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$335M borrowing plan approved for state-funded construction

1 year 8 months 1 week ago April 02, 2015 Apr 2, 2015 Thursday, April 02 2015 April 02, 2015 6:16 PM in News
Source: Associated Press

BATON ROUGE - Louisiana will borrow $335 million next month to replenish its construction project fund and keep the money from running dry in June.

The State Bond Commission agreed to the borrowing plan Thursday without objection.

The bond sale will keep work humming on state-financed construction projects through February. But questions linger about whether Louisiana will face a cash crunch in early 2016, because of borrowing limits tied to the state debt ceiling.

Treasurer John Kennedy says the next governor, to be elected this fall, won't have enough money to pay for all the projects approved by Gov. Bobby Jindal's administration.

Jindal's chief financial adviser, Kristy Nichols, says Louisiana has the borrowing capacity to stay on track with construction work as long as it continues to tightly manage the projects and spending.

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