TRENTON, N.J. — State authorities recently sold $500 million in new bonds to spur development on previously approved school projects. The funds were approved in April, along with about $650 million in bonds for existing debt.
The New Jersey Schools Development Authority will use proceeds from the bonds for a portion of its 1,004 ongoing grant projects in Regular Operating Districts and 50 projects in various stages of development in School Development Authority districts, all of which fall under the state’s $12.5 billion school construction plan.
In April, the NJSDA reported 12 projects under construction, including new middle or elementary schools in Camden, East Orange, Elizabeth, Passaic City, Paterson, Union City, and West New York. Other projects include a new elementary/middle school in Egg Harbor City, a new high school in Greater Egg Harbor, and an early childhood center in Pemberton Township. New Jersey has another 134 projects planned statewide to address health and safety issues.
Approximately 618 projects in NJSDA districts have been completed since the state’s multi-billion dollar school construction plan was introduced in 2001, including 54 new schools and 44 extensive additions. The program originally set aside $8.9 billion for NJSDA districts and $3.6 billion for RODs.
New Jersey will sell taxable Build America Bonds for the most recent round of school construction program funding, receiving a federal subsidy equal to 35 percent of interest payments.
Read about New Jersey’s school construction capital plan at: www.njsda.gov/Schools/index.html