NJ Transportation Bank: Low interest for infrastructure projects
Camden County will fund a road improvement project in Pennsauken, utilizing funds from a new state bank set up to provide money for infrastructure improvement.
The county is the first entity in New Jersey to receive funding from the newly formed New Jersey Transportation Bank.
County Freeholder Director Louis Cappelli Jr. said the New Jersey Transportation Bank will help taxpayers first and foremost because it offers a below-market interest rate to governing bodies.
"(We) don't start paying interest until the money is actually utilized for a construction project," he said. And Cappelli said the county will get its loans "at a much lower rate with less work than there would be on a bond issue."
The funds were set aside by the state of New Jersey for the specific purpose of seeing transportation infrastructure projects completed in a timely fashion.
Cappelli said the funds are available quickly to local government through the State Transportation Department.
"I think every public entity in New Jersey should take a hard look at this bank and see if it can benefit them in some fashion because what is doing is it's putting out money out in the street to get jobs completed," he said.
Joe Cutter is the afternoon news anchor on New Jersey 101.5
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