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20-923 Corrections Debt Service

Program Authorization: R.S. 39:1787

PROGRAM DESCRIPTION

This program provides for the principal and interest payments for the Louisiana Correctional Facilities Corporation Lease Revenue Bonds, Series 1985, which were sold for the construction of prison facilities. One hundred fifty million dollars ($150,000,000) of bonds were sold with initial payment on June 15, 1993 and final payment scheduled for December 15, 2003 - if the bond issue is not paid off early. If the amortization schedule was followed, approximately $48.4 million in interest will have been paid over the life of these lease revenue refunding bonds.

This agency's recommended appropriation does not include any funds for short-term debt.

This agency's recommended appropriation includes $17,189,043 for long-term debt.

SOURCE OF FUNDING

The funding for this program is state general fund.

ANALYSIS OF RECOMMENDATION

GENERAL FUND

TOTAL

T.O.

 

DESCRIPTION

 

 

 

 

 

$17,046,798

$17,046,798

0

 

ACT 18 FISCAL YEAR 1997-1998

 

 

 

 

 

 

 

 

 

BA-7 TRANSACTIONS:

$0

$0

0

 

None

 

 

 

 

 

$17,046,798

$17,046,798

0

 

EXISTING OPERATING BUDGET - December 10, 1997

 

 

 

 

 

$142,245

$142,245

0

 

Reflects adjustment for principal and interest payments pursuant to the bond amortization schedule

 

 

 

 

 

$17,189,043

$17,189,043

0

 

TOTAL RECOMMENDED

 

 

 

 

 

$142,245

$142,245

0

 

DIFFERENCE (TOTAL RECOMMENDED AND EXISTING OPERATING BUDGET)

The total means of financing for this program is recommended at 100.8% of the existing operating budget. It represents 100.0% of the total request ($17,189,043) for this program. This recommended funding level provides for administrative costs and the required principal and interest payments pursuant to the bond amortization schedule.

PROFESSIONAL SERVICE

This program does not have funding for Professional Services for Fiscal Year 1998-1999.

OTHER CHARGES

$12,645,000

 

Corrections Debt Service - principal payment due on December 15, 1998

$4,444,043

 

Corrections Debt Service - interest payments due on December 15, 1998 ($2,373,762) and on June 15, 1999 ($2,070,281) at 4.8% computed interest rate

$100,000

 

Corrections Debt Service - administrative expenses

 

 

 

$17,189,043

 

TOTAL OTHER CHARGES

ACQUISITIONS AND MAJOR REPAIRS

This program does not have funding for Acquisitions and Major Repairs for Fiscal Year 1998-1999.


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