The Transportation Trust Fund Authority (TTFA) is authorized to issue its own bonds to finance the New Jersey Department of Transportation (NJDOT)/NJ TRANSIT capital program projects already authorized by the Legislature. Unlike the voter approved general obligation bonds issued by the State, the Authority’s bonds do not pledge the "faith and credit" of the State for repayment.
The Authority's bonds are also not considered revenue bonds since actual yields from each of the revenue sources do not automatically flow to the Transportation Trust Fund Authority.
The Transportation Trust Fund Authority bonds also reference a "state contract" between the State Treasurer and the Authority. This contact pledges that if the Legislature appropriates funds to the Authority, the funds will be made available.
The Authority’s Transportation System Bonds and the Transportation Program Bonds are each secured by payments made under separate “state contracts” between the Treasurer, the Commissioner of NJDOT and the Authority. Payments under these state contracts are subject to appropriation from time to time by the Legislature, which has no legal obligation to make any such appropriation. The Authority’s bonds are typically referred to as “appropriation-backed bonds or "state contract debt" for this reason. Outstanding bonds/debt service and pay-as-you-go histories are available.
The current statute limits the maturity of bonds to 31 years. The Authority generally issues serial maturity bonds that provide level debt service payments over the 31 year repayment period.
The Debt Limitation Clause in Article VIII, Section 2, paragraph 3 of the New Jersey State Constitution was amended by the voters on November 4, 2008, to add the Lance Amendment. The Lance Amendment prohibits the Legislature from enacting legislation authorizing State Appropriation obligations payable from other than constitutionally dedicated sources unless such legislation is submitted and approved by a majority of legally qualified voters of the State voting thereon at a general election.
From FY 2007 through FY 2012, the annual bonding cap established in statute was set in an amount not to exceed $1.6 billion. The statute enacted in 2012, which expired on June 30, 2016, designated specific bonding cap amounts for FYs 2013 through 2016.
On October 14, 2016, L. 2016, c. 56 was enacted, amending the TTFA Act and authorizing the issuance of up to $12 billion in Transportation Program Bonds between FY 2017 and FY 2024.
In keeping with past practice, unused bonding authority from prior years carries forward to the current year. Pursuant to L. 2016, c. 56, any gross premiums received in connection with the Transportation Program Bonds, as well as any gross premiums received in connection with the refunding or remarketing of Transportation Program bonds, shall count against any limitation as to the amount of Transportation Bonds that the Authority may issue.
Credit Rating
The TTFA's current uninsured credit ratings on its Transportation System and Transportation Program Bonds is as follows:
Moody's
A2
Standard and Poors
A-
Fitch
A
Kroll
A
Bond Issue History
Name of Series
Type
FY
Amount Issued
Month/ Year
Low
High
True Interest Cost
1985 Series A
New Money
1985
$61,270,000
Jan-85
4.750%
8.000%
Not Avail
1986 Series A
New Money
1987
$200,000,000
Dec-86
4.100%
6.000%
