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Credit: Chronis Yan on Unsplash File photo Gov. Phil Murphy’s administration is finalizing the sale of $400 million in state general-obligation bonds, debt that will finance school, library and environmental projects already approved by voters. Under terms of the bond sale reviewed by administration officials on Thursday, the debt is being issued this month with a 20-year maturity and a true interest cost of just over 2%. “We are encouraged by the strong demand investors continue to show for New Jersey paper as evidenced by the low true interest cost we received and the number of parties that bid, which is a sign of the faith investors have in the state’s credit,” said Treasurer Elizabeth Maher Muoio. ....
New Jersey lines up $400M sale with outlook boost bondbuyer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bondbuyer.com Daily Mail and Mail on Sunday newspapers.
TRENTON – New Jersey’s budget is balanced in part through nearly $4.3 billion from emergency borrowing authorized in response to the coronavirus pandemic, but a nonpartisan budget analyst says it’s now clear that wasn’t necessary. At a Senate budget committee hearing Tuesday, Thomas Koenig, the Office of Legislative Services’ budget and finance officer, said the borrowing was defensible at the time the budget was adopted in September. “But from today’s vantage point, the borrowing was not essential to balancing the FY21 budget,” Koenig said. Koenig said that without the borrowing, the state’s surplus would have fallen by only $165 million since Oct. 1 and remain slightly above $2 billion. Revenue forecasts have been upgraded by $3.4 billion, and the budget counts on $1.1 billion in lapses, helping build a surplus of $6.4 billion – over 15% of spending. ....