School districts to pay more for school construction projects
By Jarrett Renshaw/The Star-Ledger
updated April 08, 2013 at 8:46 PM
TRENTON — Hundreds of school districts will pay more in debt service on construction projects for the budget year beginning July 1, state Treasurer Andrew Sidamon-Eristoff said today.
State Sen. Paul Sarlo (D-Bergen) said Gov. Chris Christie failed to mention the increased borrowing costs when he unveiled his $32.8 billion budget for fiscal 2014 in February and touted that state aid to school districts remained relatively flat.
“The headlines said schools are being held harmless, but that’s just misleading,” Sarlo told Eristoff at a Senate Budget Committee hearing.
Since 2011, the Economic Development Authority has charged school districts 15 percent of the borrowing costs for school construction projects, with the state picking up the remaining tab.
https://www.nj.com/politics/index.ssf/2013/04/less_state_aid_as_school_distr.html