New Jersey to sell $1.93 billion tax and revenue anticipation notes

By Jennifer Chiou

New York, Aug. 3 - The state of New Jersey plans to sell $1.925 billion of series fiscal 2010B tax and revenue anticipation notes, according to a term sheet.

The notes will mature June 24, 2010, and the coupon is to be determined.

The notes are expected to settle on Aug. 12.

U.S. Bank NA is the paying agent.

Proceeds are earmarked to fund expenditures of the general fund and the property tax relief fund of New Jersey during fiscal 2010 prior to the collection of revenues during the period.

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