New Jersey plans to sell $2.6 billion in notes this month, its largest-ever short-term debt sale, to repay a loan from Bank of America Merrill Lynch and bolster cash flow, said a spokesman for the state treasurer.
Part-time work for the New Jersey towns of Leonia, Saddle Brook and Elmwood Park helped attorney Brian Giblin rack up pension credits worth $33,143 a year, even after a 2007 state law made contractors like him ineligible.
New Jersey’s revenue projections for fiscal 2013 pose a “notable downside risk” and its pension-funding level will continue to deteriorate even after cost-saving changes to retirement benefits, Fitch Ratings said.
Moody’s Investors Service ’s demand that taxpayers indemnify it against lawsuits over ratings will be challenged by state and local governments that say the company is shunning legal responsibility for its work.
New Jersey , the third-most indebted U.S. state, faces a $10.5 billion deficit next year, nearly matching the one Governor Chris Christie closed in his current $29.4 billion budget, the Office of Legislative Services said.
Rutgers University, which may be asked to join the Big Ten Conference , must decide whether joining one of the most prestigious U.S. athletic associations will put its sports program on the road to solvency or financial ruin.