Last week New Jersey Governor Jon Corzine published his Financial Restructuring and Debt Reduction Proposal, which would use structured finance techniques to issue up to $37.6 billion to pay down half of the state's $32 billion debt and fund future transportation projects.

Essentially, the legislation would allow the state to enter into a 75-year concession agreement to operate the state's toll roads and back debt issuance with a predictable stream of toll road revenue. Those roads include the Atlantic City Expressway, the Garden State Parkway and the New Jersey Turnpike.

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