New Jersey Statutes Title 18A. Education 18A § 3B-6.2

a. The president or any other officer or employee of a public institution of higher education shall not take final action on behalf of the institution for the purchase of real property the cost of which is equal to or greater than the amount set forth in paragraph (1) of subsection b. of section 10 of P.L.2007, c. 52 (C.52:15C-10), unless the president or other officer or employee notifies the governing board of the institution and the general counsel of the institution of the proposed action and the governing board approves the final action. Final action shall not include any ministerial or non-substantive changes made to a contract subsequent to the governing board's approval, or any action that falls within the authority previously granted to the president or any other officer or a board trustee by the governing board.

b. The public institution of higher education shall submit a report to the Governor, the Legislature pursuant to section 2 of P.L.1991, c. 164 (C.52:14-19.1), the Secretary of Higher Education, and the State Comptroller, on the purchase of real property the cost of which is equal to or greater than the amount set forth in paragraph (1) of subsection b. of section 10 of P.L.2007, c. 52 (C.52:15C-10). The report shall be filed within five days following the submission of the institution's binding offer to the seller for the purchase of the real property. The report shall be in addition to any notice of award or notice of the commencement of any procurement process that is required to be provided to the State Comptroller in accordance with section 10 of P.L.2007, c. 52 (C.52:15C-10).

c. Nothing in this act shall be construed to compel any action on the part of a public institution of higher education that is governed pursuant to N.J.S.18A:65-1 et seq.