State running out of money for construction - FOX 8 WVUE New Orleans News, Weather, Sports

State running out of money for construction

Updated:

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.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Powered by WorldNow

Fox 8 WVUE-TV
Louisiana Media Company, LLC.
1025 S. Jefferson Davis Parkway
New Orleans, LA 70125

General Number: (504) 486-6161
News Tips: (504) 483-1503
News Room Fax: (504) 483-1543

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WVUE. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.
WVUE's Public Inspection File can now be accessed online. To access the online public inspection file click here: https://stations.fcc.gov/station-profile/wvue-dt.