Feb 11, 2014 5:54 AM by AP
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.