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New Jersey Transportation Trust Fund Authority  
      
Overview

About TTFA
Members
Meetings
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Underwriters
Trustees
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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.

From fiscal year 2007 through fiscal year 2012, the annual bonding cap established in statute was set in an amount not to exceed $1.6b.  The current statute, however, specifically designates the following bonding cap amounts for fiscal years 2013 through 2016:

Fiscal Year
Amount
2013
$1,247.0 million
2014
$849.2 million
2015
$735.3 million
2016
$626.8 million

In keeping with past practice, unused bonding authority from prior years carries forward to the current year and refunding bonds do not count against the bonding cap.  Also, up to 30 percent of the bonding cap authorized for a particular fiscal year may be issued in the preceding fiscal year, but such action would also result in a commensurate reduction in the TTF program authorization for the fiscal year from which those funds were taken.

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

Moody's
A2
Standard and Poors
A-
Fitch
A-

Bond Issue History
(As of 12-31-2013)


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 Available
1986 Series A
New Money
1987
$200,000,000
Dec-86
4.100%
6.000%
5.5416%
1988 Series A
New Money
1988
$125,000,000
Apr-88
4.900%
6.900%
6.3738%
1992 Series A
New Money
1992
$275,000,000
Mar-92
4.500%
6.000%
5.9960%
1993 Series A
New Money
1993
$500,000,000
Apr-93
3.500%
4.750%
4.7301%
1993 Series B
New Money
1994
$61,470,000
Oct-93
2.600%
3.700%
3.4500%
1994 Series A
New Money
1994
$400,000,000
May-94
4.500%
6.250%
5.4013%
1995 Series A
Refunding
1996
$804,475,000
Aug-95
5.000%
6.500%
5.4697%
1995 Series B
Refunding
1996
$788,225,000
Aug-95
4.500%
7.000%
5.6101%
1996 Series A
New Money
1996
$334,065,000
Feb-96
4.500%
6.000%
5.0900%
1996 Series B
New Money
1997
$714,340,000
Oct-96
4.750%
6.000%
5.4826%
1997 Series A
New Money
1998
$703,940,000
Dec-97
4.500%
6.000%
Not Available
1998 Series A
New Money
1999
$700,000,000
Dec-98
4.250%
5.250%
4.6095%
1999 Series A
New Money
2000
$450,000,000
Oct-99
4.500%
5.750%
5.2792%
2000 Series A
New Money
2000
$450,000,000
Jan-00
5.000%
6.125%
5.7000%
2001 Series A
New Money
2002
$325,000,000
Aug-01
4.000%
5.500%
3.9162%
2001 Series B
New Money
2002
$690,000,000
Dec-01
6.000%
6.000%
5.3400%
2001 Series C
Refunding
2002
$1,191,450,000
Dec-01
2.500%
6.000%
4.8302%
2003 Series A
Refunding
2003
$333,100,000
Jan-03
4.000%
5.500%
3.9400%
2003 Series B
Refunding
2003
$345,000,000
Jan-03
3.5000%
5.2500%
3.9400%
2003 Series C
New Money
2004
$924,810,000
Jul-03
2.250%
5.500%
4.6202%
2004 Series A
New Money
2005
$471,655,000
Sep-04
3.250%
5.750%
4.3669%
2004 Series B
Adv Refund
2005
$849,800,000
Oct-04
2.500%
5.500%
3.7045%
2005 Series A
Forward Refund
2005
$566,785,000
Oct-04
5.000%
5.250%
3.6110%
2005 Series B
Adv Refund
2005
$1,213,140,000
Jan-05
3.600%
5.500%
4.1868%
2005 Series C
New Money
2005
$524,750,000
Mar-05
3.250%
5.250%
4.3156%
2005 Series D
New Money
2006
$953,020,000
Oct-05
4.000%
5.000%
4.4698%
2006 Series A
Refunding
2006
$1,580,540,000
June-06
4.375%
5.500%
4.5794%
2006 Series B
Refunding
2006
$109,375,000
June-06
5.028%
5.028%
4.5794%
2006 Series C
New Money
2006
$1,115,496,792
June-06
4.930%
5.050%
4.4794%
2006 Series A
GARVEE
New Money
2006
$131,555,000
June-06
5.000%
5.000%
4.2337%
2007 Series A
New Money
2008
$1,171,055,000
Sep-07
3.600%
5.000%
4.7433%
2008 Series A New Money 2009 $1,122,744,638 Nov-08 5.250% 6.750% 5.8750%
2009 Series A New Money 2009 $142,730,924 Jun-09 6.230% 6.400% 6.3890%
2009 Series B New Money 2009 $273,500,000 Jun-09 6.875% 6.875% 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 5.850% 6.250% 6.0990%
2010 Series B New Money 2010 $500,000,000 Jan-10 6.561% 6.561% 4.3027%
2010 Series C New Money 2011 $1,000,000,000 Oct-10 5.754% 6.104% 3.8804%
2010 Series D Refunding 2011 $485,875,000 Oct-10 3.000% 5.250% 3.7649%
2010 Series E Refunding 2011 $14,100,000 Oct-10 3.600% 3.600% 3.6637%
2011 Series A New Money 2011 $600,000,000 May-11 3.000% 6.000% 5.2800%
2011 Series B New Money 2012 $1,315,000,000 Dec-11 5.000% 5.500% 4.8423%
2012 Series A New Money 2013 $326,255,000 Dec-12 5.000% 5.000% 4.0980%
2012 Series AA New Money 2013 $920,745,000 Dec-12 2.000% 5.000% 3.3273%
2013 Series A Refunding 2013 $538,845,000 Apr-13 1.000% 5.000% 1.5462%
2013 Series B Refunding 2013 $338,220,000 Apr-13 1.087% 1.758% 1.6854%
2013 Series AA New Money 2014 $849,200,000 Aug-13 2.000% 5.500% 4.9415%


