|
|
Article: New Jersey's Statewide School Construction Program Carries Hefty Interest.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- March 13, 2001
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
By Dunstan McNichol, The Star-Ledger, Newark, N.J. Knight Ridder/Tribune Business News
Mar. 13--New Jersey's ambitious statewide school construction program is expected to cost taxpayers an immediate $20.8 million in interest payments this year, according to a bond prospectus published yesterday.
The prospectus gives New Jersey residents their first look at the price tag for school construction projects across the state. It includes bonds that will raise the first $500 million for the effort.
Scheduled for sale to investors March 21, the tax-free bonds will carry an interest rate of about 5 percent, and will eventually cost taxpayers $831.6 ...