Two pieces of legislation aimed at making the first significant investment in
higher education infrastructure in over two decades have been signed by
Governor Christie today.
S-2500 initiates a public referendum to approve or deny a bond issuance for
upgrades to facilities public colleges and universities.
"New Jersey's future economic growth, particularly in the technology and
pharmaceutical industries, is dependent upon a world-class public higher
education network," said Kean. "We cannot achieve the quality that is
necessary at these institutions to facilitate that economic growth if
they do
not offer the very best facilities for research and instruction. While
issuing
additional state debt is not a decision anyone should take lightly given
New Jersey's current obligations, I believe the question must be asked
of the voters. Improving
higher education in New Jersey is about more than sending our kids to
college;
it is a decision about what kind of economy we wish to support in the
Garden State."
In addition to the issuance of state bonds for construction for capital
projects (pending voter approval), public colleges and universities will be
given an additional option to finance these projects with private dollars.
S-2501 authorizes public higher education institutions partner with private
entities willing to underwrite the cost of construction for new facilities.
"The public-private partnership legislation is truly an innovative
solution to meeting our infrastructure needs at public institutions during a
time of limited resources," Kean continued. "Colleges and
universities will be able to leverage existing revenue generators, such as a
dining hall or dormitory, as collateral in a partnership with a private entity
willing to finance the construction of another facility. Rather than public
debt being used for construction, the institutions will leverage the resources
already available to them to secure private dollars for infrastructure
improvements."
No comments:
Post a Comment