Panel gives OK for La. to borrow $350M for rural road upgrades

The State Bond Commission has given the first layer of approval to a $350 million borrowing plan to repair and upgrade rural roads across Louisiana. The commission agreed without objection today to proceed with the bond sale planning. Approval of the final structure of the sale will be decided at next month’s meeting. If the Bond Commission signs off on the final details of the borrowing plan, the first round of projects will be spread across 37 parishes, according to a list provided by Gov. Bobby Jindal’s administration. The dollars will pay for construction on roads not eligible for federal matching dollars in the highway program. The debt will be paid over a maximum of 22 years with money from registration, license fees and taxes on commercial trucks and trailers. The commission also approved $13 million in Limited Ad Valorem Tax Revenue Bonds for BREC for the purchase of equipment and for improvements and maintenance of public recreational facilities, parks, playgrounds and other BREC properties.