New Jersey could be out of the auction-rate market by the end of July as officials yesterday approved remarketing $360 million of auction-rate securities, the last portion of the state's overall $3.3 billion of ARS backed by annual appropriation.

The New Jersey Economic Development Authority authorized remarketing $360 million of auction-rate bonds for light rail into fixed-rate debt or converting the securities into variable-rate mode. Combined with an upcoming $345 million New Jersey Transportation Trust Fund Authority conversion transaction that officials approved in early May, the EDA issue would remove New Jersey's remaining state-appropriation debt from the auction-rate market.

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