Press Release
BACK-LOADED BOND SALE ABETS FURTHER FISCAL IRRESPONSIBILITY
August 15, 2007 - 2:41pmRelease Date: Aug 15 2007
BACK-LOADED BOND SALE ABETS FURTHER FISCAL IRRESPONSIBILITY
Senate Republican Leader Leonard Lance (R-Hunterdon/Warren) reacted to yesterday’s issuance of $423 million in new and restructured 2007 Motor Vehicle Surcharge Revenue Bonds by the New Jersey Economic Development Authority.
“The Governor has gone to great lengths to complain about the legacy of fiscal mismanagement that he has inherited from prior administrations. Yet, his most recent bond issuance belies his rhetoric about responsible fiscal policy, and instead advances the very kind of irresponsibility that he claims has driven New Jersey to a state of near insolvency,” said Lance.
“To issue $423 million in new and restructured debt and establish a payment schedule for part of the debt that avoids payments until the year 2031 may be in the administration’s political interest, but it is clearly not in the public’s interest. One has to seriously question this policy in light of the governor’s stated desire to sell our toll roads in order to reduce what they admit is a ‘staggering debt load.’ How can the administration incur these additional debts, structure them in such an irresponsibly back loaded manner, and then argue that we must sell off our assets in order to reduce our crushing debt?”
“Yesterday’s action is another prime example of why we must give the people of New Jersey the power to approve all bonds backed by appropriations that are issued by the State or any independent authority.”
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