Bonds
NJ Transportation Agency Raises $3.2 Billion in Muni Sale Surge
- NJ, other issuers are rushing to borrow ahead of US election
- A state trust fund will invest billions to modernize transit
A New Jersey agency that finances road, bridge and mass transit infrastructure, joined the debt spree spurred by municipal issuers rushing to raise cash before the Nov. 5 US election.
The New Jersey Transportation Trust Fund Authority sold $3.2 billion in tax-exempt and taxable bonds Thursday to refinance its higher cost debt. The authority is fine-tuning its obligations as the state’s finances improve despite a turbulent year for NJ Transit riders who have been bombarded with service meltdowns and disruptions.
