Louisiana

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.

DALLAS — Louisiana state agencies have proposed $248 million of budget cuts for the remainder of fiscal 2010 as called for by Gov. Bobby Jindal as revenues continue to drop.

The preliminary report from the Commission on Streamlining Government appointed by Louisiana Gov. Bobby Jindal includes more than $1 billion in potential budget cuts. The total of the 236 proposed cuts is more than the $802 million in reduced spending sought by Jindal.

Investors interested in today's $40 million competitive sale by New Orleans can bid for the debt as Build America Bonds or conventional general obligation bonds, with the lowest offered rate winning the entire tranche.

Collections resulting from Louisiana’s state tax amnesty program totaled $450.6 million, more than triple the amount expected when it began. Another $15 million was generated through tax settlements that were not eligible for the program, the Department of Revenue said Monday.

DALLAS — More students enrolled in Louisiana’s public schools and more state prisoners held in local jails are the two main factors in a potential fiscal 2010 budget shortfall of $145 million outlined Friday to lawmakers by Commissioner of Administration Angèle Davis.

DALLAS — The Louisiana State Bond Commission yesterday agreed to the issuance of up to $350 million of 42-year mortgage revenue bonds under a new federal program for low- and medium-income families.

DALLAS — A commission tasked with making Louisiana government more efficient voted Tuesday to seek another study on the state’s plans to build a $1.2 billion academic medical center in New Orleans.

DALLAS — Voters in East Baton Rouge Parish, La., on Saturday overwhelmingly opposed a request for tax hikes to support $901 million of bonds that would finance infrastructure upgrades and economic development efforts.

The Committee for the Future of East Baton Rouge has raised more than $350,000 to finance its campaign for a $901 million bond package going before East Baton Rouge Parish voters on Nov. 14.