Senator James W. Holzapfel (R-10) and Senator Robert Singer (R-30) have submitted legislation authorizing investment of $8 billion over five years in transportation infrastructure funding pursuant to Governor Christie’s Transportation Capital Program.
“The Governor has come up with a plan that is fiscally responsible, invests in our infrastructure, and accepts the reality that taxpayers cannot afford higher gas taxes,” said Holzapfel. “This plan meets the emergent needs of New Jersey’s transportation system while reducing the reliance on borrowing that nearly bankrupted the Transportation Trust Fund under Governor Corzine.”
The legislation authorizes $1.6 billion per year for five years, gradually increasing “pay as you go” financing as debt issuance is reduced. By the end of five years, the plan is funded by roughly equal parts cash financing, bonding, and funds provided by the Port Authority of New York and New Jersey.
“Transportation infrastructure investment creates jobs, but only if we can afford to fund it responsibly,” added Singer. “That is why it is so important we restore sanity to how transportation is funded, so that dollars go to building roads and bridges rather than debt service. While no plan can be perfect in light of competing budget priorities and economic realities, this plan offers the best path forward in light of the challenges we face.”