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news release

P.O. Box 600
Trenton, NJ

Contact: Anthony Coley
Brendan Gilfillan
609-777-2600

RELEASE: March 23, 2006

Office of the Governor

Corzine signs legislation to reform, replenish and grow

Transportation Trust Fund

(Trenton) Governor Jon S. Corzine today signed into law A-2813/ S-1470, which will revitalize the Transportation Trust Fund (TTF) through
financial and structural reforms that will provide resources for
critical highway and transit repairs and capacity expansion projects
throughout the next five years.

"This legislation will enable the State of New Jersey to once again use
the Transportation Trust Fund as a driving force for regional economic
growth," said Governor Corzine. "Funding critical transportation
projects and introducing substantial reforms will ensure that New Jersey
motorists can enjoy safe roads and mass transit improvements for years
to come."

The legislation, which was sponsored by Assemblymen John S. Wisniewski, Vincent Prieto, and Brian P. Stack and by Senators Raymond J. Lesniakand Joseph V. Doria, will require greater accountability for the fiscal management of the fund. Reforms include freezing the level of TTF funds used for capital maintenance projects and establishing an independent policy oversight board that will ensure compliance with strict
guidelines for capital expenditures.

"This law will immediately address the needs of New Jersey's
transportation infrastructure," said Transportation Commissioner Kris
Kolluri. "The replenishment of the Transportation Trust Fund will effect
the safe, efficient and reliable movement of people and goods throughout
the state."

The legislation creates a robust capital program of $1.6 billion
annually over five years that advances transportation projects and
supports 100,000 jobs. Revenue sources for the program include the
restructuring of approximately $1.8 billion of the State's existing
transportation bonds.

Under the new law, additional net revenue enhancements also will come
from TTF reforms including dedicating the final 1.5 cents of the
existing 10.5-cent gas tax, which historically was diverted to the
general fund. That action alone will generate $78 million annually.
Another $12 million will be gained by resuming dedication to the TTF of
a portion of toll road revenue.


 
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  Last Updated:  May 31, 2006