Posted: Sep 19, 2013 2:11 PM
Source: Associated Press
BATON ROUGE- The state is reworking its financing plans for a south Louisiana toll bridge that has been riddled with problems, to keep the tolls from rising beyond the current schedule.
The State Bond Commission approved the pieces of the $176 million debt restructuring plan Thursday for La. Highway 1 in Leeville.
The bridge, which opened in 2009, is a critical pathway used to haul oil and gas. It also is the bridge leading to Grand Isle.
Michael Bridges, undersecretary for the Department of Transportation and Development, says the debt restructuring extends repayments for 6 years beyond what was planned. But he says it doesn't increase repayment costs and keeps tolls from growing larger than expected.
The current toll for most cars is $3 round-trip, while the largest trucks are charged $15.