Covering Louisiana

Feb 11, 2014 5:54 AM by AP

La. to sell $500M in bonds for construction work

BATON ROUGE, La. (AP) - Louisiana is getting ready to borrow nearly $500 million to replenish the fund that pays for state-backed construction projects.

The bond sales will be held Tuesday, with the results needing approval from the State Bond Commission before the borrowing deals are complete.

The plan involves selling $347 million in tax-exempt bonds and $149 million in taxable bonds to investors for upfront cash. The bond debt will be paid off over decades with interest.

The dollars will go into a state escrow account. That will keep money flowing for college building repairs, economic development projects, road work and local projects financed through the state construction budget.

»Comments

»Topics in this article

Top Videos

1 2 3 4

Most Popular