Senate Bill No. 72, introduced by Senator Reese, aims to amend and reenact certain provisions related to the issuance of bonds for financing capital improvement projects within the Louisiana Community and Technical College System (LCTCS). The bill establishes a debt service payment obligation limit of $43.9 million per year for projects financed through bonds issued on behalf of nonprofit corporations operating facilities under LCTCS. It also introduces a requirement for a minimum of 12% private match funding for each project before financing can commence. The bill outlines a new list of authorized projects, including various community college campuses, and mandates that the LCTCS board periodically assess facility needs to prioritize improvements and maintenance.

Additionally, the bill amends existing law to clarify that the projects financed under this framework will not be required to be included in the annual comprehensive capital budget. The board is granted discretion to determine the necessary funding for each project and may amend the list of projects as needed to address facility requirements or support economic development. The effective date of the bill is contingent upon the governor's signature or the expiration of the time for gubernatorial action.

Statutes affected:
SB72 Original: 17:3(B)