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  • NJ A4186
  • Revises "New Jersey Transportation Trust Fund Authority Act."
Introduced
(9/19/2016)
In Committee
(9/19/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill amends the "New Jersey Transportation Trust Fund Authority Act of 1984" to make changes necessary to support the State's Capital Transportation Program for fiscal years (FY) 2017-2018. This bill provides the Transportation Trust Fund Authority (authority) with bonding authorization of $1.6 billion for FY 2017 and $1.6 billion for FY 2018, for $3.2 billion in total borrowing capacity. The bill allows for an annual transportation capital program size of $1.6 billion in FY 2017 and FY 2018. This represents a continuation of the $1.6 billion program authorization level that has been appropriated each year since FY 2007. If the $1.6 billion in borrowing authorized under this bill utilizes bonds issued at an average interest rate of four percent and is structured with equal debt service payments over 30 years, it will require approximately $90 million for each year in additional State appropriations to the authority to make debt service payments on this additional borrowing, for a total annual cost of $180 million for both years of bonding. The bill also includes the extension of the Hudson-Bergen Light Rail Line into Bergen County within the definition of "Circle of Mobility."
Transportation and Independent Authorities
Introduced, Referred to Assembly Transportation and Independent Authorities Committee  (on 9/19/2016)
 
 
Date Chamber Action Description
9/19/2016 A Introduced, Referred to Assembly Transportation and Independent Authorities Committee
Date Motion Yea Nay Other
None specified