Christie to Sell $1.4 Billion Transport Bond Amid Tunnel Doubts
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New Jersey is set to issue $1.4 billion in Transportation Trust Fund Authority bonds Oct. 13 and 14, about a week after James Simpson, the state’s transport commissioner, said the infrastructure account is “broke” and suspended 100 projects because of a lack of cash.
The sale, a combination of tax-free refinancing securities and federally taxable Build America Bonds scheduled to mature in December 2027, will raise about $900 million for the trust fund, New Jersey’s primary account for highway and mass transit projects, according to preliminary offering documents. The issue follows Governor Chris Christie’s Oct. 7 cancellation of an $8.7 billion trans-Hudson rail tunnel intended to ease congestion into Manhattan.