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Turnpike board authorizes bond resolutions and approves up to $4.1M MOU with NJ Transit for World Cup buses
Summary
The authority approved resolutions authorizing up to $1 billion in new revenue bonds and up to $3 billion in refunding bonds and unanimously authorized a memorandum of understanding with New Jersey Transit for up to $4.1 million in bus services to support FIFA World Cup 2026 contingency operations.
At its public meeting the New Jersey Turnpike Authority approved two finance resolutions and an executive MOU tied to event operations.
Finance staff asked the board to adopt a Series 2026 temporary revenue bond resolution authorizing up to $1 billion of new‑money bonds to fund the authority's ongoing capital improvement program and to adopt a Series 2026 turnpike revenue refunding bond resolution authorizing up to $3 billion of refunding bonds to refinance certain outstanding revenue bonds. The board approved both resolutions on roll call.
Separately, the board authorized the deputy executive director to enter into a memorandum of understanding with New Jersey Transit to fund bus services in support of FIFA World Cup 2026 operations, not to exceed $4.1 million. The executive department said the buses serve as contingency capacity to move people if regional rail service is disrupted during major events and that the authority is aligning with transit partners for coordinated response. The board approved the MOU by roll call vote.
These actions establish the authority's financing flexibility for near‑term capital work and formalize a short‑term interagency support arrangement for the 2026 FIFA World Cup.
