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EAST RUTHERFORD, NJ-The New Jersey Sports & Exposition Authority’s board has voted to refinance a total of $225 million in bonds that had been used to finance several capital projects around the state. The action was taken to counter rising interest rates incurred by the financial markets’ woes, according to officials of the agency.

Much of that total being refinanced consists $170 million in variable-rate bonds issued in the early 1990s to help finance construction of the Atlantic City Convention Center. The remaining $55 million of bonds were used for a variety of capital projects at the Meadowlands Sports Complex here, and construction of the Wildwoods Convention Center in South Jersey. All of the properties are owned by the state and operated by the NJSEA, a state agency.

According to information released by the New Jersey Office of Public Finance, a division of the state Treasury, the new fixed-rate bonds will be a combination of tax-exempt bonds with interest rates of up to 6%, and taxable bonds with an interest rate of up to 7%. The new bonds are scheduled to mature in 2024. Merrill Lynch will underwrite the new bonds.

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