New Jersey officials say they hope to have a better explanation sometime this week for why the state accidentally missed a $300 million note payment earlier this month.

A spokesman for the state attorney general's office confirmed Friday that it is investigating the matter along with officials from the state treasury and New Jersey's bond counsel, Mudge Rose Guthrie Alexander & Ferdon.

The spokesman, Christopher Florentz, declined to comment other than to say the matter is under review.

The one-day delay in making the payment was the result of a June 15 mix-up in the process of wiring the money from the Treasury to the trustee and paying agent on the notes.

Exactly where the mix-up occurred remains unclear, however.

Officials from the Depository Trust Co., the paying agent, said they did not receive payment on time from the state's bond trustee, First Fidelity Bank. As a result, investors expecting payment on June 15 did not receive their money until the next morning.

But state officials said earlier this month that they received confirmation from the Federal Reserve Bank of New York that the wire transfer was made early in the day on Monday to New Jersey National Bank, which then wired the money to Fidelity.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.