To pay the bill, officials had to borrow money through a $10 million bond issue.
At the same time, the state would borrow $20 million a year through 20-year bonds.
But the President has proposed borrowing $50 billion through a new agency.
Those figures do not include the additional money people have borrowed through lines of credit.
Students borrow about $9 billion a year through Government-subsidized programs.
The direct loan system, developed under the Clinton administration, allows students to borrow from the government through their schools.
Congress can borrow money through the issuance of bonds and other means.
The direct loan system, which actually makes a small profit, allows students to borrow from the government through their schools.
The state would borrow $3.4 billion through the sale of general obligation bonds for water projects.
Those bills were then paid by borrowing through bond sales, costing more interest.