New Jersey

Moody’s Investors Service Thursday upgraded the Port Authority of New York and New Jersey to Aa2 with a stable outlook from Aa3, citing its favorable financial results in tough economic times. The upgrade affects $12.4 billion of outstanding debt.

TRENTON, N.J. — New Jersey Gov. Chris Christie yesterday unveiled his first budget proposal, a $29.3 billion plan for fiscal 2011 that is $2.9 billion smaller than the current budget and fills a $10.7 billion deficit.

New Jersey plans to issue requests for proposals for banking services in every negotiated deal going forward rather than picking banks from its current pool of underwriters.

The Port Authority of New York and New Jersey yesterday took a step toward cashless tolling at its six state border crossings. The agency approved the design and construction of a new $175 million toll collection system at its monthly board meeting.

Beginning in 2011 Essex County, N.J., may need to repay bondholders on more than $2 million of outstanding debt, as the Garden State Cancer Center is in technical default on the loan.

New Jersey is seeking letters of credit for up to $800 million of school construction debt issued by the New Jersey Economic Development Authority.

New Jersey Gov. Chris Christie last week appointed Sen. Bill Baroni to serve as deputy executive director of the Port Authority of New York and New ­Jersey.

The triple-A rated New Jersey Environmental Infrastructure Trust Wednesday will sell $130 million of tax-exempt bonds via competitive bid to help finance clean water projects throughout the state.

New Jersey Acting Treasurer Andrew Eristoff Thursday told a Senate committee that the New Jersey Transportation Trust Fund Authority may refund bonds to help generate needed borrowing capacity in fiscal 2011.

NJ Transit may increase fares on buses and trains as early as May to help absorb a $33 million funding cut from the state and help plug a projected fiscal 2011 deficit of nearly $300 million.

TRENTON, N.J. — New Jersey Gov. Chris Christie yesterday declared a fiscal emergency and announced his plans to withhold $475 million of school aid, as well as cut funding to New Jersey Transit, higher education, hospitals, and other programs to fill a $2.2 billion fiscal 2010 billion deficit.

New Jersey Gov. Chris Christie yesterday announced that an advisory commission will draft proposals to strengthen the state’s gaming industries and entertainment venues, as well as suggest ways to improve New Jersey Sports and Exposition Authority operations.

A Newark, N.J., bankruptcy court Tuesday approved St. Mary’s Hospital’s reorganization plan, a move that will now require New Jersey to pay $1.5 million per year through 2027 to help meet debt service payments on state contract bonds sold on behalf of the health care provider.

World Trade Center developer Silverstein Properties Inc. lost its main argument in an arbitration proceeding against the Port Authority of New York and New Jersey, the two parties announced yesterday.

Governor-elect Chris Christie yesterday announced his nomination of Andrew Eristoff, a former finance commissioner for New York and New York City, to serve as New Jersey’s next treasury secretary.

TRENTON — New Jersey Gov. Jon Corzine yesterday delivered his last state of the state speech, highlighting his accomplishments during the past four years and acknowledging his failure to cut away at the state’s more than $33.87 billion of outstanding debt.

New Jersey lawmakers yesterday were set to vote on fiscal measures during the final day of the legislative session, including a bill that would increase mayoral powers in Camden, which has been under state control since 2002.

The New Jersey General Assembly yesterday approved a bill requiring the estimated costs of tax credits and exemptions to be included in annual budget proposals submitted by governors. The bill, A. 2139, passed 47 to 28, with one abstention.

New Jersey lawmakers are working to expand the abilities of the Capital City Redevelopment Corp., including the power to issue bonds and notes.

New Jersey Governor-elect Chris Christie last week announced that Lieut. Governor-elect Kim Guadagno also will serve as the next secretary of state.