ANNOUNCEMENTS
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Overview
The New Jersey Transportation Trust Fund Authority (TTFA) is an independent agency of New Jersey state government whose stated mission is to finance the cost of “planning, acquisition, engineering, construction, reconstruction, repair, resurfacing, and rehabilitation of the state’s transportation system.”
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 Web site. The meetings are conducted at New Jersey Department of Transportation (NJDOT) Headquarters in Ewing, NJ and are open to the public.
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Quick Facts
(Updated 1-15-2010) |
| Current State Contract Outstanding Bonds |
$11.122 billion |
| Current State Contract Debt Service Outstanding |
$22.774 billion |
| Max. Bond Maturity |
31 years |
| Approp. Revenue |
$895 million |
| Current FY 2010 State Contract Debt Service |
$736 million |
Current FY 2010 NJ Transit EDA Debt Srvc
|
114 million |
| Total TTFA/NJT Debt service |
$850 million |
| Est. Pay-As-You-Go |
4% |
| Current Statutory Bond Cap Available |
$1.645 billion |
| Credit Ratings |
S&P |
AA- |
| Moody's |
A1 |
| Fitch |
A+ |
| State Gasoline Tax |
10.5 cents |
| State Diesel Tax |
13.5 cents |
| Motor Fuel Tax Dedicated for Transportation |
10.5 cents=$553M |
| Motor Fuel Tax Appropriated to TTFA |
$483 Million |
The Authority’s financing process
is directed at issuing sufficient bonds
to reimburse NJDOT/NJ TRANSIT Capital
Program expenditures previously requested and authorized
by the Legislature.
The level of bonding needed is based on the Authority's appropriation
revenues and current
debt schedule. Audited
financial statements are prepared each year summarizing
the Authority’s financing activity and current financial
position.
The Authority submitted a FY
2010 Financial Plan to the Legislature to sell approximately
$1.3-$1.6 billion in additional debt to finance the requested $1.600
billion FY 2010 Capital Improvement Program. The TTFA has not issued any of the planned FY 2010 debt to date but plans to conduct one or more bond sales during the 2nd or 3rd quarter of FY 2010.
The Authority was created in 1984 by legislation
that has been amended several times. The current Transportation
Trust Fund Statute (NJSA 27:1B) and dedication of revenues
found in the State
Constitution serve as the blueprint for all Authority
actions.
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