The Department of Treasury has cleared some $2 billion in debt from the state's balance sheet, completing a process of debt reduction that began in 2021.
Debt Defeasance and Prevention Fund aimed at attacking New Jersey debt from a different front.
The administration settled on a series of general obligation, capital construction and cigarette tax revenue bonds with a total debt service cost of $3.1 billion. To retire the debt, Treasury utilized a financing tool known as defeasance. The U.S. government bonds are being held in an irrevocable escrow account. A portion of the securities plus interest earned will pay off the state-issued bonds in full when they mature.
State Sen. Paul Sarlo, chairman of the Senate budget committee, acknowledged that the emergency borrowing was rushed and took issue with the governor’s use of noncallable bonds. But, he said, the legislature stepped in to correct that “overreaction” by creating the debt defeasance fund. Treasury’s Sciortino said the fund is expected to eliminate $5.31 billion in the long-term debt, between both the debt defeasance and debt reduction components.from the debt prevention fund for construction projects, including $310 million for the New Jersey Wind Port in Lower Alloways Creek.
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