New Jersey Transportation Trust Fund Authority

Overview

About TTFA
Members
Meetings
Legislation

Business Partners
Financial Advisors
Underwriters
Trustees
Bond Counsel
Printing Services
External Auditor

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	A1
Standard and Poors	A+
Fitch	A+

Bond Issue History
(As of 12-31-2012)

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%	Not Available
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	Variable	Variable	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%	5.250%	3.7045%
2005 Series A	Forward Refund	2005	$566,785,000	Oct-04	2.330%	3.730%	3.6300%
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	3.110%	4.380%	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%	3.6748%
2010 Series E	Refunding	2011	$14,100,000	Oct-10	3.600%	3.600%	3.6636%
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%

Bonding Cap Status
(As of 12-31-2012)

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 (est)	1,247,000,000	1,247,000,000		326,259,285

Outstanding Bonds/Debt Service History
(As of 12-31-2012)

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	912,127,979
2013 est	1,247,000,000		360,030,000	14,357,990,716	984,324,000
Total	18,265,685,760	8,281,865,000	12,189,560,000

* This Outstanding Debt Total does not include the accretion on capital appreciation bonds but does include GARVEE debt service of $64.3 million estimated for FY 2013.

Current Debt Service Schedule (Millions of Dollars)
(As of 12-31-2012)

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

2013	888.1	93.7	981.8
2014	939.2	92.9	1032.1
2015	973.4	75.8	1049.2
2016	973.2	75.9	1049.1
2017	982.8	71.1	1053.9
2018	978.0	73.5	1051.5
2019	1007.0	59.0	1066.0
2020	1124.9	0.0	1124.9
2021	1125.0	0.0	1125.0
2022	1125.0	0.0	1125.0
2023	1125.0	0.0	1125.0
2024	1124.9	0.0	1124.9
2025	1097.7	0.0	1097.7
2026	1093.4	0.0	1093.4
2027	1089.5	0.0	1089.5
2028	1088.0	0.0	1088.0
2029	1086.7	0.0	1086.7
2030	877.3	0.0	877.3
2031	880.0	0.0	880.0
2032	882.8	0.0	882.8
2033	863.6	0.0	863.6
2034	888.7	0.0	888.7
2035	888.7	0.0	888.7
2036	920.2	0.0	920.2
2037	887.9	0.0	887.9
2038	866.1	0.0	866.1
2039	925.8	0.0	925.8
2040	1004.9	0.0	1004.9
2041	882.2	0	882.2
2042	167.7	0	167.7
Total	28,757.7	541.9	29,299.6

Pay-As-You-Go History

FY	State Revenues & Interest Earnings	State Revenue NJTPA	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	721.9	0	473.1	34.9	213.8	784.6	27.2%
2003	758.5	0	448.4	64.9	245.2	945.1	25.9%
2004	802.1	0	453.8	82.9	265.4	1,149.1	23.1%
2005	809.3	0	227.3	83.9	278.1	1,264.5	22.0%
2006	826.9	0	538.9	83.9	204.1	1,358.0	15.0%
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	908.5	0	774.7	114.5	19.3	1475.0	1.3%
2011	927.5	0	809.4	94.7	23.4	1598.5	1.5%
2012	1023.5 *	66.0	912.1	94.4	17.0	1289.0	1.3%
2013 (est)	984.7	0	890.7	93.6	0.4	1484.0	0.0%

* includes NJTPA PayGo

|
|

Bonds

Bond Issue History (As of 12-31-2012)

Bonding Cap Status (As of 12-31-2012)

Outstanding Bonds/Debt Service History (As of 12-31-2012)

Current Debt Service Schedule (Millions of Dollars) (As of 12-31-2012)

Pay-As-You-Go History

Bond Issue History
(As of 12-31-2012)

Bonding Cap Status
(As of 12-31-2012)

Outstanding Bonds/Debt Service History
(As of 12-31-2012)

Current Debt Service Schedule (Millions of Dollars)
(As of 12-31-2012)