Dear Editor:
The Legislators of New Jersey passed a bond $6 billion School Facilities Act. An action was taken before Judge Sybil Moses, who has ruled these bonds are not a State of New Jersey debt. Since New Jersey passed this bond issue, whose debt is it?
Five cities in Hudson County will be the recipients of $1,370,000,000 from the $6 billion. Since the court has ruled the state is not the debtor, who will be the debtor? There is a rumor afloat, that the state will pay off the debt from moneys they may receive from the tobacco industry. I think this is a capricious fantasy that the state will receive any money in the neighborhood of $6 billion to pay the bond debt from the tobacco industry. The money from the tobacco industry will go to the cancer victims of tobacco. If there is no revenue coming from any external source, who is the debtor. Can the local governments receiving the bond money afford to pay the debt service?
Many of the schools to be replaced may be old but are in good serviceable condition. I think the local governments, the county government and the county representatives in the state legislation should take proper action to find out whose debt the $6 billion is. Moses did not rule that the money would be Manna from Heaven.
Otto Hottendorf