11/2/06-Sen. Ray Lesniak, D-Elizabeth, said he soon will craft legislation similar to a bill he offered earlier this year that would give private groups an opportunity to own a piece of the New Jersey Turnpike and Garden State Parkway.
The previous version offered by Lesniak 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. His revised plan would send money from the transaction to the state’s Transportation Trust Fund, which funds capital improvement projects, northjersey.com reported.
Lesniak said the budgetary deficits faced in the state require new and creative ways to cope.
The earlier version of the bill allowed the state to 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.