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New Funding Plan
Strengthens State's Open Space Program
(02/133) TRENTON
-The McGreevey Administration today
announced a new bonding plan that will provide the Garden
State Preservation Trust an additional $100 million annually
to expedite the preservation of New Jersey's critical open
space.
Based on recommendations from the state
Department of Treasury, the Garden State Preservation Trust
approved a new financing structure that will allow the state
to minimize interest and debt service costs to taxpayers
while maximizing the proceeds generated for the open space
program. The plan will provide for a mix of $400 million
in current interest bonds and $100 million in zero-coupon
bonds.
“Governor McGreevey's Smart Growth
agenda sets new priorities for open space preservation and
a sound financing plan to support his initiatives —
including funds for needed parks in local communities, —
said Department of Environmental Protection Commissioner
Bradley M. Campbell. "Today's plan will increase the
funding resources we have to accomplish these goals."
“We are extremely pleased with the
Trust's approval of this prudent financing mechanism for
open space acquisitions,” said state Treasurer John
McCormac. "The mixture of current interest and zero
coupon bonding provides the financial leverage New Jersey
needs to implement a sound and effective open space preservation
program."
McCormac added that the approval of financing
arrangements signals a strong shared commitment to preserving
New Jersey's open space resources. "The Garden State
Preservation Trust can now take a giant leap forward in
a spirit of partnership and cooperation among all parties
working for the Trust's success.'
Preserved open space protects New Jersey's
water supply and quality, preserves sensitive habitats for
endangered and threatened species, minimizes sprawl, provides
recreational opportunities and allows New Jerseyans to connect
with nature.
With widespread public support and a commitment
from Governor McGreevey, the Garden State Preservation Trust
funds will continue to create a legacy of protected open
space and historic resources for future state residents.
Since the Garden State Preservation Trust's
inception in 1998, New Jersey has purchased nearly 300,000
acres for open space preservation, has approved more than
$50 million in recreational projects and park development,
and provided over $13 million for historic preservation
projects.
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