Senate Republican Leader Tom Kean issued the following statement regarding last week’s $1.1 billion bond sale:
“The Corzine Administration’s $1.12 billion in new state debt that was issued last week will actually cost the taxpayers of this state $3.5 billion. In contrast, the state borrowed $1.17 billion or $500 million more, in September 2007 at a total cost of just $2.3 billion.
“The figures are sobering. Last week’s borrowing will cost the state $1.2 billion more, for far less money than it obtained in 2007.
“It wasn’t just market condition, as the governor’s office maintains. This bond sale was a foolhardy and reckless abuse of the state’s borrowing power, and is a prime example of the lack of accountability this administration has to middle-class taxpayers.
“New Jersey will not begin paying the principal on any of these bonds until the year 2023. This is an unfair imprudent burden to place on our children and our grandchildren.
“The vast majority of the borrowed monies will be used for road resurfacing and other types of periodic maintenance that only lasts seven to 10 years. These projects will have to be repeated two or even three times before New Jersey even begins to pay back the debt.
“This deal is representative of the problems facing this state. We must adopt common-sense reforms on borrowing and replenish the Transportation Trust Fund. Failure to establish these necessary reforms will undermine the future prosperity of this state.”
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- Two Weeks After Declaring A Fiscal Emergency Corzine Borrows Another $2.5 Billion
January 23, 2008 - Singer: Corzine Should Require All Towns to Share Cost of School Construction
July 9, 2008 - Tom Kean Jr. to Jon Corzine: Cancel Most Irresponsible TTF Debt Sale in History
November 11, 2008 - Corzine’s Slick Pitch: Bad Credit? Short on Cash? No Principal Payments, No Problem Til 2023!
November 10, 2008 - United GOP To Governor: No School Borrowing Without Voter Approval
March 13, 2008
