Money panel agrees to state construction spending
BATON ROUGE - State officials have agreed to a list of $125 million in new construction spending this year - projects recommended by Gov. Bobby Jindal's administration.
The Bond Commission approved the spending Thursday without objection. It also gave preliminary support to borrowing $200 million to keep dollars flowing to pay for the state's construction work.
Lawmakers gave Jindal decision-making power to choose among their projects in this year's construction budget, after packing the bill with projects costing more than three times the money the state had to spend.
Louisiana has a cap on annual borrowing that limits spending on construction work to $355 million in the fiscal year that began July 1. The projects are paid with dollars borrowed through bond sales to investors, paid off over years with interest.
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