DALLAS - Colorado needs to spend $800 million over the next five years to expand its prison capacity, including construction of a major facility at a site to be determined, Department of Corrections executive director Ari Zavaras told lawmakers.

Winning approval for such an ambitious plan could prove difficult in an election year in which the economy is weakening, officials noted. The state's last financing of a prison using $171 million in certificates of participation was delayed for three years by a court suit challenging the debt. The department finally broke ground on the 948-unit prison in Canon City last August.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.