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New Jersey Transportation Trust Fund Authority  
      
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Future Financing
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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, the Authority’s bonds do not pledge the "faith and credit" of the State for repayment.

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

The Authority’s Transportation System Bonds and the Transportation Program Bonds are each secured by payments made under separate “state contracts” between the Treasurer, the Commissioner of NJDOT and the Authority. Payments under these state contracts are subject to appropriation from time to time by the Legislature, which has no legal obligation to make any such appropriation.  The Authority’s bonds are typically referred to as “appropriation-backed bonds or "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.

The Debt Limitation Clause in Article VIII, Section 2, paragraph 3 of the New Jersey State Constitution was amended by the voters on November 4, 2008, to add the Lance Amendment. The Lance Amendment prohibits the Legislature from enacting legislation authorizing State Appropriation obligations payable from other than constitutionally dedicated sources unless such legislation is submitted and approved by a majority of legally qualified voters of the State voting thereon at a general election.

From FY 2007 through FY 2012, the annual bonding cap established in statute was set in an amount not to exceed $1.6 billion. The statute enacted in 2012, which expired on June 30, 2016, specifically designated the following bonding cap amounts for FYs 2013 through 2016.

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

On October 14, 2016, L. 2016, c. 56 was enacted, amending the TTFA Act and authorizing the issuance of up to $12 billion in Transportation Program Bonds between FY 2017 and FY 2024.

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. Pursuant to L. 2016, c. 56, any premiums received in connection with the Transportation Program Bonds shall count against any limitation as to the amount of Transportation Bonds that the Authority may issue.


Credit Rating
The TTFA's current uninsured credit ratings on its Transportation System and Transportation Program Bonds is as follows:

Moody's
Baa1
Standard and Poors
BBB+
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
4.750%
8.000%
Not Avail
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 Avail
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
Jun-06
4.375%
5.500%
4.5794%
2006 Series B
Refunding
2006
$109,375,000
Jun-06
5.028%
5.028%
4.5794%
2006 Series C *
New Money
2006
$1,115,496,792
Jun-06
4.930%
5.050%
4.4794%
2006 Series A
GARVEE
New Money
2006
$131,555,000
Jun-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%
2014 Series AA New Money 2015 $764,055,000 Nov-14 4.250% 5.000% 4.3594%
2014 Series BB New Money 2015 $297,500,000 Nov-14 3.500% 3.700% 3.6640%
2009 Series C&D Remarketing 2015 $297,500,000 Nov-14 5.000% 5.250% 4.3162%
2015 Series AA New Money 2016 $626,800,000 Dec-15 3.000% 5.250% 4.875%
2016 Series A Indirect Garvee**

New Money

2017 $2,741,425,000 Nov-16 4.100% 5.000% 3.965%
2016 Series B Indirect Garvee** New Money 2017 $500,000,000 Nov-16 2.870% 3.090% 2.988%

* does not reflect accretions on capital appreciation bonds

** Issuance of Federal Highway Reimbursement Revenue Notes to fund cash expenses in FY 2017 and FY 2018; these issuances do not count against the TTFA's bond cap.

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
996,405,000
 
661,440,000
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
2009
1,600,000,000 1,538,975,562  
1,201,337,646
2010
1,600,000,000 1,156,753,361  
1,644,584,285
2011
1,600,000,000

1,600,000,000

 
1,644,584,285
2012
0
1,315,000,000
 
329,584,285
2013
1,247,000,000
1,247,000,000
 
329,584,285
2014
849,200,000
849,200,000
 
329,584,285
2015
735,295,715
1,061,555,000
 
3,325,000
2016
626,800,000
626,800,000
 
3,325,000
2017
0
0
 
3,325,000

*The 1995 Legislative Reauthorization replaced an aggregate $1.7 billion bonding cap (which covered the ten(10) preceding years) with a $700 million annual cap on bond issues. This chart, which begins in 1996, tracks that annual cap.


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
447,32,745
2006
2,068,516,792
1,689,915,000
1,980,200,000
8,200,696,792
538,869,729
2007
0
0
217,805,000
7,982,891,792*
583,989,161
2008
1,171,055,000
0
230,035,000
8,923,911,792*
624,267,707
2009
1,538,975,607 0 257,580,000 10,205,307,399* 681,334,604
2010
1,156,753,361   271,590,000 11,090,470,760* 762,873,205
2011
1,600,000,000 499,975,000 810,300,000 12,380,145,760* 794,553,976
 2012 1,315,000,000   299,550,000 13,395,595,760* 897,276,325
 2013 1,247,000,000 877,065,000 1,169,105,000 14,350,555,760* 911,958,035
2014 849,200,000   396,400,000 14,803,355,760* 1,065,503,740
2015 1,061,555,000 297,500,000 750,025,000 15,412,385,760* 1,135,093,670
2016 626,800,000 0 475,230,000 15,563,955,760* 1,176,964.000
Total 20,671,685,760 9,456,430,000 14,564,160,000    

* The Outstanding Debt Total does not include full, unamortized accretion values on capital appreciation bonds and does not include Direct and Indirect GARVEE debt service. New money issues and refunding bonds are reflected at Par Value.

