N.J. asks support to fund colleges

Vote could authorize borrowing $750 million.

By James Osborne, Inquirer Staff Writer

Almost a quarter-century after New Jersey voters last approved a bond issue for higher education, political leaders and some of the state’s most powerful business executives are trying to sell them on borrowing $750 million to expand and renovate colleges in the state.

A coalition of universities, labor unions, and Fortune 500 corporations called Building Our Futures is planning to spend $2.1 million on advertising and outreach ahead of a statewide referendum Nov. 6. Supporters say approval of the bond issue is critical if the state is to stay competitive in attracting pharmaceutical and technology jobs.

“I was talking to the head of one of the [pharmaceutical] companies one time, and I said, ‘Why are you going to Massachusetts? They have more regulatory issues than we do.’ He said, ‘MIT. They’re making investments up there and you’re not,’ ” said Senate President Stephen Sweeney (D., Gloucester). “If we don’t make this change now, we’re in trouble.”

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