"In countless ways, New Jersey is the best state in America. But we need to invest in our future if we're going to stay on top. As a result of decisions made across administrations and across party lines over the past 20 years, New Jersey has amassed over $30 billion in debt and staggering unfunded pension and healthcare liabilities.
"I have a vision for a brighter New Jersey, but today we cannot afford the investments to make that vision a reality. I fundamentally believe we need new resources and renewed political courage to make those investments.
"My administration has been developing a new vehicle to achieve that goal.
"Any asset monetization proposal put forth by my administration will adhere to the following core principles:
- New Jersey's roadways will not be sold; and they will not be leased to a for-profit or foreign operator.
- Allowable uses of proceeds (reducing State debt and capital investments) will be identified upfront and subject to public and/or legislative approval with safeguards against diversions for other uses.
- New Jersey citizens will retain ownership and the benefits from both initial proceeds and ongoing operations.
- Safety, maintenance and operating standards will be provided at current or improved levels.
- Sufficient funding to meet the long-term capital needs required to improve our roadways and reduce congestion will be provided.
- Terms and conditions of employment for current employees and contractors will remain unchanged with prevailing wage and competitive contracting procedures retained.
- Toll schedules will be open, predictable and available to the public.
- There will be a substantial, open and public discussion in advance of any transaction. I will hold 21 town hall meetings in 21 counties.”
Governor Jon S. Corzine
June 28, 2007
- Reduce the State's bonded debt by at least 50 percent.
- Provide permanent funding for the Transportation Trust Fund.
- Establish new limits on State borrowing.
Governor Jon S. Corzine
November 15, 2007
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