NJ Voters Approve Borrowing Money for College Projects
New Jersey voters have approved allowing the state to borrow $750 million to pay for new and expanded academic buildings for colleges and universities.
The bond referendum had the backing of prominent Democrats and Republicans, including Gov. Chris Christie.
No formal campaign against it developed, but some critics said that a state already some $33 billion in debt should not borrow more for any purpose.
Schools that receive the money must spend $1 of their own for every $3 they get from the state.
The biggest portion of the money is to go to the state’s research universities. But smaller state colleges, county colleges and private schools except Princeton University are also eligible.
(Copyright 2012 by The Associated Press. All Rights Reserved.)