Louisiana

DALLAS —The Louisiana Legislature convened Monday for a three-month session that will focus on how to deal with a projected revenue decline of $1.7 billion in fiscal 2011 that could grow larger.

DALLAS — Louisiana Gov. Bobby Jindal on Thursday ordered state agencies and departments under his control to halt nonessential spending in light of a looming revenue shortfall in fiscal 2010.

BRADENTON, Fla. — Three Louisiana issuers have seen movement in their federal lawsuits against insurers and underwriters that were involved with their failed variable- and auction-rate securities.

DALLAS — Louisiana’s 14 state colleges and universities were advised at a legislative budget hearing on Tuesday to begin preparing now for a loss of almost $300 million in federal stimulus funds after fiscal 2011.

DALLAS — The Louisiana State Bond Commission gave its approval Thursday for a general obligation refunding that could total up to $600 million.

DALLAS — Louisiana’s Coastal Protection and Restoration Financing Corp. is asking for help in its quest to issue debt based on hundreds of million of dollars in offshore energy royalties that won’t begin flowing into the state treasury for another seven years.

DALLAS — When the Louisiana Legislature convenes for its 2010 session in 11 days, lawmakers may face a budget situation that is worse than anticipated just three months ago.

Gov. Bobby Jindal said in an address to the Monroe Chamber of Commerce last week that Louisiana’s economy would continue to outpace the region and the nation thanks to strong fiscal discipline.

New Orleans Mayor-elect Mitch Landrieu said he would seek an extension of the Gulf Opportunity Zone bond program when he meets with Obama administration officials and congressional leaders this week in Washington.

Louisiana will refund up to $240 million of outstanding general obligation debt under a proposal approved Thursday by the State Bond Commission.

Louisiana Gov. Bobby Jindal on Friday unveiled a $24.2 billion operating budget for fiscal 2011 that is $5.5 billion less than the state spent in fiscal 2010.

BRADENTON, Fla. — Louisiana federal Judge Kurt Engelhardt has agreed to hear oral arguments April 21 from PaineWebber Capital Services Inc. and UBS Securities LLC on their motion to dismiss a suit filed by New Orleans involving the failed remarketing of its firefighters’ pension bonds.

DALLAS — Arguments got under way Wednesday in a New Orleans federal district court in an effort by historic preservationists to derail construction of a bond-financed state hospital in the city.

DALLAS — Another $641 million could be added to Louisiana’s $1.5 billion of remaining authorization for Gulf Opportunity Zone bonds if already-allocated bonds are not sold by mid-August.

While in New Orleans last week, Vice President Joe Biden said the federal government will allow local governments in Louisiana and Mississippi to seek forgiveness of special community disaster loans they received after the hurricanes of 2005.

DALLAS — Woman’s Hospital Foundation of Baton Rouge, La., will revive a halted replacement project with the proceeds from next week’s negotiated sale of $244 million of hospital revenue bonds and $100 million of Gulf Opportunity Zone bonds.

BRADENTON, Fla. — The ­Louisiana Citizens Property Insurance Corp. is seeking more than $10 million in damages in a federal suit against JPMorgan and Bear, Stearns & Co. over failed auction-rate securities that the state-run, nonprofit insurer was forced to refinance.

BRADENTON, Fla. — After more than a year of negotiations, New Orleans has filed an amended complaint in its federal suit against Ambac Assurance Corp., Ambac Financial Services LLC, PaineWebber Capital Services Inc., and UBS Securities LLC.

DALLAS — Louisiana’s remaining $1.4 billion capacity for Gulf Opportunity Zone bonds has been opened to economic development projects in all 31 parishes affected by the 2005 hurricanes with the end of the program that established two separate allocation pools.

Louisiana state Sen. Jack Donahue, R-Covington, told the Press Club of Baton Rouge this week that the Legislature should develop its own plan for dealing with a proposed $3 billion revenue shortfall over the next two fiscal years.