N.J. Bond Bill Would Fund Grants

Braun, Martin Z.
June 2003
Bond Buyer;6/25/2003, Vol. 344 Issue 31664, p1
Trade Publication
New Jersey could issue more than $660 million in state appropriation-backed debt to pay for incentive grants to companies that relocate or expand in New Jersey, under legislation supported by Governor. The Senate Budget and Appropriations Committee approved a bill that would allow the New Jersey Economic Development Authority (EDA) to sell bonds to pay for the state's Business Employment Incentive Program, or BEIP. Since September 1996, the EDA has awarded 275 BEIP grants totaling an estimated $715.5 million, including more than $167 million to Goldman, Sachs&Co., and the program is expected soon to top $800 million. The move angered business groups, including the New Jersey Business and Industry Association, which howled that the cuts would shake business confidence in the state.


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