"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… ."

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.

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.