Many states are dealing with the same issue. Past borrowing must be repaid out of current gas tax revenues, which are decreasing due to the economic downturn.
NJ Spotlight Christie to Refinance Transportation Trust Fund Bonds in October: "The last borrow-and-spend decision came in March 2006. Two months after taking office, Democrat Gov. Corzine and Democratic legislative leaders agreed on a plan to refinance TTF debt from 21 years to 31 years and to use the new borrowing to provide $1.6 billion a year in state matching funds for new transportation projects from FY 2007 through FY 2011. They knew that as of July 1, 2011, every penny previously dedicated to the fund would go simply to pay off past debt. But they were not worried because they fully expected to vote to raise the gas tax after Corzine’s reelection."
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