New Jersey

Democrats aim to scale back scheduled toll increases on the New Jersey Turnpike after Gov. Chris Christie terminated a Hudson River commuter-rail tunnel they were meant to help finance.

TRENTON — New Jersey Gov. Chris Christie Tuesday delivered his first state of the state address, pledging to reform the state’s tax structure and continue spending cuts.

New Jersey now has until Jan. 18 to repay $271 million to the Federal Transit Administration for a canceled commuter-rail tunnel. The previous deadline was Monday.

The New Jersey Economic Development Authority will issue $1.94 billion of refinancing debt Tuesday and Wednesday to switch variable-rate school facilities construction bonds into fixed-rate mode. The bonds are secured by the state’s appropriation pledge.

TRENTON , N.J. — New Jersey Gov. Chris Christie announced a plan Thursday to borrow $4.4 billion of bonds during the next five years to help finance road, bridge and mass-transit projects throughout the state.

New Jersey should issue $2.7 billion of general obligation bonds to help finance a backlog of capital projects at its public universities and colleges, according to a report released late Tuesday.

The Port Authority of New York and New Jersey last week recommended raising the roadbed of the Bayonne Bridge by 64 feet to provide more clearance for ships.

New Jersey’s Treasury Department announced Thursday that the state and its municipalities have a combined unfunded pension liability of $53.9 billion, an increase in 2010 of more than $8 billion.

The New Jersey Economic Development Authority Tuesday approved refinancing up to $3.69 billion of variable-rate school construction debt that will help the state terminate about $1.7 billion of derivatives tied to the floating-rate debt.

With an eye on its credit ratings, the Delaware River Port Authority chose to keep in place a $1 toll hike Wednesday that was set to begin July 1 after weeks of debate on whether to delay the increase to 2012.

The Essex County, N.J., Improvement Authority Wednesday will sell $72.6 million of lease-revenue bonds that will help Newark balance its 2010 budget.

New Jersey last week released its 2010 debt report, with school construction debt and Transportation Trust Fund Authority bonds increasing the state’s outstanding general obligation and appropriation debt by $1.25 billion to $32.84 billion.

Moody's Investors Service Wednesday downgraded Newark to A3 from A2, affecting $500 million of outstanding general obligation debt.

Delaware River Port Authority board members continue to push for a delay of toll and fare increases as its financial advisers warn of potential credit-rating downgrades and fiscal pressures the bistate agency may face if it postpones future revenue enhancements.

The Port Authority of New York and New Jersey passed a $7.17 billion operating and capital budget Tuesday for calendar year 2011 that keeps operating growth flat while boosting capital spending.

Municipal enterprise projects that are struggling to meet operating and debt-service costs could be a default risk as cash-strapped states and cities become less likely to offer such entities direct aid, according to Moody's Investors Service.

The New Jersey Turnpike Authority Wednesday will issue $1.5 billion of taxable Build America Bonds following Moody’s Investors Service’s revision of the credit’s outlook to negative from stable.

Gov. Chris Christie Thursday announced that the New Jersey Transit Authority hired the Washington law firm Patton Boggs LLP to help the state challenge the Federal Transit Administration’s demand that it repay $271 million in federal money the state spent on a canceled commuter-rail tunnel.

Financial analysts Wednesday warned the Delaware River Port Authority that delaying a planned July 1 toll increase could result in rating downgrades of the bi-state agency, which could then prompt a payment of about $220 million on two of the agency’s swaps.

The Camden County Pollution Control Financing Authority is set to pay off a $25.2 million incinerator debt to bondholders on Wednesday.