NJ Turnpike Authority To Borrow $1.4 Billion To Continue Its Capital Projects
By Alexandra Hill, WBGO News
January 30, 2013
The NJ Turnpike Authority says it plans to borrow another $1.4 Billion to keep their capital projects from coming to a halt.
The turnpike authority says without an infusion of cash the projects to widen 35 miles of the turnpike and removing the parkways only traffic light, would have to end by May. The authority says it’s spending nearly $80 million a month with only $280 million dollars cash on hand. Martin Robins is Director Emeritus of the Voorhees Transportation Center at Rutgers. He says the problem is Governor Christie has directed the turnpike authority to channel some of its money into the transportation trust fund.
“The turnpike is paying about, over a five year period, is paying about 1.3 billion dollars, not on its own projects but into the transportation trust fund.”
Robins says the turnpike is still a revenue generating entity with a financial plan, and that plan could include future toll increases for New Jersey drivers.