Newspaper article The Record (Bergen County, NJ)

$1B American Dream Bond Vote Due Today

Newspaper article The Record (Bergen County, NJ)

$1B American Dream Bond Vote Due Today

Article excerpt

The New Jersey Sports and Exposition Authority is expected today to approve changes to an authorization to issue $1.15 billion in bonds toward paying for the remaining construction of the American Dream Meadowlands shopping and entertainment project.

The authority is scheduled to vote on a pair of resolutions at its 10 a.m. meeting in Lyndhurst that will reflect changes in response to a formal protest by the New Jersey Alliance for Fiscal Integrity, a non-profit group.

Among the issues raised by the group are whether the public was adequately notified before the last vote; a lack of details on the interest rate and maturity date of the bonds, and whether the involvement of a Wisconsin state agency in the bond issuance violates New Jersey law.

The group was formed on Aug. 25 -- the same day the authority approved two resolutions that would allow the bond issuance to go forward. …

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