Posted: May 9, 2012 6:18 AM by AP
BATON ROUGE, La. (AP) - A $325 million borrowing plan to repair and upgrade rural roads across Louisiana is near final legislative passage.
The proposal by Jonesboro Rep. Jim Fannin is up for a House vote Wednesday. If approved there, it heads to Gov. Bobby Jindal, who supports it.
Every parish but Orleans Parish would be eligible for the highway repair money, which would pay for work on roads not eligible for federal matching dollars in the highway program.
The proposal would let the Department of Transportation and Development borrow dollars by selling bonds to investors for upfront cash. The debt would be paid off with interest over 20 years with a pot of money from registration, license fees and taxes on commercial trucks and trailers.