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New Jersey Transportation Trust Fund Authority  
      
Overview

About TTFA
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Frequently Asked
Questions

Financing Process
Flow of Funds
Appropriation Revenues
Bonds
Audited Financial Statements

Future Financing
Next Bond Sale
Annual Financial Plan
Long-Term Financing Capacity

GARVEE Bonds

NJDOT/NJ TRANSIT
Capital Program
The Transportation Trust Fund provides funding for New Jersey's transportation system

Bonds


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, Authority bonds do not pledge the "full faith and credit" of the State for repayment bonds.

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 Legislature must appropriate specific revenue amounts each year. For this reason, TTFA bonds are regarded by bond rating agencies as "appropriation credit" bonds. Generally, this type of credit is considered to be slightly less risky than a revenue bond since a downturn in revenue yield does not necessarily translate to a lower appropriation.

The Transportation Trust Fund Authority bonds also reference a "state contract" between the Treasurer and the Authority. This contact pledges that if the Legislature appropriates funds to the Authority, the funds will be made available.

The contract provides investors with additional assurance that appropriations made for Authority debt service payments will not be transferred to some other state purpose. Authority bonds are typically referred to as "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. However, the Authority also has the option to wrap the debt service of a particular bond sale around the existing schedule in a manner that provides a level aggregate debt service schedule.

The current statute also contains a bonding cap, which limits the Authority to issuing only $1.6 billion of new debt each year. However, unused bonding authority from prior years carries forward to the current year. Refunding bonds do not count against the bonding cap. If revenue appropriations in any given year exceed $895 million, the bonding credit for that year is reduced by the excess amount.

TTFA Credit Rating

The TTFA's current uninsured credit rating is as follows:

Moody's A1
Standard and Poors A+
Fitch A+

Bond Issue History
(As of 6-30-2011)


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
4.7500%
8.0000%
Not Available
1986 Series A
New Money
1987
$200,000,000
Dec-86
4.1000%
6.0000%
5.5416%
1988 Series A
New Money
1988
$125,000,000
Apr-88
4.9000%
6.9000%
6.3738%
1992 Series A
New Money
1992
$275,000,000
Mar-92
4.5000%
6.0000%
5.9960%
1993 Series A
New Money
1993
$500,000,000
Apr-93
3.5000%
4.7500%
4.7301%
1993 Series B
New Money
1994
$61,470,000
Oct-93
2.6000%
3.7000%
3.4500%
1994 Series A
New Money
1994
$400,000,000
May-94
4.5000%
6.2500%
5.4013%
1995 Series A
Refunding
1996
$804,475,000
Aug-95
5.0000%
6.5000%
5.4697%
1995 Series B
Refunding
1996
$788,225,000
Aug-95
4.5000%
7.0000%
5.6101%
1996 Series A
New Money
1996
$334,065,000
Feb-96
4.5000%
6.0000%
5.0900%
1996 Series B
New Money
1997
$714,340,000
Oct-96
4.7500%
6.0000%
5.4826%
1997 Series A
New Money
1998
$703,940,000
Dec-97
4.5000%
6.0000%
Not Available
1998 Series A
New Money
1999
$700,000,000
Dec-98
4.2500%
5.2500%
4.6095%
1999 Series A
New Money
2000
$450,000,000
Oct-99
4.5000%
5.7500%
Not Available
2000 Series A
New Money
2000
$450,000,000
Jan-00
5.0000%
6.1250%
5.7000%
2001 Series A
New Money
2002
$325,000,000
Aug-01
4.0000%
5.5000%
3.9162%
2001 Series B
New Money
2002
$690,000,000
Dec-01
6.0000%
6.0000%
5.3400%
2001 Series C
Refunding
2002
$1,191,450,000
Dec-01
2.5000%
6.0000%
4.8302%
2003 Series A
Refunding
2003
$333,100,000
Jan-03
4.0000%
5.5000%
3.9400%
2003 Series B
Refunding
2003
$345,000,000
Jan-03
Variable
Variable
3.9400%
2003 Series C
New Money
2004
$924,810,000
Jul-03
2.2500%
5.5000%
4.6202%
2004 Series A
New Money
2005
$471,655,000
Sep-04
3.2500%
5.7500%
4.3669%
2004 Series B
Adv Refund
2005
$849,800,000
Oct-04
2.5000%
5.2500%
3.7045%
2005 Series A
Forward Refund
2005
$566,785,000
Oct-04
2.3300%
3.7300%
3.6300%
2005 Series B
Refunding
2005
$1,213,140,000
Jan-05
3.6000%
5.5000%
4.1868%
2005 Series C
New Money
2005
$524,750,000
Mar-05
3.1100%
4.3800%
4.3156%
2005 Series D
New Money
2006
$953,020,000
Oct-05
4.0000%
5.0000%
4.4698%
2006 Series A
Refunding
2006
$1,580,540,000
June-06
4.3750%
5.5000%
4.5794%
2006 Series B
Refunding
2006
$109,375,000
June-06
5.0280%
5.0280%
4.5794%
2006 Series C
New Money
2006
$1,115,496792
June-06
4.9300%
5.0500%
4.4794%
2006 Series A GARVEE
New Money
2006
$131,555,000
June-06
5.0000%
5.0000%
4.2337%
2007 Series A
New Money
2008
$1,171,055,000
Sep-07
3.6000%
5.0000%
4.7433%
2008 Series A New Money 2009 $1,122,744,638 Nov-08 5.2500% 6.7500% 5.8750%
2009 Series A New Money 2009 $142,730,924 Jun-09 6.2300% 6.4000% 6.3890%
2009 Series B New Money 2009 $273,500,000 Jun-09 6.8750% 6.8750% 7.0466%
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 5.8500% 6.2500% 6.0990%
2010 Series B New Money 2010 $500,000,000 Jan-10 6.561% 6.5610% 4.3027%
2010 Series C New Money 2011 $1,000,1000,000 Oct-10 5.754% 6.104% 3.8804%
2010 Series D Refunding 2011 $485,875,000 Oct-10 3.000% 5.2500% 3.6748%
2010 Series E Refunding 2011 $14,100,000 Oct-10 3.6000% 3.6000% 3.6636%
2011 Series A New Money 2011 600,000,000 May-11 3.0000% 6.0000% 5.2776%


