Program Authorization: R.S. 39:1787
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
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.
ACQUISITIONS AND MAJOR REPAIRS
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