NJ approves $1.2B in transportation borrowing
TRENTON, N.J. (AP) — Less than a week after he warned that future state borrowing would be intensely reviewed, Gov.-elect Chris Christie’s team has signed off on more than $1.2 billion in state borrowing for transportation projects.
On Tuesday, the Transportation Trust Fund Authority approved selling $1.2 billion in bonds to pay for previously approved transportation projects through June 30.
The sale was more than five times the planned $225 million bond sale and means Christie won’t have to approve the borrowing while in office.
Last week, Christie pledged to scale back and scrutinize all state borrowing, saying investment banks shouldn’t “spend the fees yet.”
His spokeswoman says the transition team was “consulted” on the expanded bond sale.
