NJ to refinance $1.4B in transportation bonds
(AP) - New Jersey Gov. Chris Christie plans torefinance $1.4 billion in transportation bonds to keep the state'sTransportation Trust Fund solvent for another year.
The fund was set to run out of money by July 2011.
The refinancing will generate between $700 million and $800million for road projects.
Treasury spokesman Andy Pratt said Wednesday that refinancing isnot the governor's preferred solution but will serve as a bridge toget to the 2012 budget year.
Christie has said he supports a pay-as-you-go approach. Pratt says the refinancing will take advantage of available lowinterest rates.
Assembly Transportation Committee Chairman John Wisniewski wascritical. He said refinancing uses the same one-time gimmicksChristie railed against when running for governor.