ROSELAND, N.J./December 22, 2009 -- Connell Foley LLP recently represented Seton Hall University in a tax exempt $7,955,000 bond issuance by the New Jersey Education Facilities Authority (the “NJEFA”). The variable rate bonds will finance the refunding of NJEFA bonds that were issued in 1998. The proceeds of the original 1998 bonds were used for various construction projects and improvements at Seton Hall University’s South Orange, New Jersey Campus. The bond issuance closed on December 12, 2009.
Pursuant to the New Jersey Educational Facilities Authority Law, the NJEFA is empowered to make loans to public and private colleges and universities for the construction, improvement, acquisition and refinancing of eligible projects. The NJEFA is also empowered to issue its bonds to provide loans to refinance existing credit facilities. Cromie and Villani represented Seton Hall University in the negotiation and implementation of the bond issuance.
Cromie and Villani also recently represented Seton Hall University in connection with a separate transaction completed pursuant to the NJEFA’s Tax-Exempt Lease Financing Program. Under the NJEFA’s Tax-Exempt Lease Financing Program, eligible institutions of higher education may obtain fixed rate, tax-exempt financing through the NJEFA to finance the acquisition of computer equipment that will be used for educational purposes. Seton Hall University received approximately $3,500,000 in financing through the program to purchase laptops to be used by Seton Hall University students.
John D. Cromie is Chairman of Connell Foley’s Corporate and Business Law practice group, and a member of the firm’s Banking Law and Finance practice group. For more information, please contact Mr. Cromie at (973) 535-0500 or jcromie@connellfoley.com.