New Jersey

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.

New Jersey’s total bonded debt inched up to $33.87 billion at the end of fiscal 2009, up from the $31.86 billion outstanding in fiscal 2008, according to an annual debt report released last week.

New Jersey lawmakers are working on legislation that would create a new authority to oversee the redevelopment of Fort Monmouth as the U.S. Army plans to leave the nearly 1,200-acre base in 2011.

New Jersey will issue more than $700 million of combined new-money and refunding debt in four sales next week to help finance transportation projects, open space initiatives, and clean water programs.

New Jersey pharmaceutical maker Theragen Inc. must immediately now pay all of the outstanding principal and accrued interest on its Series 2005 bonds because the borrower has been in default for more than 60 days, according to trustee Bank of Oklahoma NA.

It wasn’t the usual New Jersey League of Municipalities luncheon yesterday, with broad speeches and routine rhetoric, as this year’s annual meeting instead brought emotion and some potential momentum.

As a tower begins to rise at the World Trade Center site in lower Manhattan, the property’s owner, the Port Authority of New York and New Jersey, yesterday authorized the sale of $1 billion of taxable bonds to finance further construction.

Standard & Poor’s yesterday upgraded to BBB-plus from BBB $503.9 million of University of Medicine and Dentistry of New Jersey debt that is backed by unlimited student fees. The outlook is stable.

Pharmaceutical maker Theragen Inc. defaulted on outstanding Series 2005 bonds last week as Bank of Oklahoma NA, the trustee for the debt, announced that the company did not meet principal and interest payments due Nov. 1.

Outgoing New Jersey Gov. Jon Corzine asked the Legislature not to pass any measures that would increase spending during the remainder of his term.

Voters in the Northeast approved $570.8 million of borrowing, including a $400 million open-space initiative in New Jersey, as New York City Mayor Michael Bloomberg won a third term and New Jersey Gov. Jon Corzine lost to Republican candidate Chris Christie.