NJ State Economic Development Authority (EDA)

CUSIP: 645918T94

NAME: New Jersey State Economic Development Authority (EDA)

COUPON: 5.00%

MATURITY: 3/1/2026

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)

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)

 

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