NJ SDA Board of Directors Meeting, May 2010: "Mr. Larkins announced that the Governor had approved the issuance of $500 million in new bonds for the school construction program. He noted that, publicly, the impression is that the new funding will create opportunities for new projects. However, he reminded the Members that the Authority operates in a deficit situation. He said that, as of few weeks ago, the SDA’s cash balance was a little under $300 million with outstanding contractual obligations in excess of $800 million".