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New Jersey May Borrow Billions For Roads

Posted by: David Gest

21 February 2006 - 6:00am

With the state's Transportation Trust Fund emptying out on July 1, the governor contemplates securing $6 billion in loans.

"Gov. Jon Corzine is considering borrowing billions of dollars and refinancing existing debt to grab $6 billion for road and rail projects without raising the gas tax, a state lawmaker briefed on the plan said yesterday.

With interest and financing costs, the plan would end up costing taxpayers $11 billion as the loans are repaid, said Assemblyman John Wisniewski (D-Middlesex), chairman of the Assembly Transportation Committee."

"The Transportation Trust Fund, which has financed about $15.6 billion in transportation programs since it was formed in 1985, will run out of money on July 1. Heavy borrowing has left the fund facing loan payments of more than $10.7 billion, which will consume the entire $805 million in tax revenues and fees earmarked to it each year."

Full Story: Corzine ponders loan to fund road projects
Source: New Jersey Star-Ledger, February 11, 2006
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