Louisiana borrows $335M to continue construction projects
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.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Suspected robber and his alleged getaway taxi driver both arrested
Sewage overflow creating mess for Slaughter woman
Tax break for residents in Livingston Parish
Investigative Unit: Political rivals feud over destroyed campaign signs
Video shows cab driver and theft suspect being arrested