A New Jersey agency that funds highway, bridge and transit infrastructure has joined the debt frenzy sparked by municipal issuers rushing to raise cash ahead of the Nov. 5 U.S. election.

The New Jersey Transportation Trust Fund Authority on Thursday sold $3.2 billion in tax-exempt and taxable bonds to refinance its higher-cost debt. The authority is fine-tuning its obligations as the state’s finances improve despite a turbulent year for NJ Transit riders who have been bombarded with outages and service disruptions.