Oct 10, 2008 12:30 pm US/Eastern
N.J. Schools Turn To Bergen County For Loans
PARAMUS, N.J. (AP) ―
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Homeowners aren't the only ones in New Jersey feeling the pressure from Wall Street's economic crisis. The credit crunch is starting to affect school districts in New Jersey.
Two Bergen County schools turned to the county government for $11.5 million after they could not find any traditional lenders to give them short-term loans to fund their operations through Dec. 10.
The Bergen County Technical Schools and the Bergen County Special Services District are to pay the county 3.4 percent interest when the notes mature.
Ed McManimon, the Newark municipal finance lawyer who suggested the loan, says arrangements like these could become more common if the turmoil remains in the credit market.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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Timeline: U.S. Credit Crunch & Financial Failures
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