Louisiana borrows to build new women’s prison after flooding
BATON ROUGE, Louisiana (AP) – Louisiana will borrow up to $ 46 million to help cover the costs of building a new women’s prison to replace facilities damaged five years ago in heavy flooding that affected devastated the Baton Rouge region.
The State Bonds Commission accepted without objection the borrowing plan submitted by the State Correctional Service. The borrowing will be done through bond sales to investors in order to generate the initial liquidity, repaid with interest over a period of up to 30 years.
This money will combine with other federal and state funding to pay for the total $ 114 million cost of the new facility.
Construction of the new Saint-Gabriel women’s prison is expected to begin in September and be completed by October 2023, according to information provided to the Bond Commission.
The project will replace the Louisiana Correctional Institute for Women, which was damaged in the August 2016 floods. This Saint-Gabriel facility was the only women’s prison in Louisiana. Since the floods, the prisoners have been accommodated in several state and local prisons.
In addition to the loan, the state will use $ 34 million in disaster assistance from the Federal Emergency Management Agency, insurance proceeds and other state funding to pay the total cost. of construction of 114 million dollars.