5/11/06-A proposal has been withdrawn from consideration that called for giving private groups and opportunity to own a piece of the New Jersey Turnpike and Garden State Parkway.
Initially offered by Sen. Ray Lesniak, D-Elizabeth, S1777 would have authorized the New Jersey Turnpike Authority to sell or lease a 49 percent interest in the two roadways to raise $6 billion to help pay down the state’s pension liabilities. The embattled pension system is $12 billion in the hole.
Under the proposal, the state could set up a for-profit corporation to run the highways. A noncontrolling interest would be sold or leased to investors while the state would keep 51 percent ownership.
Investors would receive a fixed rate of return estimated at as much as 8 percent. New Jersey would continue to run the roadways and collect tolls.
The bill also prohibited any boost in fares until 2010. At that point, any rate increases would have been limited to the rate of inflation.

3/29/06-A bill offered by Sen. Ray Lesniak, D-Elizabeth, would give private groups an opportunity to own a piece of the New Jersey Turnpike and Garden State Parkway.
S1777 would authorize the New Jersey Turnpike Authority to sell or lease a 49 percent interest in the two roadways to raise $6 billion to help pay down the state’s pension liabilities. The embattled pension system is $12 billion in the hole.
The state could set up a for-profit corporation to run the highways. A noncontrolling interest would be sold or leased to investors while the state would keep 51 percent ownership.
Investors would get a fixed rate of return estimated at as much as 8 percent. New Jersey would continue to run the roadways and collect tolls.
The bill would also prohibit any boost in fares until 2010. At that point, any rate increases would be limited to the rate of inflation.
S1777 will be introduced formally when the Legislature returns from break in early May.
For bill status, call (609) 292-4840. In New Jersey, call 1-800-792-8630.