Louisiana Legislature Nears Approval Of Rural Road Money
Today will be an important day for a plan by Jonesboro Representative Jim Fannin that would be used to overlay, repair and upgrade multiple miles of roads throughout Louisiana. Fannin's $325 million day plan for borrowing the funds is getting even closer to being officially approved by the Legislature.
The Louisiana House of Representatives will be debating the rural roads borrowing package today. If House members vote in favor of borrowing the money, then the bill would head to Governor Bobby Jindal's desk for his signature. He says he approves of the bill.
The money for rural road repairs would be money that goes to parishes who have to maintain roads that are not eligible for federal matching money.
The way the legislation would work is that it would authorize Louisiana's Department of Transportation and Development to borrow the $325 millon dollars by selling bonds to investors for upfront money. Louisiana would then be on the hook to pay the debt off over time with interest. Louisiana will then continue to charge citizens for vehicle registrations, licenses along with taxes on commercial trucks and trailers.