Corzine inks school bill

TRENTON | Gov. Jon S. Corzine signed a bill Wednesday to borrow $3.9 billion, in part to fund the 53 school construction projects announced a day before --including the long-awaited Phillipsburg High School.

"Today we fulfill an important obligation to our children by making a down payment on the future of their education," Corzine said.

The state's poorest communities will share $2.9 billion for new or renovated schools. The additional $1 billion will subsidize projects in vocational and other districts.

Democrats hailed the bill signing, calling it much needed follow-through on the state Supreme Court mandate stemming from Abbott v. Burke. The ruling required the state to fund construction projects in the neediest districts, formerly known as Abbotts.

Republicans criticized borrowing nearly $4 billion without voter approval in a state already $32 billion in debt.

"There are other ways that it could have been funded," Assemblywoman Marcia Karrow said. "They could have funded it by making real deep cuts. Instead they chose to indebt future citizens even deeper, beyond the limits of the constitution."

Karrow, along with Assemblyman Mike Doherty and Sen. Leonard Lance, all R-Warren/Hunterdon, voted against the funding bill. All future borrowing would be required under a proposed constitutional amendment championed by Lance. The referendum is up for a vote in November.

"This is the type of matter that should have gone to the voters for approval," Lance said, adding he believes voters would support the borrowing.

Still all three lawmakers voiced gratitude that Phillipsburg's new $157.8 million school is included in the 53-project proposal approved Tuesday by the New Jersey Schools Development Authority.

"Phillipsburg High School is probably the most overcrowded high school in the state," Doherty said. "There's safety issues involved here.

"So I am pleased to see that Phillipsburg High School is on the list. I don't like the process."

The $3.9 billion bond will cost nearly $7 billion by the time it is repaid with interest in 2044, according to the nonpartisan Office of Legislative Services.

The administration says that in addition to providing safe schools for students statewide, the money will also help to stimulate the economy during tough economic times.

A Rutgers University report released by the administration showed the construction will create more than 9,000 jobs a year and will generate more than $500 million in federal, state and local tax revenue through 2013, among other benefits.