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Governor Phil Murphy • Lt. Governor Tahesha Way

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Transaction Overview

New Jersey Transportation Trust Fund Authority
$262,780,000*
Transportation System Bonds
2023 Series A

$674,000,000*
Transportation Program Bonds
2023 Series AA

Estimated Size:

2023 Series A System Bonds: $262,780,000*

2023 Series AA Program Bonds: $674,000,000*
Security:

The 2023 Series A System Bonds are special obligations of the Authority, secured primarily by payments made by the State of New Jersey (the "State") to the Authority under an agreement entitled: "Fourth Amended and Restated Contract Implementing Funding Provisions of the New Jersey Transportation Trust Fund Authority Act With Respect to Transportation System Bonds", dated as of October 3, 2018 (the "System Bond State Contract"), as may be amended from time to time, among the Treasurer of the State, the Commissioner of the New Jersey Department of Transportation and the Authority. THE OBLIGATION OF THE STATE TO MAKE PAYMENTS UNDER THE SYSTEM BOND STATE CONTRACT IS SUBJECT TO AND DEPENDENT UPON APPROPRIATIONS BEING MADE FROM TIME TO TIME BY THE NEW JERSEY STATE LEGISLATURE (THE "STATE LEGISLATURE") FOR SUCH PURPOSE. THE STATE LEGISLATURE HAS NO LEGAL OBLIGATION TO MAKE ANY SUCH APPROPRIATIONS. See "SECURITY FOR THE 2023 SERIES A BONDS" in the Preliminary Official Statement for the 2023 Series A System Bonds.

The 2023 Series AA Program Bonds are special obligations of the Authority, secured primarily by payments made by the State to the Authority under an agreement entitled: "Amended and Restated Contract Implementing Funding Provisions of the New Jersey Transportation Trust Fund Authority Act with respect to Transportation Program Bonds" dated as of January 9, 2019 (the "Program Bond State Contract"), as may be amended from time to time, among the Treasurer of the State, the Commissioner of the New Jersey Department of Transportation and the Authority. THE OBLIGATION OF THE STATE TO MAKE PAYMENTS UNDER THE PROGRAM BOND STATE CONTRACT IS SUBJECT TO AND DEPENDENT UPON APPROPRIATIONS BEING MADE FROM TIME TO TIME BY THE STATE LEGISLATURE FOR SUCH PURPOSE. THE STATE LEGISLATURE HAS NO LEGAL OBLIGATION TO MAKE ANY SUCH APPROPRIATIONS. See "SOURCES OF PAYMENT AND SECURITY FOR THE 2023 SERIES AA BONDS" in the Preliminary Official Statement for the 2023 Series AA Program Bonds.
Structure:

2023 Series A System Bonds: Serial Bonds*

2023 Series AA Program Bonds: Serial Bonds*
Expected Delivery Date:

2023 Series A System Bonds: June 1, 2023

2023 Series AA Program Bonds: June 1, 2023
Interest Payment Dates:

Interest on the 2023 Series A System Bonds is payable on June 15 and December 15, commencing December 15, 2023.

Interest on the 2023 Series AA Program Bonds is payable on June 15 and December 15, commencing December 15, 2023.
Optional Redemption:

The 2023 Series A System Bonds are subject to redemption prior to maturity. See "DESCRIPTION OF THE 2023 SERIES A BONDS – Redemption Provisions" in the Preliminary Official Statement for the 2023 Series A System Bonds.

The 2023 Series AA Program Bonds are subject to redemption prior to maturity. See "DESCRIPTION OF THE 2023 SERIES AA BONDS – Redemption Provisions" in the Preliminary Official Statement for the 2023 Series AA Program Bonds.
Denominations:

2023 Series A System Bonds: $5,000 or any integral multiple thereof.

2023 Series AA Program Bonds: $5,000 or any integral multiple thereof.
Principal Due:

2023 Series A System Bonds: June 15, as set forth on the inside front cover of the Preliminary Official Statement for the 2023 Series A System Bonds.

2023 Series AA Program Bonds: June 15, as set forth on the inside front cover of the Preliminary Official Statement for the 2023 Series AA Program Bonds.
Ratings:

2023 Series A System Bonds: See "RATINGS" in the Preliminary Official Statement for the 2023 Series A System Bonds.

2023 Series AA Program Bonds: See "RATINGS" in the Preliminary Official Statement for the 2023 Series AA Program Bonds.
Tax Status:

2023 Series A System Bonds: Federal and New Jersey State tax-exempt**

2023 Series AA Program Bonds: Federal and New Jersey State tax-exempt**
Preliminary Official Statement PDF:

*Preliminary, subject to change.

**In the opinion of M. Jeremy Ostow, Bond Counsel to the Authority, under existing statutes, regulations, rulings and court decisions, and assuming compliance by the Authority with certain requirements described in "TAX MATTERS" in the Preliminary Official Statements for the 2023 Series A System Bonds and the 2023 Series AA Program Bonds, interest on the 2023 Series A System Bonds and the 2023 Series AA Program Bonds is not includable in gross income of the owners thereof for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the "Code"), and is not treated as a preference item under Section 57 of the Code for purposes of computing the federal alternative minimum tax imposed on individuals. However, such interest is taken into account in determining the "adjusted financial statement income" (as defined in Section 56A of the Code) of "applicable corporations" (as defined in Section 59(k) of the Code) for purposes of computing the alternative minimum tax imposed on such corporations for tax years beginning after December 31, 2022. Bond Counsel is also of the opinion that, under existing law, interest on the 2023 Series A System Bonds and the 2023 Series AA Program Bonds and any gain realized on the sale thereof are not includable in gross income under the New Jersey Gross Income Tax Act, as amended. See "TAX MATTERS" in the Preliminary Official Statements for the 2023 Series A System Bonds and the 2023 Series AA Program Bonds.


Last Updated: Wednesday, 05/10/23