** Audited numbers


Current TTFA Debt Service Schedule (Millions of Dollars)

State Contract Bonds *


FY
Transportation System Bonds
Transportation Program Bonds
TTFA 2006 A
Garvee
Bond **
Total TTFA Bonds
NJT
COPs Funded
from TTF
Total Debt Service
2017
1004.3
221.7
14.9
1240.9
52.0
1292.9
2018
1001.9
223.1
14.9
1239.9
85.4
1325.3
2019
1016.3
223.1
 
1239.4
85.4
1324.8
2020
1075.3
223.2
 
1298.5
85.4
1383.9
2021
1075.3
223.1
 
1298.4
85.4
1383.8
2022
1075.3
223.1
 
1298.4

85.4

1383.8
2023
1075.3
223.1
 
1298.4
85.4
1383.8
2024
1075.3
223.1
 
1298.4
85.4
1383.8
2025
1048.1
223.2
 
1271.3
85.4
1356.7
2026
1043.7
223.2
 
1266.9
85.4
1352.3
2027
1039.8
223.3
 
1263.1
85.4
1348.5
2028
1035.8
223.7
 
1259.5
69.4
1328.9
2029
1031.8
224.3
 
1256.1
 
1256.1
2030
822.4
224.8
 
1047.2
 
1047.2
2031
822.1
225.4
 
1047.5
 
1047.5
2032
821.7
226.0
 
1047.7
 
1047.7
2033
799.2
226.6
 
1025.8
 
1025.8
2034
824.2
227.2
 
1051.4
 
1051.4
2035
824.2
227.9
 
1052.1
 
1052.1
2036
855.7
227.9
 
1083.6
 
1083.6
2037
823.5
227.9
 
1051.4
 
1051.4
2038
841.5
188.0
 
1029.5
 
1029.5
2039
925.8
163.4
 
1089.2
 
1089.2
2040
1004.9
163.4
 
1168.3
 
1168.3
2041
882.2
163.4
 
1045.6
 
1045.6
2042
 167.7
163.4
 
331.1
 
 331.1
2043
0
163.4
 
163.4
 
163.4
2044
0
163.4
 
163.4
 
163.4
2045
0
40.8
 
40.8
 
40.8
2046
0
40.8
 
40.8
 
40.8
Total
24,013.3
5964.9
29.8
30,008.0
975.4
30,983.4

* State Contract Bond amounts exclude Build America Bond tax credits but includes accretions on capital appreciation bonds.

 

Current Debt Service Schedule (Millions of Dollars)

Direct and Indirect Garvee Bonds


FY
2006 A Direct Garvee
2016 A Indirect Garvee
2016 B Indirect Garvee
Total Debt Service
2017*
14.9
84.4
9.3
108.6

2018*

14.9
136.2
14.9
166.0
2019
 
322.7
14.9
337.6
2020
 
322.7
14.9
337.6
2021
 

322.7

14.9
337.6
2022
 
322.7
14.9
337.6
2023
 
322.7
14.9
337.6
2024
 
322.7
14.9
337.6
2025
 
79.8
257.8
337.6
2026
 
72.4
265.2
337.6
2027
 
337.6
 
337.6
2028
 
337.6
 
337.6
2029
 
337.6
 
337.6
2030
 
337.6
 
337.6
2031
 
337.6
 
337.6
Total
29.8
3997.0
636.6
4663.4

* 2016 A and 2016 B debt service reported at gross and does not reflect Capitalized Interest Fund amounts of $224.7 million

Pay-As-You-Go History


FY
State Revenues
& Interest Earnings

Build America
Bonds

Federal Garvee Reimb
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
71.63%
1988
225.1
0  
33.4
0.0
191.7
220.0
87.14%
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
86.40%
1991
362.0
0  
46.1
0.0
316.0
380.0
83.13%
1992
352.1
0  
46.0
0.0
306.1
520.0
58.87%
1993
209.1
0  
87.2
0.0
121.8
460.0
26.50%
1994
149.1
0  
148.7
0.0
.4
505.0
0.08%
1995
224.4
0  
165.4
0.0
59.0
585.0
10.09%
1996
182.7
0  
87.0
0.0
95.7
710.0
13.48%
1997
337.3
0  
182.6
0.0
154.7
800.0
19.30%
1998
388.0
0  
249.1
0.0
138.9
800.0
17.36%
1999
464.4
0  
304.6
0.0
159.8
865.0
18.47%
2000
519.5
0  
354.3
0.0
165.2
715.0
23.10%
2001
729.7
0  
407.7
34.9
287.1
730.1
39.32%
2002
701.6
0  
473.1
34.9
193.6
784.6
24.67%
2003
754.4
0  
446.1
64.9
243.4
945.1
25.75%
2004
809.6
0  
455.4
82.9
271.3
1,149.1
23.61%
2005
810.5
0  
492.8
83.9
233.8
1,264.5
18.49%
2006
829.7
0  
538.9
83.9
206.9
1,358.0
15.24%
2007
936.1
0 14.6
601.2
111.2
238.3
1,440.0
16.55%
2008
919.3
0 14.9
643.4
111.5
179.3
1,399.0
12.82%
2009 900.4 0 14.9 707.2 111.5 96.6 1610.0 6.00%
2010 896.9 11.6 14.9 774.7 114.5 34.2 1475.0 2.32%
2011 896.1 31.5 14.9 809.4 94.7 38.4 1712.0 2.24%
2012 1023.1 * 38.7 14.9 912.1 94.4 70.2 1289.0 5.45%
2013 971.4 * 37.0 14.9 926.8 93.6 2.9 1391.8 0.21%
2014 1124.9 * 35.9 14.9 1080.2 92.9 2.6 1284.9 0.20%
2015 1176.6 ** 35.9 14.9 1149.9 75.9 1.6 1276.6 0.13%
2016 1218.0 ** 36.1 14.9 1191.2 75.9 1.9 964.1 0.20%

* includes NJTA Pay Go ($66M in FY 2012 State Revenues) and is adjusted for any lapse in appropriation.

** includes appropriation lapses and also reflects $47.8M of FY 2015 debt service savings from the re-marketing of variable rate bonds held in General Fund reserve for FY 2016 debt service obligations.


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