New Jersey lawmakers yesterday approved legislation that would decrease the state's $650 million debt defeasance fund by $125 million to support urgent social needs throughout the state.

Senators passed four bills that will offer loans to small businesses, finance school construction projects, support food and energy assistance programs, and legal aid and mortgage counseling, among other programs. Two of the measures will now go before Gov. Jon Corzine, and it's anticipated he will sign off on the bills as his administration proposed the initiatives in October.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.