New Jersey would create a fund to support school programs

The state would set aside at least 10% of its annual surplus in the new fund. New Jersey's Treasury Department would hold the fund. The state could accept donations whose conditions comply with the law. Investments would follow the rules for other state Treasury money. The fund would be established immediately if the bill becomes law.

The Education Department would divide annual payments among school districts based on student enrollment. The payments would go to New Jersey school districts. The money would supplement state school aid and support educational and extracurricular programs. Payments would use 25% of interest earned in years one through five following the fund's establishment, 50% in years six through ten, and 75% in year 11 and each year afterward.