BY TOM HESTER SR.
A move by the New Jersey Treasury Department to save $679 million through 2013 by restructuring the state's bond debt but add $856 million to the debt between $2014 and 2020, came under criticism by Democratic legislators Thursday.
While Treasurer Andrew Eristoff defended the action before the Senate Budget & Appropriations Committee as a way to save money over the next three years, including $68 million in the 2010-11 state budget, Sen. Paul Sarlo (D-Bergen), the panel's chairman, charged the action is the same thing that Gov. Chris Christie criticized the Corzine administration for doing in the 2009-10 budget.
The $703 million deal, mainly involving state Economic Development Authority bond debt, sold to yield 3.52 percent.
New Jersey ranks behind only California and New York in the amount of bond debt.