|
|
Article: New Jersey Assembly OKs Measure to Restructure $1.8 Billion of TTF Debt.
- Article from:
- The Bond Buyer
- Article date:
- March 17, 2006
- Author:
CopyrightCOPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The New Jersey Assembly yesterday approved refunding and restructuring $1.8 billion of the Transportation Trust Fund Authority's $12.3 billion in outstanding debt, enabling the state to fund transportation capital projects for the next five years.
The bill will go back to the Senate next week and is expected to pass.
Gov. Jon Corzine proposed the restructuring as a way for the state to pay for capital transportation projects for the next five years. Starting on July 1 nearly all of the TTF's more than $800 million of annual revenue will go to make debt service payments.
Debate on the restructuring bill broke along party lines with Democrats ...