LAFAYETTE, La. (AP) — The city of Lafayette has received State Bond Commission approval to sell $23.5 million in bonds to finance construction projects, but a bond sale may not be necessary at this time.

Dee Stanley, Lafayette Consolidated Government chief administrative officer, told The Advertiser  there is money left over from a previous bond sale that may be used to fund one or more road construction projects if the City-Parish Council agrees to shift the money and reprioritize projects.

State Bond Commission action Thursday cleared the way for the city to sell Public Improvement Sales Tax Bonds, in one or more series. Interest on the bonds is not to exceed 6 percent and they would be paid off in at least 25 years.

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