New Jersey is planning to sell $627 million in bonds tomorrow, the final issuance in a five-year Transportation Trust Fund finance plan and one that will bring the state a big step closer to running out of cash for new infrastructure projects.
The bond sale is the largest component of the transportation-spending plan for the current fiscal year, which was patched together by Gov. Chris Christie’s administration to get the state through the final year of his five-year plan.
Once the money that’s being raised by tomorrow’s bond sale is used up, there will be no dollars left for new transportation projects unless lawmakers take action to renew the trust fund before the current fiscal year ends on June 30, 2016.
Despite the looming deadline, legislative leaders are still trying to figure out exactly how to renew the fund, and how to convince Christie, a Republican running for his party’s presidential nomination, to accept the most likely solution, an increase of the state’s gas tax. But the bond sale did bring one sign of hope; reports from credit-rating agencies saying there are now some signs that New Jersey’s finances are improving. For the full article click here
from critical infrastructure alliance http://ift.tt/1MM9qZ7
via IFTTT
No comments:
Post a Comment