No Fiscal Risk From Higher Ed Borrowing, Says NJ Treasury
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.
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