Panel gives approval for $350M road borrowing - KPLC 7 News, Lake Charles, Louisiana

Panel gives approval for $350M road borrowing

BATON ROUGE, La. (AP) - The Bond Commission has given the first layer of approval to a $350 million borrowing plan to repair and upgrade rural roads across Louisiana.

The money panel agreed without objection Thursday to proceed with the bond sale planning. Approval of the final structure of the sale will be decided at next month's meeting.

Some of the work outlined in the plan is in Beauregard, Jeff Davis and Vernon parishes.

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 up to 22 years with money from registration, license fees and taxes on commercial trucks and trailers.

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