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<br />TABLE OF CONTENTS <br /> <br />PAGE <br /> <br />REPORT SUMMARY ............................................ 1 <br /> <br />Recommendation Locator . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . . . . . . . . .. 7 <br /> <br />DESCRIPTION AND PURPOSE ................................... 9 <br /> <br />Chapter 1. CONSTRUCTION FUND PROJECT PLANNING ... . . . . .. 13 <br /> <br />Two Broadly Defined Priorities Were <br />Established for the Construction Fund' . . . . . . . . . . . . . . . . . . . . . . .. 14 <br /> <br />Board's Planning Process Has Not Been <br /> <br />Fully Developed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 16 <br /> <br />Construction Fund Monies May Not Be Used <br />in the Most Effective Manner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 17 <br /> <br />Chapter 2. FINANCIAL MANAGEMENT OF THE <br />CONSTRUCTION FUND .............................. 19 <br /> <br />Long- Term Financial Plans Need To Be Developed . . . . . . . . . . . . . . . . . . .. 20 <br /> <br />Need To Ensure That the Construction Fund <br />Can Meet Future Demands ................................ 21 <br /> <br />Statutes Allow the Board Flexibility in <br />Setting Loan Interest Rates ................................ 22 <br /> <br />Loan Interest Rates Have Not Reflected <br />Changing Market Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 23 <br /> <br />Additional Cash Inflows to the Fund <br />Could Have Been Significant ................................ 2... <br /> <br />No Interest Is Charged on Cash Funds Advanced <br />During the Construction Period ............................. 25 <br /> <br />Projects Authorized by the Legislature <br />May Not Be Constructed .................................. 27 <br />