Covering Louisiana

Jan 31, 2013 6:19 PM by AP

State running out of money for construction

BATON ROUGE, La. (AP) - The state's pool of money to pay for ongoing construction projects is running dry, and Louisiana is teetering so close to its debt ceiling that there's little room to borrow more money to replenish the fund.

State senators heard the troubling news of a new state money problem Thursday, in a briefing about the current state finances by Sherry Phillips-Hymel, the chamber's chief budget analyst.

Whit Kling is executive director of the State Bond Commission that oversees construction borrowing. He says without a new infusion of cash, the state will run out of money to pay for its construction projects in about four months.

Among the options available, lawmakers could try to exclude certain types of debt from the calculation of the cap or vote to breach the ceiling.

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