Citing debts, Murphy halves school bond proposal to $500M
TRENTON, N.J. (AP) — New Jersey Gov. Phil Murphy has cut a legislative proposal to issue $1 billion in bonds for vocational schools and school security to $500 million.
The Democrat conditionally vetoed the legislation Monday. The Democrat-controlled Legislature signed off on the changes, and Murphy is expected to sign the measure.
That would mean voters will be asked on this year's ballot whether to approve the $500 million in new debt for school security, county college, vocational schools and water infrastructure.
Murphy says he cut the bond amount in half because the state carries huge debt burdens already. Debt service in the current fiscal year tops $4 billion. He estimated the total debt payments on the initial proposal would range from $1.7 billion to $2.2 billion, depending on interest and other factors.