The New Jersey Environmental Infrastructure Trust Has Sold a Series of Refunding Bonds Today Totaling $112,485,000 Million

LAWRENCEVILLE-Robert A. Briant, Sr., Chairman of the New Jersey Environmental Infrastructure Trust today announced the result of the sale of $ 112,485,000 in refunding bonds. Four series of bonds: 1996A, 1997A, 1999 and 2000A series bonds were refunded. Three of the series were advanced refunding and the 1996 series is was a current refunding.

Chairman Briant noted "Today's bond refunding was extremely successful and produced savings of 4.44% to 5.81% which will result in a $12.3 million reduction in loan payments by New Jersey taxpayers and ratepayers. We are delighted to be able to provide reduced financing costs to 84 municipal and authority borrowers and pass along all of the savings directly to the borrowers, thereby insuring the lowest possible financing for these vital clean water and drinking water infrastructure projects" stated Briant.

Chairman Briant also explained "The refunding fits in well with Governor Corzine's plan to assist local governments in providing services at the least cost possible."

The bonds were sold competitively through i-Deal's Parity Internet bidding system with Morgan Stanley being the lowest bidder on the 2006A Series and Bank of America submitting the lowest bids for the 2006B, 2006C and 2006D Series. McCarter & English LLP is bond counsel and Public Financial Management is the financial adviser for the Trust.

The New Jersey Environmental Infrastructure Financing Program is a partnership between the Trust and the NJ Department of Environmental Protection, which administers the State Revolving Funds. Since its inception, the Trust bond issues have consistently been rated as AAA by the three major rating agencies. The Program provides loans for a variety of clean and safe drinking water projects. The loans can be used for open space preservation, wastewater management, non-point source pollution control, landfill construction and closure, and projects to protect the state's drinking water supplies.

Since 1987 the Program has loaned $3.3 billion to local and county governments and local, county and regional authorities to finance more than 500 infrastructure projects. The savings produced by the Financing Program have saved taxpayers and ratepayers more than $800 million in avoided interest and other financing costs.