Joint committee approves TTF refinancing resolution

TRENTON – It’s over.

Work will resume.

After two hours of political theater, state Department of Transportation Commssioner James Simpson leaves and the joint budget votes in favor of refinancing to keep state Transportation Trust Fund (TTF) projects on track.

Jammed up Democrats don’t like it, but don’t want to irritate labor.

Assemblywoman Nellie Pou and state Sen. Barbara Buono all join Republicans state Sen. Tony Bucco and Assemblyman Joe Malone in voting yes. State Sen. Paul Sarlo abstains. Assemblyman Lou Greenwald votes no.

The final vote: 4-1-1.

According to the Department of Transportation, the resolution approves the sale of up to $1.25 billion in bonds and the refinancing of up to $500 million in existing debt was anticipated to occur before the end of September to carry projects forward into the spring of 2011.

Joint committee approves TTF refinancing resolution