Posted: Dec 19, 2013 11:59 AM
Updated: Dec 19, 2013 11:59 AM
Source: Associated Press
BATON ROUGE - The state Bond Commission gave approval to a plan to borrow nearly $500 million for construction projects.
The money will replenish a fund that pays for the projects.
State Treasurer John Kennedy says the details will be worked out next month.
Right now the plan involves selling $347 million in tax exempt bonds along with $149 million in taxable bonds.
That debt would be paid off over decades with interest.
It will keep the cash flowing for college building repairs, economic development, and various road projects.
Earlier in the year, Louisiana's construction budget got tight enough to threaten some projects.
Improved revenue forecasts and low interest rates have now let the state operate under its debt ceiling.