the borrowing is part of Gov. Christie's five-year capital plan for the Transportation Trust Fund authority
Gov. Chris Christie at a September press conference. The borrowing would be part of Christie's capital plan for the Transportation Trust Fund Authority.TRENTON — A joint budget committee approved a request today to issue $1.3 billion in bonds for transportation projects across the state.
The borrowing, approved by the Joint Budget Oversight Committee, is part of Gov. Chris Christie’s 5-year capital plan for the Transportation Trust Fund Authority revealed earlier this year.
The $8 billion plan uses money once dedicated to the the cancelled ARC tunnel and puts it toward road projects such as fixing the decrepit Pulaski Skyway. It also relies less on borrowed money and more on also tapping into the state’s general fund.
Today’s approval got bipartisan support from the committee, comprised of lawmakers from the Assembly and the Senate.
“This is a stimulus,” said Sen. Anthony Bucco (R-Morris). “It will create jobs and the improvements are much needed.”
Democrats on the committee too said the spending will create jobs and help the state’s aging infrastructure, but expressed concern about the state’s rising debt levels.
“I support this, but with reservations,” said Assemblyman Lou Greenwald (D-Greenwald). “I am concerned about our borrowing and how much we’ll be paying years down the road.”
Related coverage:
• N.J., feds settle bill for canceled ARC tunnel for $95M
• Deadline ticking for nearly bankrupt N.J. Transportation Trust Fund
• Gov. Christie plans to refinance N.J. Transportation Trust Fund bonds to raise $800M