Why is the Authority bonding so much that the entire $895 million in appropriations will be consumed in debt service by 2011?
A. The Authority’s annual bonding requirement is a function of capital program size and the level of revenue appropriations provided each year. Both levels are recommended by the Governor and approved by the Legislature. Once these two variables have been determined by the Legislature, the bonding requirement becomes a fixed value which the Authority has little or no discretion to change.