TITLE

N.J. Treasurer Says State May Utilize School-Bond Swaps for Other Projects

AUTHOR(S)
Braun, Martin Z.
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/16/2003, Vol. 344 Issue 31637, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
New Jersey may apply up to $2.5 billion in swaps on its school construction bonds to other debt if the state decides not to issue the school bonds for a period of three years. New Jersey, like many municipal issuers, has taken advantage of derivatives as the cost of using swaps priced against the London Interbank Offering Rate has dropped below the cash market. The state locked in rates ranging from 3.3% to 3.5% on $500 million of $1.9 billion bond issue by the New Jersey Turnpike Authority to finance the consolidation of the turnpike authority and the New Jersey Highway Authority. The school construction, open-space, and transportation debt are all backed by state appropriations, although the transportation bonds have a pledge of state gas taxes and the open space debt has a pledge of state sales taxes.
ACCESSION #
9893107

 

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