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Mar 2, 2012 7:05 AM by AP

State sells $400M in general obligation bonds

BATON ROUGE, La. (AP) - Louisiana has sold $400 million in general obligation bonds, borrowing that will pay for ongoing and planned state construction projects.

The online auction was held Thursday by the Bond Commission. The bonds were awarded to the low bidder, J.P. Morgan Securities LLC.

The state issues bonds to investors to get upfront cash for projects, and then pays the debt with interest over several years. Treasurer John Kennedy's office says the $400 million bond sale will pay for 190 projects around the state.

The commission also agreed to refinance $49 million in existing state debt for a lower interest rate that will save the state more than $5 million over the repayment of the borrowing.

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