The state's emergency COVID borrowing cannot be repaid early, but Treasury Department says it makes more sense to repay other debt with higher interest rates.
After interest-only payments are made in 2021 and 2022, yearly payments are expected to be slightly more than $500 million for the 10 years that follow.
State gas taxes in New Jersey will rise to 50.7 cents per gallon. Gas consumption is down in the COVID-19 recession, triggering a hike under a state formula.
New Jersey could borrow as much as $14 billion to help replenish its budget and those of some counties and municipalities hit hard by the coronavirus pandemic.
New Jersey commuters who used to cross a river into New York or Philadelphia but have been working from home could yield an unexpected windfall for the state.