The rating on New Jersey Education Facilities Authority's bonds, issued for New Jersey, reflects the following factors: * The general creditworthiness of the state (GO bonds rated 'AA+'); * Strong essentiality of funding the acquisition of technology infrastructure at the public and private institutions of higher education in the state, a basic governmental function demanded by the public; * The key role the authority plays in meeting the requirements of the Higher Education Technology Infrastructure Fund Act; * The state's demonstrated commitment, within both the administrative and legislative branches, to repaying its contract-backed obligations; and * The strong contract provisions that include an absolute and unconditional contract payment provision upon annual appropriation. New Jersey's legislature, in order to meet the
