Use it or lose it. New Jersey’s Treasury Department plans to prod agencies into using an existing $1 billion of various general obligation bond funds, or the state may use them to help pay down GO debt or possibly meet other costs.

The Treasury Department is looking for a financial adviser to craft a GO debt defeasance plan that could help the state reduce its costs. Responses to the request for proposals are due Aug. 20. The contract will extend for one year, and the state will have the option to renew the agreement for another year.

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