"Not only will this financing lead to an improved environment,"begins Trust chairman Robert A. Briant Sr., in a statement. "Butgiven the current economic situation, the 10,000 to 11,000 jobscreated by the construction of these projects is very important andfits in with Gov. Corzine's initiative to improve the economy byimproving the infrastructure of New Jersey. With this bond sale,the [program] has, in 22 years, provided low-interest, long-termloans to more than 600 projects--representing a total loan amountin excess of $4.4 billion."

Sold in one series, the bonds carry an interest rate of 4.79%,estimated by Trust officials to be between 50% and 75% below marketrates for communities taking advantage of the funding. The savingswill be passed along to taxpayers and utility ratepayers, sayofficials.

"Our goal is to keep costs as low as possible for thoseresponsible for protecting New Jersey's water resources," Briantsays. "Our AAA bond rating makes our loans a very safe alternativeto traditional market-rate financing. This high rate attractedeight bidders in the Series A bond sale."