$500 Million in New Bonds OK’d for School Construction

School construction projects in New Jersey will soon begin to receive funding from the sale of $500 million in New Jersey Economic Development Authority (EDA) bonds on April 15. The bond sale was announced by Gov. Chris Christie’s office.

The New Jersey Schools Development Authority (SDA) will use the proceeds from the bond sale toward school facilities projects in SDA districts (formerly “Abbott” districts), as well as continuing the SDA grant program for regular operating districts. The program for regular operating districts awards grants of at least 40 percent of costs for eligible expenses, including projects that address health and safety issues, student overcrowding and other critical needs.

“Today’s action by the EDA Board will allow the SDA to continue its core mission of building and improving educational facilities,” said Marc D. Larkins, SDA chief executive officer. “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 SDA will work with the state Department of Education to complete its selection of school projects to receive the new funding. The SDA currently has 1,004 ongoing grant projects in the regular operating districts, 50 projects in SDA districts in various developmental phases, 12 projects already under construction, and 134 emergent projects addressing health and safety issues across the state.

Since its inception in 2001, the state’s school construction program has completed 618 projects in SDA districts and has provided more than 3,000 grants to regular operating districts totaling more than $2.3 billion.

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