Bonding Cap Status
(As of 12-31-2013)


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 1,538,975,562  
1,198,012,646
2010
1,600,000,000 1,156,753,361  
1,641,259,285
2011
1,600,000,000

1,600,000,000

 
1,641,259,285
2012
0
1,315,000,000
 
326,259,285
2013
1,247,000,000
1,247,000,000
 
326,259,285
2014
849,200,000
849,200,000
 
326,259,285


Outstanding Bonds/Debt Service History
(As of 12-31-2013)


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* 777,734,205
2011
1,600,000,000 499,975,000 820,355,000 12,466,130,716 809,410,976
 2012 1,315,000,000   310,110,000 13,471,020,716 912,135,575
 2013 1,247,000,000 877,065,000 1,180,195,000 14,414,890,716 926,819,285
2014 est 849,200,000   408,045,000 14,856,046,891 1,046,990,014
Total 19,114,885,760 9,158,930,000 13,417,770,000    

* This Outstanding Debt Total does not include the accretion on capital appreciation bonds but does include GARVEE debt service of $52.7 million for FY 2014.

Current Debt Service Schedule (Millions of Dollars)
(As of 12-31-2013)


FY
TTFA State Contract Bonds *
NJT
COPs Funded
from TTF
Total Debt Service
2013
914.5
93.6
1008.1
2014
1064.9
92.9
1157.8
2015
1104.8
75.8
1180.6
2016
1104.7
75.9
1180.6
2017
1109.5
71.1
1180.6
2018
1107.1
73.5
1180.6
2019
1121.6
59.0
1180.6
2020
1180.5
0.0
1180.5
2021
1180.6
0.0
1180.6
2022
1180.6
0.0
1180.6
2023
1180.6
0.0
1180.6
2024
1180.5
0.0
1180.5
2025
1153.3
0.0
1153.3
2026
1149.0
0.0
1149.0
2027
1145.1
0.0
1145.1
2028
1143.6
0.0
1143.6
2029
1142.4
0.0
1142.4
2030
933.0
0.0
933.0
2031
935.7
0.0
935.7
2032
938.6
0.0
938.6
2033
919.5
0.0
919.5
2034
944.5
0.0
944.5
2035
944.5
0.0
944.5
2036
976.1
0.0
976.1
2037
943.8
0.0
943.8
2038
922.0
0.0
922.0
2039
981.7
0.0
981.7
2040
1060.8
0.0
1060.8
2041
938.1
0.0
938.1
2042
 223.6
0.0
 223.6
2043
55.9
0.0
55.9
2044
55.9
0.0
55.9
Total
30,936.9
448.0
31,384.9
* State Contract Bond amounts do not include Build America Bond tax credits or GARVEE bond debt service but does include accretion on capital appreciation bonds.

Pay-As-You-Go History


FY
State Revenues
& Interest Earnings

Build America
Bonds

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
0
1.6
0.0
168.1
29.6
100.0%
1986
177.8
0
8.7
0.0
169.1
123.0
100.0%
1987
167.8
0
13.8
0.0
154.0
215.0
71.6%
1988
225.1
0
33.4
0.0
191.7
220.0
87.3%
1989
356.8
0
46.1
0.0
310.7
250.0
100.0%
1990
370.0
0
46.0
0.0
324.0
375.0
86.4%
1991
362.0
0
46.1
0.0
316.0
380.0
83.1%
1992
352.1
0
46.0
0.0
306.1
520.0
58.9%
1993
209.1
0
87.2
0.0
121.8
460.0
26.4%
1994
149.1
0
148.7
0.0
.4
505.0
0.1%
1995
224.4
0
165.4
0.0
59.0
585.0
10.1%
1996
182.7
0
87.0
0.0
95.7
710.0
13.5%
1997
337.3
0
182.6
0.0
154.7
800.0
19.3%
1998
388.0
0
249.1
0.0
138.9
800.0
17.3%
1999
464.4
0
304.6
0.0
159.8
865.0
18.5%
2000
519.5
0
354.3
0.0
165.2
715.0
23.1%
2001
729.7
0
407.7
34.9
287.1
730.1
39.3%
2002
701.6
0
473.1
34.9
193.6
784.6
24.7%
2003
754.4
0
446.1
64.9
243.4
945.1
25.8%
2004
809.6
0
455.4
82.9
271.3
1,149.1
23.6%
2005
810.5
0
492.8
83.9
233.8
1,264.5
18.5%
2006
829.7
0
538.9
83.9
206.9
1,358.0
15.2%
2007
936.1
0
586.6
111.2
238.3
1,440.0
16.5%
2008
919.3
0
643.4
111.5
164.4
1,399.0
11.8%
2009 900.4 0 695.1 111.5 81.7 1610.0 5.8%
2010 896.9 11.6 774.7 114.5 19.3 1475.0 1.3%
2011 896.0 31.5 809.4 94.7 23.4 1712.0 1.4%
2012 1023.1 * 38.7 912.1 94.4 55.3 1289.0 4.3%
2013 984.7 * 37.0 926.8 93.6 1.3 1391.8 0.0%
2014 (est) 1124.9 * 35.9 1067.6 92.9 0.3 1285.0 0.0%
* includes NJTA Pay Go and adjusted for any lapse in appropriation. FY 2012 State Revenue included $66M of NJTA Pay Go
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