Slightly to the Right in New Jersey

Conservative comments on New Jersey

The New School Bonds

Have you heard the latest radio ads for the   “The New Jersey Economic Development Authority, School Facilities Construction Program?”  These are the bonds that Governor Stupidhead and the other idiots in Trenton are issuing that will result in another $4 billion of debt.  But, before you run out to buy these bonds, you better read this first:

What is a New Jersey Appropriation-Backed Bond?
Appropriation-Backed bonds are issued by a New Jersey Independent Authority (for example, the New Jersey Economic Development Authority or the New Jersey Transportation Trust Fund Authority).  Appropriation-Backed bonds are used for various projects including school construction, road construction, and facilities for individuals with special needs.  Appropriation-Backed bonds are secured by payments received by the Independent Authority from the State pursuant to a contract, lease or other agreement between the State and the Independent Authority in which the State agrees to make payments equal to the debt service and other costs relating to the bonds. However, such payments are subject to appropriation from time to time by the New Jersey State Legislature and the State Legislature has no legal obligation to make such appropriations. Appropriation-Backed bonds are not general obligations of the State.

What they are saying is that we the people of New Jersey do not have to pay them back!  Now considering how much debt we have incurred lately in this state, the prospect of actually defaulting could be pretty high. 

For all of the idiots in Trenton, bankruptcy is not out of the question in this state, but until we can clean house and get our accounts back in order next November, just remember, “IT’S TAXES, STUPID!”

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January 21, 2009 - Posted by | Abbott Districts, Borrowing, Budget, Corzine, Crooks, Debt, democrats, Liberals, New Jersey, Recession, Schools, Schools New Jersey | , , , , , , , , , ,

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