newjerseynewsroom.com

School construction projects in New Jersey will soon begin to receive funding following approval for the sale of $500 million in new bonds by the directors of the state Economic Development Authority, Gov. Chris Christie announced Thursday.

The state Schools Development Authority (SDA) will work with the state Department of Education to determine which school construction and improvement projects will receive funding from the bond sale, the governor said.

The SDA currently has a portfolio of 1,054 ongoing projects in various developmental phases, another 12 projects are under construction and 134 other projects are addressing health-and-safety issues across the state.

The SDA covers at least 40 percent of costs for projects in non-Abbott districts (the state‘s 31 poorest districts), addressing health and safety issues, student overcrowding and other critical needs. The school districts fund the remainder.

"It is important for these school projects to move forward with state financial support," Christie said. "My administration is committed to providing exemplary educational facilities for our students in all school districts across New Jersey. The sale of these bonds is a fiscally responsible way to continue to address the school-construction needs of New Jersey's public schools."

SDA Chief Executive Officer Marc D. Larkins added, "Today's action by the EDA Board will allow the SDA to continue its core mission of building and improving educational facilities. We are committed to ensuring the efficient use of tax dollars toward these projects, which will create much needed jobs and assist school districts in need during this difficult financial period."

The state will sell taxable Build America Bonds for the school construction program, receiving a federal subsidy equal to 35 percent of interest payments.

The construction program has provided more than 3,000 grants totaling more than $2.3 billion. Including contributions from local school districts, these grants have leveraged projects estimated to total of $7.4 billion.

Since its 2001 inception, the state's school construction program has completed 618 projects. In addition to building 54 new schools, the program has helped fund 44 additions, renovations and/or rehabilitations, and more than 500 other projects.

— TOM HESTER SR., NEWJERSEYNEWSROOM.COM