Posted: Feb 29, 2012 7:01 AM
Source: Associated Press
BATON ROUGE- The Port of Greater Baton Rouge's board has voted to begin the process of issuing $200 million in bonds, backed by its grain elevator operator's letter of credit, for improvements to the grain facility.
The Port Commission held a special board meeting Tuesday to consider Louis Dreyfus Corp.'s request for a letter saying the port intends to issue the bonds within the next three years.
Port Director Jay Hardman says the motion passed without opposition.
Hardman says the company plans around $135 million in improvements to the grain facility and wanted the port to act as the conduit for the tax-exempt bonds.
Although the port would issue the bonds, Hardman says Louis Dreyfus would be solely responsible for paying off the debt.