NJ State Economic Development Authority (EDA)
NAME: New Jersey State Economic Development Authority (EDA)
BONDHOLDER SECURITY: The series of EDA bonds will be secured by general fund appropriations from New Jersey. Pursuant to the state contract between the state treasurer and the authority, the state treasurer will make payments at least equal to debt service to the trustee on or before each debt service payment date from the state's general fund. Under the resolution, the authority has pledged and assigned such state treasurer payments as security for the bonds. The state payments are subject to annual appropriation.
USE OF BOND PROCEEDS: To refund prior issued bonds and to pay Swap termination costs.
RATINGS: A3 (Moody’s)/BBB+ (S&P)/A- (Fitch)
OBLIGOR PROFILE: Under the Educational Act, (the Act), established circa 2000, the School Facilities Construction Program was enacted to finance and refinance the cost of various School Facilities Projects throughout the State of New Jersey. The Act establishes a comprehensive program for the design, renovation, repair, and new construction of primary and secondary schools for all local and regional school districts, county special services school districts, county vocational school districts, and State-operated school districts. Approximately 80% of the debt of the State is subject to appropriation. For the most part, appropriation-backed debt is notched (based on essentiality) off of the general obligation debt rating of the ultimate obligor.
(Source: Official Statement dated Jan. 23, 2013; S&P Report dated Nov. 14, 2016)
*Clicking “BUY” does not complete a purchase of the listed offering but links to our Municipal Bond Offering Interest Form. Upon completion of this form, an R. Seelaus & Co. registered representative will be in touch.
Although this information is obtained from sources believed to be reliable, we cannot guarantee its completeness or accuracy. For complete information regarding these bonds, please review the Official Statement, which can be provided upon request. Investing in bonds involves risk including possible loss of principal. Income may be subject to state, local, or federal alternative minimum tax. Offerings are subject to prior sale and market conditions. Bonds are subject to availability and price fluctuations. As with any investment, market values may fluctuate during the period the bonds are held. For specific yield and suitability of this offering, please contact your R. Seelaus & Co. Financial Advisor at 1-800-922-0584. Securities are offered through R. Seelaus & Co. 25 Deforest Ave. Suite 304, Summit, NJ 07901 Member FINRA/SIPC