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$1,500,000,000*
New Jersey Transportation Trust Fund Authority
Transportation Program Bonds
2025 Series AA
| Estimated Size: |
$1,500,000,000* |
| Security: |
The 2025 Series AA Bonds are special obligations of the Authority, secured primarily by payments made by the State of New Jersey (the “State”) to the Authority under an agreement entitled: “Amended and Restated Contract Implementing Funding Provisions of the New Jersey Transportation Trust Fund Authority Act with respect to Transportation Program Bonds” dated as of January 9, 2019 (the “State Contract”), as may be amended from time to time, among the Treasurer of the State, the Commissioner of the New Jersey Department of Transportation and the Authority. THE OBLIGATION OF THE STATE TO MAKE PAYMENTS UNDER THE STATE CONTRACT IS SUBJECT TO AND DEPENDENT UPON APPROPRIATIONS BEING MADE FROM TIME TO TIME BY THE NEW JERSEY STATE LEGISLATURE (THE “STATE LEGISLATURE”) FOR SUCH PURPOSE. THE STATE LEGISLATURE HAS NO LEGAL OBLIGATION TO MAKE ANY SUCH APPROPRIATIONS. See “SOURCES OF PAYMENT AND SECURITY FOR THE 2025 SERIES AA BONDS” in the Preliminary Official Statement. |
| Structure: |
Serial Bonds and Term Bonds* |
| Expected Delivery Date: |
October 30, 2025* |
| Interest Payment Dates: |
Interest on the 2025 Series AA Bonds is payable on June 15 and December 15, commencing December 15, 2025. |
| Optional Redemption: |
The 2025 Series AA Bonds are subject to redemption prior to maturity, as described in the Preliminary Official Statement. See "DESCRIPTION OF THE 2025 SERIES AA BONDS – Redemption Provisions" in the Preliminary Official Statement. |
| Denominations: |
$5,000 or any integral multiple in excess thereof. |
| Principal Due: |
June 15, as set forth on the inside front cover of the Preliminary Official Statement. |
| Ratings: |
See “RATINGS” in the Preliminary Official Statement. |
| Tax Status: |
Federal and New Jersey State tax-exempt** |
| Preliminary Official Statement PDF: |
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*Preliminary, subject to change.
**In the opinion of Chiesa Shahinian & Giantomasi PC, Bond Counsel to the Authority, under existing statutes, regulations, rulings and court decisions, and assuming compliance by the Authority with certain requirements described in "TAX MATTERS" in the Preliminary Official Statement, interest on the 2025 Series AA Bonds is not includable in gross income of the owners thereof for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the "Code"), and is not treated as a preference item under Section 57 of the Code for purposes of calculating the federal alternative minimum tax imposed on individuals. However, such interest is taken into account in determining the "adjusted financial statement income" (as defined in Section 56A of the Code) of "applicable corporations" (as defined in Section 59(k) of the Code) for purposes of calculating the alternative minimum tax imposed on such corporations. Bond Counsel is also of the opinion that, under existing law, interest on the 2025 Series AA Bonds and any gain realized on the sale thereof are not includable in gross income under the New Jersey Gross Income Tax Act, as amended. See "TAX MATTERS" in the Preliminary Official Statement.
Official Site of The State of New Jersey