New Jersey

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.

As goes the New Jersey governor’s race, so goes its open space.

New Jersey’s unemployment rate reached 9.8% in September, up from 9.6% in August, as officials estimate that the state lost roughly 12,700 nonfarm wage and salary employment positions.

New Jersey’s Treasury Department yesterday announced that tax collections came in $190 million below prior estimates for the first quarter of fiscal 2010 — 3.1% lower than expected. Officials identified $205 million of immediate spending cuts to offset lagging receipts.

Standard & Poor’s yesterday dropped New Jersey’s largest health care provider, Saint Barnabas Health Care System to BB-plus from BBB-minus, affecting more than $800 million of outstanding debt. The outlook is negative.

New Jersey’s Treasury Department Tuesday announced that it would again renew its pool of 13 financial advisers for an additional one-year term.