New Jersey officials said they hope to have a better explanation this week for why the state accidentally missed a $300 million note payment scheduled June 15.
Probe Under Way
Christopher Florentz, a spokesman for the state attorney general's office, confirmed last week that it is investigating the matter along with officials from the state Treasury and New Jersey's bond counsel, the firm of Mudge, Rose, Guthrie, Alexander & Ferdon.
A one-day delay in delivering the payment was caused by a wire-transfer mix-up, but details have been sketchy.
First Fidelity Blamed
Officials of Depository Trust Co., the paying agent, said they did not get the funds on time from the state's bond trustee, First Fidelity Bank.
Shortly after the incident, state officials said they had received confirmation from the Federal Reserve Bank of New York that the wire transfer was made early June 15 to New Jersey National Bank, which then wired the money to First Fidelity.