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Louisiana may do bridge loan to finance construction work

1 year 7 months 1 week ago October 15, 2015 Oct 15, 2015 Thursday, October 15 2015 October 15, 2015 12:33 PM in News
Source: Associated Press

BATON ROUGE - Louisiana officials are considering a short-term bridge loan to keep money flowing to state-financed construction work, while the next governor starts to dig the state out of its budget mess.

The Bond Commission, which oversees construction spending, was told Thursday that without an influx of new cash, Louisiana will start running out of money for projects at the beginning of February.

Louisiana's financial advisers are exploring if it could be cheaper for the state to borrow money over six months rather than with a long-term bond sale.

Financial adviser Renee Boicourt said Louisiana's financial uncertainty amid the transition to a new governor's administration could make investors jittery. She said that could boost interest rates that would be locked in for 20 years if the state did a traditional bond sale.

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