$225M Borrowed For Work On Louisiana Rural Roads
BATON ROUGE, La. (AP) — Louisianais borrowing $225 million to pay for improvements to rural roads in 37 parishes around the state.
Bonds were sold Wednesday to investors for upfront cash for the road work.
The dollars will pay for construction on roads not eligible for federal matching money. The debt will be paid off over years with interest, with registration and license fees and taxes on commercial trucks and trailers.
Gov. Bobby Jindal's administration says the money will pay for the repair and resurfacing of nearly 439 miles of road around Louisiana, most of them in rural locations. Commissioner of Administration Kristy Nichols says some of the roads haven't been repaired in 30 years.
Treasurer John Kennedy said Thursday the bonds were sold with an interest rate of just below 3.6 percent.
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