School Bonds Aplenty

Cataldo, Adam L.
December 2004
Bond Buyer;12/20/2004, Vol. 350 Issue 32033, p29
Trade Publication
The article reports that residents in 25 local school districts last week approved bond sales totaling nearly $352.2 million to fund school construction projects in New Jersey. The approved projects vary in size from nearly $81.4 million for additions and renovations in East Brunswick Township to $386,757 in Ailoway Township. New Jersey provides matching funds for school projects and that has encouraged many voters to approve school bond issues. In 2000 the state approved $8.6 billion of debt issuance to fund school construction projects. While most of that money went to poor urban school districts involved in a lawsuit against the state, $2.6 billion was set aside for all other districts. However, the head of the state's School Construction Corp. has said the program is expected to run out of money to fund new projects by January 2006. While New Jersey will have to continue paying for capital projects in the districts covered by the lawsuit, whether or not state officials will authorize the issuance of more debt to help pay for construction projects in other school districts remains to be seen.


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