Bond lawyers and credit analysts say New Jersey Gov. Christine Todd Whitman's attempts to merge the state's three tollway authorities would force a review of the agencies' credit rating, and may run afoul of Internal Revenue Service refunding guidelines.

At the moment, the Whitman Administration is preparing a proposed consolidation of 500 state boards, agencies, and commissions. Consolidation plans could be completed by the time Whitman presents her budget to the legislature in February.

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