BATON ROUGE — 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 to replenish the fund, officials said Thursday.
Without a new infusion of cash, Louisiana is projected to run out of money to pay for college building repairs, economic development projects and state-funded road work in about four months, said Whit Kling, director of the State Bond Commission that oversees construction borrowing and state debt calculations.
State senators heard the troubling news of the latest money problem Thursday, in a briefing about Louisiana’s finances by Sherry Phillips-Hymel, the chamber’s chief budget analyst. She told senators that the capital outlay fund is “very, very low.”
“The fund is broke. The fund does not have sufficient cash resources, and without a change in the legislative statute, there’s no way to issue additional bonds,” Kling, who watched the Senate briefing, said after the meeting.
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