The New Jersey Turnpike Authority will now use a pool of 32 investment banks when it issues debt rather than reviewing underwriter proposals each time it heads to market.

The authority's board yesterday approved the pool of 32 firms along with a $481 million operating budget for fiscal 2009, which began Jan. 1. Having a group of bankers readily available to structure bond and note deals will help the NJTA access the market more rapidly as it begins its $7 billion, 10-year capital plan.

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