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Louisiana borrows $335M to continue construction projects

1 year 5 months 2 weeks ago May 06, 2015 May 6, 2015 Wednesday, May 06 2015 May 06, 2015 11:12 AM in News
Source: Associated Press

BATON ROUGE - Despite budget question marks and the collapse of a recent LSU bond sale, Louisiana has borrowed $335 million without problems.

The state sold general obligation bonds Wednesday to low bidder Wells Fargo Bank. The Bond Commission agreed to the sale without objection, with the money slated to replenish the state's construction project fund.

Louisiana's financial adviser said the winning bid was in line with current market conditions, though the 3.3 interest rate was slightly higher than the state's last bond sale.

The borrowing, to be paid off over decades with interest, will keep work humming on state-financed construction projects through February.

Ongoing budget uncertainties had caused worries the state might face less favorable terms for the bond sale. But the money was needed to keep construction work on track.

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