The Louisiana Public Facilities Authority (LPFA) is a financing authority created in 1974 as a public trust and public corporation by the Public Facilities Corporation, a Louisiana corporation, pursuant to an indenture of trust. The State of Louisiana is the beneficiary of that trust. The LPFA has the ability to issue both taxable and tax-exempt bonds to finance everything from educational facilities to hospitals, student loans, industrial and economic development projects and essential programs for state and local governmental units. The LPFA is a self-supporting authority that operates solely on self-generated revenues. The LPFA has never received any tax or other appropriation from the State of Louisiana for its operations and has never requested such funds. LPFA's operating expenses are covered through revenues generated by fees on bonds issued through the LPFA.