Jon S. Corzine
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Corzine Jon S. Corzine
Gov. Jon S. Corzine unveiled a plan on Friday to replenish New Jersey's depleted fund for road and bridge maintenance by refinancing $1.8 billion of the fund's debt, a move that would add billions of dollars to the state debt over the next 30 years. He was elected on a promise to end the lavish spending and borrowing that has weakened New Jersey's finances and considered raising the gas tax and selling the New Jersey Turnpike rest stops and other assets. Instead, he presented a proposal that would raise $78 million a year by reclaiming for the fund the 1.5 cents a gallon portion of the gas tax that now helps pay for the state's general operating expenses. He would also add new oversight to monitor how the fund spends its money. Jon S. Corzine who was a governor unveiled a plan to replenish New Jersey's depleted fund for road and bridge maintenance by refinancing $1.8 billion of the fund's debt. This is the first major fiscal decision of the Corzine administration to avoid the politically risky step of increasing the state's gasoline tax. He was elected on a promise to end the lavish spending and borrowing that has weakened New Jersey's finances and he considered raising the gas tax and selling the New Jersey Turnpike. Instead he claim a proposal which helps pay for the state's general operating expenses, he raise $78 million a year by reclaiming for the fund the 1.5 cents a gallon portion of the gas tax. Mr. Corzine, he was a former bond trader, would turn to the capital market to raise most of the money.