New Jersey Democrats allowed a $1.4 billion transportation bond issue to proceed after their delay in approving the deal led Governor Chris Christie to halt road and transit construction across the most densely populated U.S. state.
New Jersey Department of Transportation Commissioner James Simpson said he is halting all state-funded transportation construction projects effective Oct 4. Simpson said he was taking the action because the state Legislature did not approve a bond sale to fund previously authorized work.
New Jersey is set to issue $1.4 billion in Transportation Trust Fund Authority bonds Oct. 13 and 14, about a week after James Simpson , the state’s transport commissioner, said the infrastructure account is “broke” and suspended 100 projects because of a lack of cash.
New Jersey will have to consider turning to private companies to finance transportation projects as the fund financing roadwork runs short of money, the head of a panel studying the issue told lawmakers.