Posted: Aug 17, 2012 10:14 AM by AP
BATON ROUGE, La. (AP) - The Bond Commission has started the process for a $325 million, multiyear borrowing plan to repair and upgrade rural roads across Louisiana.
The money panel agreed Thursday to move ahead with choosing the professionals who will handle the bond sales, to generate upfront money for the road work.
The Department of Transportation and Development plans three bond sales, including a $100 million sale during the current budget year.
If the Bond Commission signs off on the details of the borrowing plan, the first round of projects will be spread across 37 parishes. The dollars will pay for construction on roads not eligible for federal matching dollars in the highway program.
The debt will be paid off with money from registration, license fees and taxes on commercial trucks and trailers.