Posted: Feb 29, 2012 9:39 AM by AP
BATON ROUGE, La. (AP) - The Port of Greater Baton Rouge's board has voted to begin the process of issuing $200 million in bonds, backed by its grain elevator operator's letter of credit, for improvements to the grain facility.
The Port Commission held a special board meeting Tuesday to consider Louis Dreyfus Corp.'s request for a letter saying the port intends to issue the bonds within the next three years.
Port Director Jay Hardman tells The Advocate the motion passed without opposition.
Hardman says the company plans around $135 million in improvements to the grain facility and wanted the port to act as the conduit for the tax-exempt bonds.
Although the port would issue the bonds, Hardman says Louis Dreyfus would be solely responsible for paying off the debt.