5.542%
1988 Series A
New Money
1988
$125,000,000
Apr-88
4.900%
6.900%
6.374%
1992 Series A
New Money
1992
$275,000,000
Mar-92
4.500%
6.000%
5.996%
1993 Series A
New Money
1993
$500,000,000
Apr-93
3.500%
4.750%
4.730%
1993 Series B
New Money
1994
$61,470,000
Oct-93
2.600%
3.700%
3.450%
1994 Series A
New Money
1994
$400,000,000
May-94
4.500%
6.250%
5.401%
1995 Series A
Refunding
1996
$804,475,000
Aug-95
5.000%
6.500%
5.470%
1995 Series B
Refunding
1996
$788,225,000
Aug-95
4.500%
7.000%
5.610%
1996 Series A
New Money
1996
$334,065,000
Feb-96
4.500%
6.000%
5.090%
1996 Series B
New Money
1997
$714,340,000
Oct-96
4.750%
6.000%
5.483%
1997 Series A
New Money
1998
$703,940,000
Dec-97
4.500%
6.000%
Not Avail
1998 Series A
New Money
1999
$700,000,000
Dec-98
4.250%
5.250%
4.609%
1999 Series A
New Money
2000
$450,000,000
Oct-99
4.500%
5.750%
5.279%
2000 Series A
New Money
2000
$450,000,000
Jan-00
5.000%
6.125%
5.700%
2001 Series A
New Money
2002
$325,000,000
Aug-01
4.000%
5.500%
3.916%
2001 Series B
New Money
2002
$690,000,000
Dec-01
6.000%
6.000%
5.340%
2001 Series C
Refunding
2002
$1,191,450,000
Dec-01
2.500%
6.000%
4.830%
2003 Series A
Refunding
2003
$333,100,000
Jan-03
4.000%
5.500%
3.940%
2003 Series B
Refunding
2003
$345,000,000
Jan-03
3.5000%
5.2500%
3.940%
2003 Series C
New Money
2004
$924,810,000
Jul-03
2.250%
5.500%
4.620%
2004 Series A
New Money
2005
$471,655,000
Sep-04
3.250%
5.750%
4.367%
2004 Series B
Adv Refund
2005
$849,800,000
Oct-04
2.500%
5.500%
3.705%
2005 Series A
Forward Refund
2005
$566,785,000
Oct-04
5.000%
5.250%
3.611%
2005 Series B
Adv Refund
2005
$1,213,140,000
Jan-05
3.600%
5.500%
4.187%
2005 Series C
New Money
2005
$524,750,000
Mar-05
3.250%
5.250%
4.316%
2005 Series D
New Money
2006
$953,020,000
Oct-05
4.000%
5.000%
4.470%
2006 Series A
Refunding
2006
$1,580,540,000
Jun-06
4.375%
5.500%
4.579%
2006 Series B
Refunding
2006
$109,375,000
Jun-06
5.028%
5.028%
4.579%
2006 Series C *
New Money
2006
$1,115,496,792
Jun-06
4.930%
5.050%
4.479%
2006 Series A
GARVEE
New Money
2006
$131,555,000
Jun-06
5.000%
5.000%
4.234%
2007 Series A
New Money
2008
$1,171,055,000
Sep-07
3.600%
5.000%
4.743%
2008 Series A *
New Money
2009
$1,122,744,638
Nov-08
5.250%
6.750%
5.875%
2009 Series A *
New Money
2009
$142,730,924
Jun-09
6.230%
6.400%
6.389%
2009 Series B
New Money
2009
$273,500,000
Jun-09
6.875%
6.875%
7.047%
2009 Series C
New Money
2010
$150,000,000
Dec-09
Variable
Variable
Variable
2009 Series D
New Money
2010
$147,500,000
Dec-09
Variable
Variable
Variable
2010 Series A *
New Money
2010
$359,253,361
Jan-10
5.850%
6.250%
6.099%
2010 Series B
New Money
2010
$500,000,000
Jan-10
6.561%
6.561%
4.303%
2010 Series C
New Money
2011
$1,000,000,000
Oct-10
5.754%
6.104%
3.880%
2010 Series D
Refunding
2011
$485,875,000
Oct-10
3.000%
5.250%
3.765%
2010 Series E
Refunding
2011
$14,100,000
Oct-10
3.600%
3.600%
3.664%
2011 Series A
New Money
2011
$600,000,000
May-11
3.000%
6.000%
5.280%
2011 Series B
New Money
2012
$1,315,000,000
Dec-11
5.000%
5.500%
4.842%
2012 Series A
New Money
2013
$326,255,000
Dec-12
5.000%
5.000%
4.098%
2012 Series AA
New Money
2013
$920,745,000
Dec-12
2.000%
5.000%
3.327%
2013 Series A
Refunding
2013
$538,845,000
Apr-13
1.000%
5.000%
1.546%
2013 Series B
Refunding
2013
$338,220,000
Apr-13
1.087%
1.758%
1.685%
2013 Series AA
New Money
2014
$849,200,000
Aug-13
2.000%
5.500%
4.942%
2014 Series AA
