Official Site of The State of New Jersey

New Jersey General Obligation Bonds

General Obligation bonds are issued by the State of New Jersey and are direct obligations of the State backed by the State's faith and credit. The issuance of General Obligation bonds is authorized by voters at a general election. See “Frequently Asked Questions – What is a New Jersey General Obligation (GO) bond?” for more information.

Before purchasing a General Obligation bond, potential investors should read the Preliminary Official Statement prepared by the State, which includes information on the State’s finances.

New Jersey Appropriation-Backed Bonds

Certain Independent Authorities of the State of New Jersey may issue Appropriation-Backed bonds that are secured by payments made by the State to the Independent Authority pursuant to a contract, lease or other obligation.  Appropriation-Backed bonds do not constitute a debt or liability of the State or any other political subdivision thereof.  Debt service payments on Appropriation-Backed bonds are not general obligations of the State and are subject to annual appropriation by the State Legislature.  The State Legislature has no legal obligation to make any such appropriations. See “Frequently Asked Questions – What is a New Jersey Appropriation-Backed bond?” for more information.

Before purchasing an Appropriation-Backed bond, potential investors should read the Preliminary Official Statement, which includes information on the State’s finances.

New Jersey Independent Authority Moral Obligation Bonds

Certain Independent Authorities of the State of New Jersey may issue bonds, known as Moral Obligation bonds, that are primarily secured by payments or revenues received by the Independent Authority.  These bonds are further supported by legislation that authorizes the State to replenish the debt service reserve fund relating to the bonds to the extent it is used to pay debt service, such replenishment is subject to appropriation by the State Legislature. See “Frequently Asked Questions – What is a New Jersey Independent Authority Moral Obligation bond?” for more information.

Before purchasing a Moral Obligation bond, potential investors should read the Preliminary Official Statement prepared by the Independent Authority, which includes information on the specific bonds being offered.

New Jersey Independent Authority Non State-Backed Bonds

Certain Independent Authorities of the State of New Jersey also may issue bonds that are not secured by payments made by the State.  See “Frequently Asked Questions – What is a New Jersey Independent Authority Non State-Backed bond?” for more information.

Before purchasing such a bond of an Independent Authority, potential investors should read the Preliminary Official Statement prepared by the Independent Authority, which includes information on the specific bonds being offered.

Federal Highway Reimbursement Revenue Note

Federal Highway Reimbursement Revenue Notes may be issued by the New Jersey Transportation Trust Fund Authority (the “Authority”), an Independent Authority of the State. The Notes are secured by payments made by the Commissioner of the New Jersey Department of Transportation (“NJDOT”) to the Authority pursuant to a Reimbursement Revenue Funding Agreement. Payments under such Funding Agreement are made solely from payments received by the NJDOT from the United States government under federal highway aid programs, which payments represent federal reimbursements to NJDOT for funds advanced by NJDOT. Federal Highway Reimbursement Revenue Notes do not constitute a debt or liability of the State or any other political subdivision thereof (other than the Authority, to the limited extent set forth in the documentation authorizing such notes) and do not constitute a pledge of the faith and credit of the State or any political subdivision thereof.  Debt service payments on Federal Highway Reimbursement Revenue Notes in any fiscal year of the State are subject to appropriation from time to time by the State Legislature.  The State Legislature has no legal obligation to make any such appropriations. Debt service payments on Federal Highway Reimbursement Revenue Notes in any fiscal year of the State are also subject to the availability of funds to be requisitioned by NJDOT from the Federal Highway Administration and to the receipt of such funds by NJDOT. See “Frequently Asked Questions – What is a Federal Highway Reimbursement Revenue Note?” for more information.

Before purchasing a Federal Highway Reimbursement Revenue Note, potential investors should read the Preliminary Official Statement, which includes information on the security for the Federal Highway Reimbursement Revenue Notes along with other important information..