The New Jersey Transportation Trust Fund Authority yesterday approved $1.6 billion of borrowing for capital projects, including a $150 million variable-rate transaction that will help address existing swap agreements.

Citi will price the floating-rate bonds in mid-August, according to Steve Hanson, TTFA's executive director and the chief financial officer of the state Department of Transportation. Windels Marx Lane & Mittendorf LLP is bond counsel. JPMorgan will supply a letter of credit on the $150 million deal.

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