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New Jersey Gov. Chris Christie has unveiled a transportation capital plan that calls for billions of dollars in infrastructure improvements over the next five years.

The plan is designed to decrease borrowing while increasing "pay as you go" cash funding of transportation projects, according to a prepared statement from Christie’s office. The plan calls for no new or increased taxes, state officials said.

The plan consists of cash contributions from the state's general fund and the New Jersey Turnpike Authority, bonding and $1.8 billion in projects that the governor requested to be undertaken by the Port of Authority of New York and New Jersey in conjunction with the New Jersey Department of Transportation.

As a result, the state will be able to provide $1.6 billion each year for "much needed" transportation projects, including $672 million for New Jersey Transit's capital needs and $200 million for local government projects, officials said.