State takes steps to authorize $350M in bonds

TRENTON – The state took steps today to authorize issuance of $350 million in general obligation bonds.

The Treasurer, Andrew Sidamon-Eristoff, said the preliminary offering statement will go out during the third week of April, and bids are expected by the end of the month.

He said $100 million of the bonds would be for the Building Our Future bond act, which was approved last November by voters.

The educational bond act will generate money for new classrooms or labs at public colleges and universities in New Jersey.

New Jersey had not had a bond act for higher-education facilities since 1988.

The rest of the bonds would be for a variety of purposes, including Green Acres projects and capital needs, Sidamon-Eristoff said.

Interest rates will be set when the state goes to market on the bonds.

State takes steps to authorize $350M in bonds