TITLE

Bill Merging N.J. Highway Agencies Will Spur $1.85B Deal

AUTHOR(S)
Braun, Martin Z.
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/27/2003, Vol. 344 Issue 31643, p44
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that New Jersey Governor James E. McGreevey is expected to sign a toll road consolidation bill on May 27, 2003, clearing the way for a $1.85 billion bond sale to finance a plan to merge the two authorities that operate the New Jersey Turnpike and the Garden State Parkway. The merger plan, expected to save $120 million in present value savings, calls for the Turnpike Authority to acquire the New Jersey Highway Authority and defease $551 million in outstanding highway authority debt. The turnpike would also restructure $983.8 million of $3.3 billion in outstanding debt and refinance $308 million in debt issued by the New Jersey Economic Development Authority for the E-ZPass electronic toll system. The bill would permit the use of toll-road revenue for highway projects not directly related to continued operation of those toll roads and that it contains no provision for the Legislature to provide oversight of which projects these revenues will be used to fund.
ACCESSION #
9957327

 

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