New Jersey Transportation Trust Fund Authority
NAME: NJ Transportation Trust Fund Authority
BONDHOLDER SECURITY: The 2016 Series A Notes are payable from pledged revenues including state and federal funding for transportation related projects. All payments by the State to the Trustee, on behalf of the Authority pursuant to the Reimbursement Revenue Funding Agreement and any other Funding Agreement that may be entered into in the future are subject to and dependent upon appropriations being made from time to time by the State Legislature for the purposes of the Act. Therefore, the ratings below reflect the “appropriation risk” nature of the ultimate obligation, except for S&P that has different criteria for this credit sector which inadvertently renders a high rating.
USE OF BOND PROCEEDS: Pay State Transportation System costs including capitalized interest through June 15, 2018 and to pay costs of issuance.
RATINGS: A3/BBB+ (Moodys/S&P)
OBLIGOR PROFILE: The purpose of the NJ Transportation Trust Fund Auth. (“NJTTFA” or “the Authority”) is to provide the payment for and financing of all or a portion of the costs incurred by the Department for the planning, acquisition, engineering, construction, reconstruction, repair and rehabilitation of the State’s transportation system, including the state’s share of the federal aid highway laws.
(Source: Official Statement dated October 26, 2016)
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