New Jersey officials estimate the state will collect $533 million more this year than anticipated in the fiscal 2008 budget, a windfall they propose allocating into a new debt reduction fund that could save an average of $100 million annually in debt service costs.

State Treasurer David Rousseau yesterday presented his debt reduction proposal before the Senate Budget and Appropriations Committee, an initiative that Gov. Jon Corzine's administration expects to file to the Legislature in June with a plan to begin refunding and defeasing debt by Sept. 1, according to Rousseau.

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