New Money
2015
$764,055,000
Nov-14
4.250%
5.000%
4.359%
2014 Series BB
New Money
2015
$297,500,000
Nov-14
3.500%
3.700%
3.664%
2009 Series C&D
Remarketing
2015
$297,500,000
Nov-14
5.000%
5.250%
4.316%
2015 Series AA
New Money
2016
$626,800,000
Dec-15
3.000%
5.250%
4.875%
2016 Series A Indirect Garvee**
New Money
2017
$2,741,425,000
Nov-16
4.100%
5.000%
3.965%
2016 Series B Indirect Garvee**
New Money
2017
$500,000,000
Nov-16
2.870%
3.090%
2.988%
2018 Series A Indirect Garvee**
Refunding
2019
$1,195,730,000
Jul-18
3.125%
5.000%
3.602%
2018 Series A
Refunding
2019
$1,567,435,000
Oct-18
4.000%
5.000%
4.253%
2019 Series AA
New Money
2019
$750,000,000
Jan-19
3.750%
5.250%
4.643%
2019 Series BB
New Money
2020
$1,000,000,000
Oct-19
3.250%
5.000%
3.761%
2014 Series BB-1
Remarketing
2020
$138,460,000
Oct-19
5.000%
5.000%
3.159%
2019 Series A
Refunding
2020
$619,775,000
Dec-19
4.000%
5.000%
2.937%
2019 Series B
Refunding
2020
$946,335,000
Dec-19
2.384%
4.131%
4.073%
2020 Series AA
New Money
2021
$1,500,000,000
Dec-20
3.000%
5.000%
3.476%
2021 Series A
Refunding
2021
$580,420,000
May-21
4.000%
5.000%
2.000%
2014 Series BB-2
Remarketing
2021
$114,195,000
May-21
5.000%
5.000%
2.057%
2022 Series BB
New Money
2022
$750,000,000
Jan-22
3.000%
5.000%
3.103%
2022 Series A
Forward Refund
2022
$304,500,000
Apr-22
4.000%
4.000%
3.278%
2022 Series AA
Forward Refund
2022
$589,250,000
Apr-22
5.000%
5.000%
2.662%
2022 Series CC
New Money
2023
$750,000,000
Dec-22
5.000%
5.500%
4.723%
2023 Series A
Tender and Refunding
2023
$425,050,000
June-23
4.250%
5.250%
4.479%
2023 Series AA
Refunding
2023
$692,905,000
June-23
4.250%
5.000%
4.232%
Note: Bond Refundings are categorized as either current, advanced, or forward refundings
* does not reflect accretions on capital appreciation bonds
** Issuance of Federal Highway Reimbursement Revenue Notes to fund cash expenses in FY 2017 and FY 2018; these issuances do not count against the TTFA's bond cap.
Bonding Cap Status
FY
Bond Cap Credit
New & Refunded Bonds
Garvee Bonds
Available Bond Cap
1996 *
700,000,000
334,065,000
365,935,000
1997
700,000,000
714,340,000
351,595,000
1998
700,000,000
703,940,000
347,655,000
1999
700,000,000
700,000,000
347,655,000
2000
900,000,000
900,000,000
347,655,000
2001
650,000,000
0
997,655,000
2002
650,000,000
1,015,000,000
632,655,000
2003
650,000,000
0
1,282,655,000
2004
650,000,000
924,810,000
1,007,845,000
2005
650,000,000
996,405,000
661,440,000
2006
650,000,000
953,020,000
131,555,000
226,865,000
2007
1,600,000,000
1,115,496,792
711,368,208
2008
1,600,000,000
1,171,055,000
1,140,313,208
2009
1,600,000,000
1,538,975,562
1,201,337,646
2010
1,600,000,000
1,156,753,361
1,644,584,285
2011
1,600,000,000
1,600,000,000
1,644,584,285
2012
0
1,315,000,000
329,584,285
2013
1,247,000,000
1,247,000,000
329,584,285
2014
849,200,000
849,200,000
329,584,285
2015
735,295,715
1,061,555,000
3,325,000
2016
626,800,000
626,800,000
3,325,000
2017**
12,000,000,000
0
12,000,000,000
2018
12,000,000,000
0
12,000,000,000
2019 (1)
0
787,256,131
11,212,743,869
2020 (2)
0
1,118,446,489
10,094,297,380
2021(3)
0
1,712,014,625
8,382,282,755
2022 (4)
0
981,161,671
7,401,121,084
2023 (5)
0
837,634,799
6,563,486,285
*The 1995 Legislative Reauthorization replaced an aggregate $1.7 billion bonding cap covering the ten(10) preceding years with a $700 million annual cap on bond issues.
