ANNOUNCEMENTS
The Authority has tenatively scheduled its next board meeting for Tuesday, October 28,2008 at 2:00 PM in the Commissioner's Conferance Room, Main Office Building, NJDOT Ewing Headquarters, 1035 Parkway Avenue. The primary purpose of the meeting will be to authorize new money bonds to support FY 2009 capital project expenditures.
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
(FY 2008) |
| Current Outstanding Bonds |
$9.277 billion |
| Current Debt Service Outstanding |
$16.390 billion |
| Max. Bond Maturity |
31 years |
| Approp. Revenue |
$895 million |
| State Contract Debt Service |
$625 million |
| NJ Transit EDA Debt Srvc |
$111 million |
| Total TTFA Debt service |
$736 million |
| Est. Pay-As-You-Go |
15% |
| Bond Cap Available |
$1.140 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 |
| Last Motor Fuel Tax Increase |
1988 |
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
2007 Financial Plan to the Legislature to sell approximately
$1.1 billion in additional debt to finance the requested $1.600
billion FY 2007 Capital Improvement Program. The TTFA issued $1.1 billion in new money bonds in June 2006 (2006 Series C) in order to provide sufficient cash for the FY 2007 and the first couple of months in FY 2008. No additional new money bond sales are anticipated in FY 2007.
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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