Louisiana

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.

DALLAS — New Orleans Mayor Ray Nagin on Friday outlined a 2010 general fund budget that relies on more vigorous revenue collection and cuts to departmental budgets to plug a $67.7 million deficit.

DALLAS — Louisiana officials were gratified Tuesday with significant investor interest in the state’s first offering of new-money debt in three years.

DALLAS — Louisiana will sell $325 million of general ­obligation bonds next week as the state enters the new-money market for the first time in three years.

The five-week old state tax amnesty program has generated more than $40 million. The program began Sept. 1 and is set to expire Oct. 31.

A planned March 2010 election for $200 million of bonds requested by the Jefferson Parishwide School District has been postponed until October 2011.

Voters in Louisiana’s Iberia Parishwide School District will decide on a $60 million general obligation bond package Saturday that would finance projects contained in a capital improvement plan adopted by school trustees in July.

DALLAS — East Baton Rouge Parish’s proposed $900.8 million bond package will remain on the Nov. 14 ballot despite efforts by several members of the Metropolitan Council to postpone the election until 2010.

Fitch Ratings and Standard & Poor’s raised their ratings on Louisiana’s general obligation bonds by one notch as the state prepares a competitive sale of $324.8 million of GOs for Oct. 27.

BRADENTON, Fla. — Just ahead of Louisiana’s $324.8 million general obligation sale later this month, Fitch Ratings on Thursday upgraded the state’s GO rating to AA-minus from A-plus.

Louisiana has opted for binding arbitration to resolve its dispute over the replacement value for Charity Hospital in New Orleans, wich was severely damaged by Hurricane Katrina in 2005.

New Orleans hopes to generate at least $5 million in revenue from businesses with a sales tax amnesty program that will begin Oct. 1 and extend through Dec. 4.