Senate passes Transportation Trust Fund debt service bill

TRENTON – The Assembly approved a bill Monday to authorize additional debt service for the Transportation Trust Fund.

The bill passed with overwhelming bipartisan support, with a 71-7 vote.

Only Assemblyman Greg McGuckin abstained.

The bill,  A3205, would authorize borrowing of about $300 million each year for the TTF.

Assemblyman John Wisniewski, the bill’s primary sponsor, said he wasn’t happy about moving the bill, but said there’s no choice.

“Our economy, our way of life, is deeply dependant on transportation,” he said. “Our infrastructure is terribly overtaxed.”

He said that additional revenues are needed.

“We have no choice,” he said. “if we don’t move forward, our economy is going to suffer.” 

The bill continues to authorize an annual transportation capital program at a level not to exceed $1.6 billion through Fiscal Year 2016.  The bill provides that the authority will provide a level of funding for the annual capital program, as follows: Fiscal Year 2013: $1,247.0 million; Fiscal Year 2014: $1,224.0 million; Fiscal Year 2015: $1,225.0 million; and Fiscal Year 2016: $1,247.0 million.