Your gas tax will pay for NJ Transit’s $500M shopping list —including electric buses

NJ Transit’s board cleared the way for the purchase of new buses and locomotives with a $500 million Economic Development Authority bond, which could include buying the agency’s first electric bus fleet.

The 28-year loan comes from tax-exempt transportation revenue bonds to be issued by the state Economic Development Authority. NJ Transit’s board voted 3-0 Wednesday to authorize spending the $500 million to replace aging trains and buses.