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Trust Sells $128M of Enviro Bonds

TRENTON-The funding will help 67 projects--worth more than $300 million--many of them tied to redevelopment.

By Eric Peterson | Updated on November 03, 2008

TRENTON-The New Jersey Environmental Infrastructure Trust has sold nearly $128.5 million in bonds that will help finance 67 environmental protection projects statewide, many of them tied to local and regional redevelopment. The total worth of the various water treatment related projects is said to be more than $300 million.

“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.

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