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The Associated Press October 28, 2011, 10:01AM ET

$1.3B OK'd for NJ road, bridge projects

A legislative budget oversight committee has approved $1.3 billion in borrowing to keep transportation projects on track through the end of the year.

The financing is necessary to keep New Jersey's road and bridge repair program from being interrupted.

The borrowing is carry-over from a transportation bond authorization previously approved by the Legislature.

State Treasurer Andrew Eristoff said the Transportation Trust Fund Authority's short-term credit rating would be put at serious risk if the legislative body did not approve the stop-gap funding.

The state plans to seek the long-term bonds next month.

Gov. Chris Christie put forth a five-year transportation capital plan last year that increases pay-as-you-go funding. Still, $600 million in bonds were issued in May and an advance from the general fund has been used since August.

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