In 1994, the Authority sold $100 million principal amount of bonds under this program. The funds were used to finance the purchase of equipment to be leased to participating institutions. The bonds sold under the Authority’s initial statutory authorization were fully retired on September 1, 2000. Governor Whitman approved the reauthorization of this $100 million program of which $87,385,000 in par amount of bonds was sold in October of 2001 to make loans to 41 institutions. The remaining authorization of $12,620,000 was issued in May 2003.