The New Jersey Turnpike Authority Thursday will competitively sell $335 million of short-term debt to help the agency purchase its own auction-rate securities and finance road-widening projects.

Proceeds of the 2008 one-year notes will be used to buy $175 million of Series 2003 D3, D4, D7, and D8 auction-rate securities at upcoming auction dates. NW Financial Group is the Turnpike Authority's financial adviser and Wilentz, Goldman & Spitzer PA is bond counsel. The Series 2008 notes will not be insured or carry a letter of credit, according to Dennis Enright, a principal at NW Financial.

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