The New Jersey Sports and Exposition Authority yesterday approved refinancing or converting its $455 million of state-backed, variable-rate debt, including auction-rate securities, to help lower rates.

The NJSEA called the special meeting in order to give state administration officials the authority to take action on the variable-rate debt. New Jersey's Treasury department is currently evaluating three NJSEA series, including variable-rate Series 1992 C, which has roughly $172 million outstanding, Series variable-rate 2002 B1 and B2 with a combined $93.5 million outstanding, and auction-rate taxable Series 2007 B2 and B3 bonds with $189 million outstanding, according to NJSEA spokesman, John Samerjan. While the authority sold the bonds, the state secured the debt with its pledge and pays debt service costs via annual appropriations.

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