New Jersey state officials said yesterday that the state can downsize its three toll road authorities without violating bondholder covenants or damaging the bond ratings on the authorities' outstanding debt.

Gov. Christine Todd Whitman's administration is studying ways to streamline the state's approximately 500 agencies, boards, and commissions, including the toll authorities. Specifically, the Whitman Administration may place all three of the state's toll authorities under the control of the transportation department.

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