Louisiana borrows $360M to resupply construction account
BATON ROUGE, La. (AP) - Louisiana is borrowing $360 million to replenish the account that pays for state-financed construction work, the state's first general obligation bond sale in nearly 18 months.
The Bond Commission, which oversees construction spending, approved the sale Thursday without objection to keep cash flowing to projects. The sale involves borrowing money by selling bonds to investors for upfront cash.
Bank Of America Merrill Lynch was the winning bidder. The debt will be paid over 20 years with a 3.2 percent interest rate, a slightly higher rate than Louisiana's last general obligation bond sale in September 2017.
The commission previously blocked Bank of America from involvement in a $600 million road-financing plan because of the company's firearm restriction policies for corporate customers. No commission member raised such objections for Thursday's bond sale.
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