The New Jersey Economic Development Authority yesterday voted to allow state Treasury officials to take action on $1.38 billion of state-backed, auction-rate securities by refinancing or converting the debt into fixed- or variable-rate bonds.

The more than $1.38 billion of debt comprises $1.3 billion of school facilities construction bonds, including Series 2004 H1-H4, Series 2005 Q1-10, and Series 2007 T1-7, and $89.2 million of 2004 business employment incentive program bonds, Series A and B. The EDA sold the debt, with the state securing the bonds with its pledge and paying debt service costs on the bonds through annual appropriation.

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