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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 in 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 and Stable
Standard and Poors AA-and Stable
Fitch 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
4.7500%
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%


Bonding Cap Status


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
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


Outstanding Bonds/Debt Service History


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
447,352,745
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 est
1,171,055,000
0
0 **
9,277,381,792*
639,129,457

* This Outstanding Debt Total does not include the $61,254,599 of accretion on capital appreciation bonds through 6/30/07.

** The above Outstanding Bonds/Debt Service History reflects a bond issuance in Sept 2007. There is no bond retirement payment to date, 12/10/07.

Current Debt Service Schedule
(Millions of Dollars)


FY
TTFA State Contract Bonds
NJT
COPs Funded from TTF
Total Debt Service
2008
625.2

 

111.5
736.7
2009
655.6
111.5
767.1
2010
656.4
111.5
767.9
2011
675.4
92.1
767.5
2012
675.9
92.1
768.0
2013
676.5
92.1
768.6
2014
676.8
92.1
768.9
2015
692.2
76.7
768.9
2016
692.7
76.6
769.3
2017
691.6
76.7
768.3
2018
690.5
76.6
767.1
2019
698.2
68.7
766.9
2020
767.8
0
767.8
2021
769.8
0.0
769.8
2022
769.8
0.0
769.8
2023
769.8
0.0
769.8
2024
391.5
0.0
391.5
2025
370.4
0.0
370.4
2026
370.4
0.0
370.4
2027
370.4
0.0
370.4
2028
370.4
0.0
370.4
2029
370.3
0.0
370.3
2030
370.3
0.0
370.3
2031
370.4
0.0
370.4
2032
370.4
0.0
370.4
2033
370.4
0.0
370.4
2034
370.4
0.0
370.4
2035
370.4
0.0
370.4
2036
370.4
0.0
370.4
2037
370.4
0.0
370.4
2038
82.0
0.0
82.0
Totals
16,390.7
1,078.2
17,468.9

 



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 est
930.0
611.8
111.2
207.0
1,400.0
14.8%


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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:  December 12, 2007