What is the Authoritys current debt service level?
A. The Authority’s current FY 2010 debt service obligation is $733 million. In addition, the Authority must reimburse NJ Transit for $111 million of debt service it pays on Economic Development Authority (EDA) bonds from their Trust Fund capital program appropriation. The total for both types of debt service is $844 million. Although the NJ Transit debt service is not a legal obligation of the NJTTFA, the Authority uses its current revenues ($895 million) to pay the NJ TRANSIT debt service in order to ensure bond proceeds are not in any way used to support NJ Transit debt service.