** The 2016 Legislative Reauthorization established a $12 billion aggregate bond cap covering fiscal years 2017 through 2024. There is no remaining unused statutory debt cap under the prior Reauthorization for Transportation System Bonds (except a nominal amount representing the amount thereof in excess of the nearest integral multiple of $5,000), and only refunding bonds may be issued under its 1995 Prior Bond Resolution, as amended and supplemented. Federal Indirect Garvee bonds amounting to $3.2 billion issued in FY 2017 do not count against the newly authorized Bond Cap Credit.
Pursuant to L. 2016, c. 56 of the 2016 TTF Reauthorization Act original issue premiums and premiums generated on refunding and remarketing bonds are counted against the available bond cap.
(1) The 2019 new bonds include $37.2 million in original issue premium.
(2) The 2020 new bonds include $90.0 million in original issue premium and $28.4 million in remarketing bond premium.
(3) The 2021 new money bonds include $178.3 million in original issue premium and $33.7 million in remarketing bond premium.
(4) The 2022 new money bonds include $108.2 million in original issue premium and $123 million in refunding bond premium.
(5) The 2023 new money bonds include $45.4 million in original issue premium and $42.3 million in refunding bond premium.
(a) estimated
Outstanding Bonds/Debt Service History State Contract Bonds
FY
New Money Issues
Refunding Bonds
Bonds Retired
Outstanding
Debt Total*
Annual Debt Service**
1985
61,270,000
0
61,270,000
1,597,616
1986
0
4,635,000
56,635,000
8,713,860
1987
200,000,000
4,855,000
251,780,000
14,232,608
1988
125,000,000
67,875,000
308,905,000
32,825,140
1989
0
26,660,000
282,245,000
46,052,434
1990
0
30,040,000
252,205,000
46,034,334
1991
0
31,475,000
220,730,000
46,005,944
1992
275,000,000
33,070,000
462,660,000
51,055,769
1993
500,000,000
56,495,000
906,165,000
86,882,983
1994
400,000,000
83,825,000
1,222,340,000
96,429,269
1995
187,000,000
102,345,000
1,306,995,000
162,572,894
1996
334,065,000
1,592,700,000
1,358,400,000
1,875,360,000
87,011,268
1997
714,340,000
48,050,000
2,541,650,000
184,069,404
1998
703,940,000
91,175,000
3,154,415,000
248,737,046
1999
700,000,000
116,385,000
3,738,030,000
305,856,333
2000
900,000,000
142,785,000
4,495,245,000
355,406,248
2001
0
166,410,000
4,328,835,000
407,619,738
2002
1,015,000,000
1,191,450,000
1,398,575,000
5,136,710,000
476,663,766
2003
0
678,100,000
781,455,000
5,033,355,000
446,063,066
2004
924,810,000
191,540,000
5,766,625,000
455,421,535
2005
996,405,000
2,629,725,000
2,970,290,000
6,422,465,000
492,802,573
2006
2,068,516,792
1,689,915,000
1,980,200,000
8,200,696,792
538,869,729
2007
0
0
217,805,000
7,982,891,792*
583,989,161
2008
1,171,055,000
0
230,035,000
