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.

The deals could be outgoing Gov. Jon Corzine’s last major borrowing initiative before Governor-elect Chris Christie — who has spoken out against borrowing in light of the state’s heavy debt load — takes office on Jan. 19. New Jersey has more than $32 billion of outstanding debt.

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