A state Treasury official says $750 million in proposed higher education borrowing won't alter New Jersey's credit rating.

The spokesman told a financial review panel Wednesday that Treasury expects no change in the state's borrowing power if the bonding is approved.

Voters could be asked in November to approve a bond act to fund capital projects at state colleges and universities. The measure dedicates funds to the colleges for long-sought projects.

The Higher Education commissioner and Legislature would approve individual building projects.

The bill dedicates the largest pool of money, $300 million, to the research universities of Rutgers, New Jersey Institute of Technology and Rowan. Some $248 million would be set aside for eight public colleges and universities, while community colleges and private schools could access additional funds.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)