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Transaction Overview

$2,323,440,000* Transportation System Bonds
Consisting of:
$634,455,000* Transportation System Bonds, 2019 Series A (Tax-Exempt)
and
$1,688,985,000* Transportation System Bonds, 2019 Series B (Federally Taxable)

Estimated Size: $2,323,440,000**
Security: The 2019 Bonds are special obligations of the Authority, secured primarily by payments made by the State of New Jersey (the "State") to the Authority under an agreement entitled: "Fourth Amended and Restated Contract Implementing Funding Provisions of the New Jersey Transportation Trust Fund Authority Act With Respect to Transportation System Bonds", dated as of October 3, 2018 (the "State Contract"), as may be amended from time to time, among the State Treasurer, the Commissioner of the New Jersey Department of Transportation and the Authority. THE OBLIGATION OF THE STATE TO MAKE PAYMENTS UNDER THE STATE CONTRACT IS SUBJECT TO AND DEPENDENT UPON APPROPRIATIONS BEING MADE FROM TIME TO TIME BY THE NEW JERSEY STATE LEGISLATURE (THE "STATE LEGISLATURE") FOR SUCH PURPOSE. THE STATE LEGISLATURE HAS NO LEGAL OBLIGATION TO MAKE ANY SUCH APPROPRIATIONS. See "SECURITY FOR THE 2019 BONDS" in the Preliminary Official Statement.
Structure: Serial Bonds & Term Bonds*
Expected Delivery Date: December 18, 2019*
Interest Payment Dates: Interest on the Bonds is payable on June 15 and December 15, commencing June 15, 2020.
Optional Redemption: The 2019 Bonds are subject to redemption prior to maturity, as described in the Preliminary Official Statement. See "DESCRIPTION OF THE 2019 BONDS – Redemption Provisions" in the Preliminary Official Statement.
Denominations: $5,000 or any integral multiple in excess thereof.
Principal Due: June 15 and December 15, as set forth on the inside front cover of the Preliminary Official Statement.
Ratings: Fitch: A-
Moody’s: Baa1
S&P: BBB+
Tax Status: 2019 Series A Bonds: Federal and New Jersey State tax-exempt**.Federal and New Jersey State tax-exempt**
2019 Series B Bonds: Federally Taxable and New Jersey State tax-exempt**.
Preliminary Official Statement PDF:

*Preliminary, subject to change.

** In the opinion of McCarter & English, LLP, Bond Counsel, assuming compliance by the Authority with certain tax requirements described in the Preliminary Official Statement, under existing law, interest on the 2019 Series A Bonds is excluded from the gross income of the owners of the 2019 Series A Bonds for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the "Code"), and interest on the 2019 Series A Bonds is not an item of tax preference under Section 57 of the Code for purposes of computing alternative minimum tax. Interest on the 2019 Series B Bonds is generally subject to inclusion in federal gross income of the owners thereof. Based upon existing law, interest on the 2019 Bonds and net gains from the sale thereof are exempt from the tax imposed by the New Jersey Gross Income Tax Act. See "TAX MATTERS RELATING TO THE 2019 SERIES A BONDS" and "TAX MATTERS RELATING TO THE 2019 SERIES B BONDS" in the Preliminary Official Statement.


Last Updated: Monday, 11/25/19