La. borrows $350M for state construction projects
BATON ROUGE - Louisiana will borrow $350 million next year for state construction projects, and the Jindal administration has proposed a list of projects to use up all that capacity and more, before lawmakers even add their own projects to the list.
The state has far less money available than requested for billions of dollars in projects sought by lawmakers and state agencies.
As described Tuesday to the House Ways and Means Committee, the construction budget bill submitted by Gov. Bobby Jindal contains $366 million in projects vying for the available dollars: $199 million for ongoing projects and $167 million for new items.
John Davis, director of the governor's Office of Facility Planning and Control outlined the spending proposals included in the "capital outlay" bill for the 2012-13 fiscal year that begins July 1.
Louisiana has a cap on annual borrowing that limits annual spending on construction projects.