NJ to borrow $3.9 billion

July 9, 2008 6:19:58 AM PDT
New Jersey is about to borrow $3.9 billion for school construction.

Gov. Jon S. Corzine Wednesday is to sign legislation that would authorize the borrowing without voter approval. Corzine will sign the bill as he tours aging schools in Jersey City, Bloomfield, Newark and Camden.

The money would provide $2.5 billion for schools in the poorest cities and $1 billion for all other districts.

The state Supreme Court has ordered new schools be built in the poorest districts.

Critics contend the borrowing will drive up already mounting state debt and should go to voters for their approval.