Published by
the New York Times,
May 30, 2007
Who knew that the New Jersey
Turnpike, the state’s congested artery that commuters love to hate, was so
beloved?
In the months since Gov. Jon S. Corzine began exploring
ways to capitalize on the state’s assets and pay off billions of dollars in
debt, a coalition of legislators, environmentalists and drivers have come out
against any plan that would include leasing the Turnpike and the Garden State
Parkway to private investors.
Long before Mr. Corzine
could unveil a proposal, these opponents warned that private investors would
increase tolls to unreasonable levels, let the roads fall into disrepair and
stymie any efforts by the state to expand its highways.
Yet Mr. Corzine, a shrewd
former investment banker, appears to have found a more palatable solution that
lets the state raise billions of dollars while keeping the highways in public
hands. At a news conference last week, Mr. Corzine said he and State Treasurer
Bradley I. Abelow were considering “an entirely different kind of proposal”
that involved creating a public benefit corporation.
One option is for the New Jersey Turnpike
Authority to raise tolls and divert only the increased revenue to a newly
formed public corporation, which would then issue bonds backed by that money.
The amount of the bonds would be based on the value of the toll increases.
See full article from the
New York Times:
http://www.nytimes.com/2007/05/30/nyregion/30pike.html?_r=1&oref=slogin
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