New Jersey Gov. Jon Corzine was the featured speaker at the Jan. 17, 2008, membership meeting conducted by the Utility and Transportation Contractors Association (UTCA). Corzine outlined the Asset Monetization Plan to establish a stable funding source for road, bridge and transit construction throughout New Jersey.
Approximately 250 association members attended the meeting and viewed a PowerPoint presentation by the governor, who noted the need to increase the tolls on the New Jersey Turnpike, Parkway and Atlantic City Expressway to fund the construction, while also lowering outstanding state transportation and other debt.
The governor also confirmed that any future proposed state debt must be approved by the voters.
In his presentation to UTCA, the governor noted that state debt is approximately $38 billion and growing, and he determined that a comprehensive plan, such as his, is required to cut the debt by one-half. Corzine also noted that he is open to other reasonable suggestions from others about other ways to fund transportation construction and reduce the state debt.
While closing his presentation, the governor thanked the UTCA officers and staff who worked with his staff in the development of his plan.
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