New Jersey to issue $800 million-plus in bonds for transit, libraries, schools, more
from NJ Spotlight
New Jersey's already hefty credit card bill is about to get bigger, with Gov. Phil Murphy's administration planning to issue more than $800 million in new debt this week. The new borrowing is scheduled to occur in two phases, with a first set of bonds due to go on sale Tuesday to raise money for spending that was previously approved by New Jersey voters, including for school facility improvements and library upgrades across the state.
An additional $500 million in new debt is being rushed to market later this week, but without any voter approval. In that case, the Murphy administration is using the state Economic Development Authority to help facilitate the bond sale for New Jersey Transit, the state's beleaguered mass transit agency.
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