"Not only will this financing lead to an improved environment," begins Trust chairman Robert A. Briant Sr., in a statement. "But given the current economic situation, the 10,000 to 11,000 jobs created by the construction of these projects is very important and fits in with Gov. Corzine's initiative to improve the economy by improving the infrastructure of New Jersey. With this bond sale, the [program] has, in 22 years, provided low-interest, long-term loans to more than 600 projects--representing a total loan amount in excess of $4.4 billion."

Sold in one series, the bonds carry an interest rate of 4.79%, estimated by Trust officials to be between 50% and 75% below market rates for communities taking advantage of the funding. The savings will be passed along to taxpayers and utility ratepayers, say officials.

"Our goal is to keep costs as low as possible for those responsible for protecting New Jersey's water resources," Briant says. "Our AAA bond rating makes our loans a very safe alternative to traditional market-rate financing. This high rate attracted eight bidders in the Series A bond sale."