8,923,911,792*
624,267,707
2009
1,538,975,607
0
257,580,000
10,205,307,399*
681,334,604
2010
1,156,753,361
271,590,000
11,090,470,760*
762,873,205
2011
1,600,000,000
499,975,000
810,300,000
12,380,145,760*
794,553,976
2012
1,315,000,000
299,550,000
13,395,595,760*
897,276,325
2013
1,247,000,000
877,065,000
1,169,105,000
14,350,555,760*
911,958,035
2014
849,200,000
396,400,000
14,803,355,760*
1,065,503,740
2015
1,061,555,000
297,500,000
750,025,000
15,412,385,760*
1,135,093,670
2016
626,800,000
0
475,230,000
15,563,955,760*
1,176,333.311
2017
0
0
533,190,000
15,030,765,760*
1,226,631,931
2018
0
0
554,240,000
14,476,525,760*
1,225,518,962
2019
750,000,000
1,567,435,000
2,252,620,000
14,541,340,760*
1,256,331,305
2020
1,000,000,000
1,704,570,000
2,420,945,000
14,824,965,760*
1,345,820,864
2021
1,500,000,000
694,615,000
1,569,585,000
15,449,995,760*
1,363,,285,785
2022
750,000,000
893,750,000
1,778,290,000
15,315,455,760
1,396,426,106
2023
750,000,000
1,117,955,000
2,134,210,000
15,049,200,60
1,391,133,821
Total
25,421,685,760
15,434,755,000
25,807,240,000
* The Outstanding Debt Total and Annual Debt service amount reflects State Contract debt only. It does not include the full, unamortized accretion values on capital appreciation bonds and Indirect GARVEE debt service. New money issues and refunding bonds are reflected at Par Value
** Audited numbers
(1) estimated
Current TTFA Debt Service Schedule (Millions of Dollars)
State Contract Transportation Bonds *
FY
Transport System Bonds *
Transport Program Bonds *
NJT/EDA
Total State Contract Debt Service
Total TTFA Bonds
Funded
from TTF
2024
969.3
410.3
1379.6
146.4
1526.0
2025
951.4
434.8
1386.2
146.5
1532.7
2026
953.9
425.8
1379.7
146.5
1526.2
2027
956.2
403.2
1359.4
146.5
1505.9
2028
973.8
403.2
1377.0
130.4
1507.4
2029
978.1
461.4
1439.5
61.1
1500.6
2030
803.6
490.0
1293.6
81.8
1375.4
2031
803.3
514.0
1317.3
81.8
1399.1
2032
803.0
538.3
1341.3
81.8
1423.1
2033
780.4
538.3
1318.7
81.8
1400.5
2034
805.5
538.3
1343.8
81.8
1425.6
2035
800.0
591.4
1391.4
81.8
1473.2
2036
831.5
591.4
1422.9
81.8
1504.7
2037
799.2
591.4
1390.6
81.8
1472.4
2038
814.3
551.5
1365.8
81.8
1447.6
2039
898.6
526.9
1425.5
81.8
1507.3
2040
980.9
545.5
1526.4
81.8
1608.2
2041
861.3
542.7
1404.0
81.8
1485.8
2042
146.8
639.5
786.3
81.8
868.1
2043
0.0
637.6
637.6
81.8
719.4
2044
0.0
506.8
506.8
81.8
588.6
2045
0.0
401.6
401.6
81.8
483.4
2046
0.0
401.6
401.6
37.8
439.4
2047
0.0
377.9
377.9
37.8
415.7
2048
0.0
377.9
377.9
37.8
415.7
2049
0.0
377.9
377.9
37.8
415.7
2050
0.0
324.4
324.4
37.8
370.2
2051
37.8
37.8
2052
37.8
37.8
2053
37.8
37.8
Total
15,911.0
13,151.6
29,062.6
2,839.0
31,451.6
* State Contract Bond amounts exclude Build America Bond tax credits but includes accretions on capital appreciation bonds.
