saint Peter's College |
$3,199,521 |
| Stevens Institute of Technology |
$2,936,177 |
| William Paterson University |
$8,815,000 |
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| Series 2002 A |
| Institution |
Allocation |
| Bloomfield College |
$2,413,463 |
| College of Saint Elizabeth |
$1,692,298 |
| College of New Jersey |
$25,515,000 |
| Montclair State University |
$15,968,558 |
| Ramapo College of New Jersey |
$5,548,821 |
| Richard Stockton College of New Jersey |
$17,204,000 |
| Rider University |
$2,089,156 |
| Rowan University |
$15,387,250 |
| Rutgers, The State Univesity |
$94,000,000 |
| Saint Peter's College |
$316,990 |
| Monmouth University |
$4,587,539 |
| William Paterson University |
$9,862,600 |
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| Series 2004 A |
| Institution |
Allocation |
| The College of Saint Elizabeth |
$578,057 |
| Georgian Court University |
$2,635,641 |
| Rider University |
$540,000 |
| Seton Hall University |
$7,611,751 |
| Kean University |
$570,000 |
| New Jersey Institute of Technology |
$60,937,500 |
| Richard Stockton College of New Jersey |
$3,848,250 |
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