TRENTON – The Economic Development Authority approved the issuance of approximately $425 million in school construction bonds today.
EDA approved two series of bonds, one not to exceed $161.8 million, and the other not to exceed $238.1 million.
The authority also approved refunding bonds not to exceed $25 million.
Authority CEO Caren Franzini said the bonds will provide money for new school facilities under the purview of the Schools Development Authority.
Still to be determined are elements such as the date of issuance, whether fixed or variable interest rates will be used, and whether to obtain bond insurance.
In other issues, EDA approved a resolution to develop procedures to comply with new reporting requirements adopted by the IRS in connection with cigarette tax revenue refunding bonds.