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New Jersey Transportation Trust Fund Authority  
      
Overview

About TTFA
Members
Meetings
Legislation

Business Partners
Financial Advisors
Underwriters
Trustees
Bond Counsel
Printing Services
External Auditor

Frequently Asked
Questions


Financing Process
Flow of Funds
Appropriation Revenues
Bonds
Audited Financial Statements

Future Financing
Next Bond Sale
Annual Financial Plan
Long-Term Financing Capacity

GARVEE Bonds

NJDOT/NJ TRANSIT
Capital Program



The Transportation Trust Fund provides funding for New Jersey's transportation system

Overview


The New Jersey Transportation Trust Fund Authority (TTFA or Authority) is an independent agency of New Jersey state government whose stated mission is to finance the cost of "planning, acquisition, engineering, construction, reconstruction, repair, and rehabilitation of the state's transportation system."

Disclaimer: The information below is as of June 30, 2016 and reflects the provisions of the FY2017 Appropriations Act (approved as of June 30, 2016) as well as program changes implemented through the October 2016 legislative reauthorization.

Quick Facts
Outstanding Bonds * $16.7 billion
Debt Service Outstanding * $29.9 billion
Max. Bond Maturity * 31 years
Current State Contract Debt Service $1,226.8 million
Current NJ Transit EDA Debt Service $52.0 million
  Total TTFA/NJT Debt service (net) $1,278.8 million

Revenue Appropriated to TTFA:

 
Motor Fuel Tax (A) $515.0million
Petroleum Products Gross Receipts Tax (A) $218.1 million
State Sales & Use Tax (A) $551.8 million
Toll Road Authority (A) $12.0 million
Total Appropriated Revenue $1,296.8 million
Current Credit Rating S&P BBB+
Moody's A3
Fitch A-

* Reflects most recent audited financial information. Amount reflected includes 2006 Series A Garvee bond and is net of non-amortized accretion balances on Capital Appreciation Bonds.

(A) Amounts as of the FY 2017 Appropriation Act dedicated to TTFA for debt service.

The Authority consists of seven members, two ex-officio and five public members appointed by the Governor. Board meetings are scheduled on an as needed basis and notices of the meetings are published in the newspapers and on this Website. The meetings are conducted at New Jersey Department of Transportation (NJDOT) Headquarters in Ewing, NJ and are open to the public.

The Authority’s financing process is directed at issuing sufficient bonds to pay for NJDOT/NJ TRANSIT Capital Program expenditures previously requested and authorized by the Legislature.

The level of bonding needed is based on the Authority's capital needs. Audited financial statements are prepared each year summarizing the Authority's financing activity and current financial position.

The Authority was created in 1984 by legislation that has been amended several times. The current Transportation Trust Fund Statute (N.J.S.A. 27:1B-1, et seq.) and dedication of revenues found in the State Constitution serve as the blueprint for all Authority actions.

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