Current Debt Service Schedule (Millions of Dollars)
Indirect Garvee Bonds
FY
2018 A Indirect Garvee Refunding*
2016 A Indirect Garvee
2016 B Indirect Garvee
Total Debt Service
2023
153.4
122.7
15.6
291.7
2024
192.5
130.2
15.6
338.3
2025
35.0
45.0
258.3
338.3
2026
35.0
37.4
265.6
338.0
2027
35.0
302.6
337.6
2028
113.2
224.4
337.6
2029
223.5
114.1
337.6
2030
228.5
109.1
337.6
2031
233.5
104.1
337.6
Total
1249.6
1189.6
555.1
2994.3
* Debt Service related to July 2018 refunding of $1.3 billion in 2016 Series A Federal Highway Revenue Reimbursement Notes
Pay-As-You-Go History
FY
State Revenues & Interest Earnings
Build America
Bonds
Federal Garvee Reimb
Sub Acct Capital Reserve Federal Project Costs
Less TTFA Debt Service
Less NJT
Program
Debt Service
Sub Acct Capital Reserve Pay As You Go Capital
Net Pay
As You Go Funding
NJDOT/NJT Cash Outlays
Percent Pay As You Go
1985
169.7
0
1.6
168.1
29.6
100.0%
1986
177.8
0
8.7
169.1
123.0
100.0%
1987
167.8
0
13.8
154.0
215.0
71.63%
1988
225.1
0
33.4
191.7
220.0
87.14%
1989
356.8
0
46.1
310.7
250.0
100.0%
1990
370.0
0
46.0
324.0
375.0
86.40%
1991
362.0
0
46.1
316.0
380.0
83.13%
1992
352.1
0
46.0
306.1
520.0
58.87%
1993
209.1
0
87.2
121.8
460.0
26.50%
1994
149.1
0
148.7
.4
505.0
0.08%
1995
224.4
0
165.4
59.0
585.0
10.09%
1996
182.7
0
87.0
95.7
710.0
13.48%
1997
337.3
0
182.6
154.7
800.0
19.30%
1998
388.0
0
249.1
138.9
800.0
17.36%
1999
464.4
0
304.6
159.8
865.0
18.47%
2000
519.5
0
354.3
165.2
715.0
23.10%
2001
729.7
0
407.7
34.9
287.1
730.1
39.32%
2002
701.6
0
473.1
34.9
193.6
784.6
24.67%
2003
754.4
0
446.1
64.9
243.4
945.1
25.75%
2004
809.6
0
455.4
82.9
271.3
1,149.1
23.61%
2005
810.5
0
492.8
83.9
233.8
1,264.5
18.49%
2006
829.7
0
538.9
83.9
206.9
1,358.0
15.24%
2007
936.1
0
14.6
601.2
111.2
238.3
1,440.0
16.55%
2008
919.3
0
14.9
643.4
111.5
179.3
1,399.0
12.82%
2009
900.4
0
14.9
707.2
111.5
96.6
1610.0
6.00%
2010
896.9
11.6
14.9
774.7
114.5
34.2
1475.0
2.32%
2011
896.1
31.5
14.9
809.4
94.7
38.4
1712.0
2.24%
2012
1023.1 *
38.7
14.9
912.1
94.4
70.2*
1289.0
5.45%
2013
971.4 *
37.0
14.9
926.8
93.6
2.9
1391.8
0.21%
2014
1124.9 *
35.9
14.9
1080.2
92.9
2.6
1284.9
0.20%
2015
1176.6 **
35.9
14.9
1149.9
75.9
1.6
1276.6
0.13%
2016
1218.0 **
36.1
14.9
1191.2
75.9
1.9
964.1
0.20%
2017
1288.1 *
36.1
14.9
1241.5 (a)
50.6
47.0
981.7
4.79%
2018(b)
1291.3 *
36.2
14.9
0.9
1240.4 (a)
85.4
329.9
347.4
1527.2
22.75%
2019
1318.0
36.3
0
338.0
1595.1
85.4
435.0
446.8
1796.7
24.87%
2020.
1426.4
29.3
0
334.8
1683.3
85.4
537.8
559.6
1730.8
32.33%
2021
1426.9
21.8
0
292.2
1655.0
85.4
286.3
286.8
1625.8
17.64%
2022
1473.2
21.7
0
292.2
1688.1
85.4
552.0
565.6
1654.4
34.19%
2023
1524.6
21.7
0
292.2
1682.8
113.8
464.1
506.0
1962.0
25.79%
* State revenues adjusted for any lapse in appropriation. Net Pay As You Go includes $66M from the NJTA in FY 2012.
** includes appropriation lapses and reflects $47.8M of FY 2015 debt service savings from the re-marketing of variable rate bonds held in General Fund reserve for FY 2016 debt service obligations.
(a) TTFA debt service amount does not reflect $94.3M and $152.3M of interest paid in FY 2017 and FY 2018, respectively, on the 2016 Series A and 2016 Series B Federal Indirect Garvee Notes funded by the Authority's Capitalized Interest Funds.
(b) Beginning in 2018 the 2016 TTF Re-Authorization provided for new Pay As You Go dedicated revenues from the Transportation Trust Fund - Sub Account for Capital Reserves.
