Posted: Jul 19, 2013 8:18 AM by AP
BATON ROUGE, La. (AP) - State officials have approved $14 million in borrowing that will help a New Orleans performing arts school expand.
The expansion will house a full-day high school and culinary arts classes.
The transaction that would transform warehouse space is complicated, and the State Bond Commission added a contingency to the borrowing.
The New Orleans Center for Creative Arts Institute - the private organization that helps fund the school - must reconcile discrepancies on how the finances will work.
Members of the commission agreed Thursday to the contingency after verifying that state dollars would not be spent on the project.