The New Jersey Turnpike Authority yesterday approved $500 million of long- and short-term borrowing to help it address auction-rate debt.

While officials continue to work on roughly $800 million of auction-rate securities, the NJTA expects to release a request for proposals in the next few days in search of underwriters on approximately $1 billion of new-money borrowing slated for 2009, according to Dennis Enright, a principal at NW Financial Group, the authority's financial adviser.

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