Louisiana borrowing $185M to start interstate projects
BATON ROUGE (AP) - Louisiana will borrow $185 million in April to finance highly sought roadwork ranging from widening of Interstate 10 in the capital city to a new Interstate 20 access for Barksdale Air Force Base.
The Bond Commission quickly agreed to the plans Thursday. Louisiana will sell bonds to investors for upfront cash, paying the debt off over 15 years with federal highway dollars the state receives.
Four projects totaling an estimated $650 million to complete will share in the money. More borrowing will be needed within two years to keep the work going.
In addition to the Baton Rouge and Bossier City projects, the money will help pay for an I-10 interchange to serve a new terminal at the New Orleans airport and a bridge and tunnel replacement in Plaquemines Parish.