BATON ROUGE, La. (AP) — Louisiana has borrowed nearly $500 million to refill the fund that pays for state-backed construction projects.
It did so through two general obligation bond sales on Tuesday. The bids were accepted without objection by the State Bond Commission.
The state sold $347 million in tax-exempt bonds and $149 million in taxable bonds to investors for upfront cash. The debt will be paid off over decades, with interest.
The dollars will go into a state escrow account. That will keep money flowing for college building repairs, economic development projects, road work and local projects financed through the state construction budget.
Replenishment of the construction fund eases concerns that some projects would have to be slowed because of a cash crunch.