New Jersey Representative Proposes $5 Billion Fund for School Construction

Sanchez, Humberto
May 2003
Bond Buyer;5/13/2003, Vol. 344 Issue 31634, p5
Trade Publication
Democratrepresentative Robert Andrews from New Jersey, introduced legislation that would provide five billion dollars over five years to states to create revolving loan funds for school maintenance and construction. Under the bill, which had no co-sponsors as of May 13, 2003, an individual state or a group of states would use the grants to provide low-interest loans to localities or local school districts to finance the construction and repair of elementary and secondary schools. Andrews' plan is similar in concept to the existing state revolving loan funds for sewer and drinking water projects. In order to receive a grant to establish a school-construction SRF, a state would be required to provide a 25 percent match and localities or school districts would be required to provide a 20 percent match to receive a loan.


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