"The reorganization is a testimony to this administration'scommitment to implement reforms that put an end to the waste andmismanagement of the past," Corzine says, in a prepared statement."We will now have a more streamlined entity with the propercontrols in place [to] ensure more efficient delivery of qualityschools… ."

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Created in 2002 and allotted $8.6 billion to build new schoolsand rebuild old ones, the now-defunct SCC spent almost $5.7 billionof that allotment on new buildings and repairs to existinginstitutions numbering nearly 500 facilities. But the corporationcollapsed earlier this year amid charges of major cost overruns andmismanagement.

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The new NJSDA will be headed by Scott Weiner, former executivedirector of the old SCC. Weiner was hired to the latter post latelast year as part of a management overhaul that eventually led tocreation of the new NJSDA. Legislation has also been introduced toauthorize the borrowing of an additional $3.3 million to be addedto what remains of the former SCC's original allotment.

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