Increases bonding limit for State share of school facilities projects in SDA and non-SDA districts.

This bill increases the bonding limit for the State share of school facilities projects in Special District Assistance (SDA) districts and other school districts. The New Jersey Economic Development Authority (EDA) can borrow an additional $7 billion for SDA districts and $3.5 billion for non-SDA districts, subject to voter approval. The EDA currently funds the full cost of school facilities projects in SDA districts and provides grants for at least 40% of eligible project costs in other districts. The bill requires a statewide referendum to be held at the next general election.

Increases bonding limit for State share of school facilities projects in SDA and non-SDA districts.

This bill increases the bonding limit for the State share of school facilities projects in Special District Assistance (SDA) districts and other school districts. The New Jersey Economic Development Authority (EDA) can borrow an additional $7 billion for SDA districts and $3.5 billion for non-SDA districts, subject to voter approval. The EDA currently funds the full cost of school facilities projects in SDA districts and provides grants for at least 40% of eligible project costs in other districts. The bill requires a statewide referendum to be held at the next general election.