Bonding Cap Status
(As of 6-30-2011)


FY
Bond Cap
Credit
New Money
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
999,730,000
  
658,115,000
2006
650,000,000
953,020,000
131,555,000
223,540,000
2007
1,600,000,000
1,115,496,792
 
708,0,43,208
2008
1,600,000,000
1,171,055,000
 
1,136,988,208
2009
 1,600,000,000 1,538,975,607   1,198,235,047
2010
 1,600,000,000 1,156,753,361   1,641,259,284
2011 (est)
1,600,000,000
1,600,000,000
 
1,641,259,284


Outstanding Bonds/Debt Service History
(As of 6-30-2011)


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
447,32,745
2006
2,200,071,792
1,689,915,000
1,980,200,000
8,332,251,792
538,869,729
2007
0
0
225,925,000
8,106,326,792*
598,559,010
2008
1,171,055,000
0
238,725,000
9,038,656,792*
639,129,457
2009
 1,538,975,607 0 266,705,000 10,310,927,355* 696,196,854
2010
 1,156,753,361   281,170,000 11,186,510,716* 770,468,759
2011
 1,600,000,000 499,975,000 820,355,000 12,466,130,716 800,292,276
 
          
Total 15,703,685,760 8,281,865,000 11,522,675,000    

* This Outstanding Debt Total does not include the accretion on capital appreciation bonds.

Current Debt Service Schedule (Millions of Dollars)
(As of 3-31-2011)


FY
TTFA State Contract Bonds
NJT
COPs Funded from TTF
Total Debt Service
2011
807.0
94.7
901.7
2012
820.3
94.4
914.7
2013
822.2
93.6
915.8
2014
823.0
92.8
915.8
2015
840.0
75.8
915.8
2016
839.9
75.8
915.7
2017
844.8
71.1
915.9
2018
842.4
73.5
915.9
2019
856.9
59.0
915.9
2020
915.8
0.0
915.8
2021
915.9
0.0
915.9
2022
915.8
0.0
915.8
2023
915.8
0.0
915.8
2024
915.8
0.0
915.8
2025
888.6
0.0
888.6
2026
884.2
0.0
884.2
2027
880.3
0.0
880.3
2028
878.8
0.0
878.8
2029
877.5
0.0
877.5
2030
668.1
0.0
668.1
2031
670.7
0.0
670.7
2032
673.6
0.0
665.6
2033
654.3
0.0
654.3
2034
679.4
0.0
679.4
2035
679.4
0.0
679.4
2036
710.9
0.0
710.9
2037
678.6
0.0
678.6
2038
656.8
0.0
656.8
2039
716.5
0.0
716.5
2040
795.6
0.0
795.6
2041
672.9
0
672.9
Total
24,742.0
730.8
25,472.8


Pay-As-You-Go History


FY
State Revenues
& Interest Earnings
Less TTFA
Debt Service
Less NJT
Program
Debt Srv.
Net Pay
As You Go
NJDOT/NJT
Cash Outlays
Percent Pay
As You Go
1985
169.7
1.6
0.0
168.1
29.6
100.0%
1986
177.8
8.7
0.0
169.1
123.0
100.0%
1987
167.8
13.8
0.0
154.0
215.0
71.6%
1988
225.1
33.4
0.0
191.7
220.0
87.3%
1989
356.8
46.1
0.0
310.7
250.0
100.0%
1990
370.0
46.0
0.0
324.0
375.0
86.4%
1991
362.0
46.1
0.0
316.0
380.0
83.1%
1992
352.1
46.0
0.0
306.1
520.0
58.9%
1993
209.1
87.2
0.0
121.8
460.0
26.4%
1994
149.1
148.7
0.0
.4
505.0
0.1%
1995
224.4
165.4
0.0
59.0
585.0
10.1%
1996
182.7
87.0
0.0
95.7
710.0
13.5%
1997
337.3
182.6
0.0
154.7
800.0
19.3%
1998
388.0
249.1
0.0
138.9
800.0
17.3%
1999
464.4
304.6
0.0
159.8
865.0
18.5%
2000
519.5
354.3
0.0
165.2
715.0
23.1%
2001
729.7
407.7
34.9
287.1
730.1
39.3%
2002
721.9
473.1
34.9
213.8
784.6
27.2%
2003
758.5
448.4
64.9
245.2
945.1
25.9%
2004
802.1
453.8
82.9
265.4
1,149.1
23.1%
2005
809.3
227.3
83.9
278.1
1,264.5
22.0%
2006
826.9
538.9
83.9
204.1
1,358.0
15.0%
2007
936.1
586.6
111.2
238.3
1,440.0
16.5%
2008
919.3
643.4
111.5
164.4
1,287.5
12.8%
2009 900.4 707.2 111.5 81.7 1498.4 5.4%
2010 906.6 755.6 114.5 36.5 1475.0 4.0%
2011(est) 906.4 787.6 92.1 26.7 1600.0 1.0%


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  Copyright © State of New Jersey 2005
  New Jersey Transportation Trust Fund Authority
  P.O. Box 600
  Trenton, NJ 08625-0600

  Last Updated:  November 29, 2011