Tom Warne Report, 4 November 2011
TRENTON, N.J. – Transportation projects in New Jersey may get $1.3 billion in borrowed funding through the end of the year under a plan approved by a legislative budget oversight committee. The financing would allow the state’s road and bridge program to be uninterrupted in a continuation of a transportation bond authorization previously approved by New Jersey lawmakers.
Without the legislature’s approval of the stopgap funding, the Transportation Trust Fund Authority’s short-term credit rating could be seriously jeopardized, according to State Treasurer Andrew Eristoff. The state intends to request long-term bonds next month.
Gov. Chris Christie authorized an increase in pay-as-you-go financing in a five-year transportation plan last year. The newly approved financing is needed despite a $600 million bond issuance in May and an advance from the general fund in August, which has since run out.