Results indicate that the need for additional prison space and other capital needs will be likely to dominate the State's near-term bond capacity. Private financing, construction, and ownership of prisons under lease-purchase agreements provides a viable and responsible alternative to additional Government financing. The efficiencies to be realized through private participation can reduce the narrow cost difference between general obligation and private lease-purchase financing. Further, technological advances in design and construction can achieve considerable cost reductions, and construction of a single 1,200-bed prison can achieve significant economies of scale. Finally, additional savings may be realized through the avoidance of renovation costs, reduction in staffing requirements, and reduced maintenance and utilities costs. Nine appendixes amplify these findings.