Garden State Preservation Trust Fund bond re-funding aims to reduce debt service

TRENTON – The Joint Budget Oversight Committee unanimously approved a request today that called  for refunding bonds for the Garden State Preservation Trust Fund in order to take advantage of lower interest rates.

By refunding the bonds, the state is projected to save some $20 million in debt service for fiscal year 2013, according to the Office of Public Finance.

The bond for the Garden State Preservation Trust Fund is about $1 billion, and the state pays about $98 million a year in debt service. If the bond refunding forecasts hold up, the debt service for the next fiscal year will be $78 million, the Office of Public Finance reported.

Garden State Preservation Trust Fund bond re-funding aims to reduce debt service