Louisiana borrows money for I-49 South work in Acadiana
BATON ROUGE, La. (AP) — Louisiana has borrowed $76 million to pay for work on Interstate 49 South projects in Broussard and Jeanerette.
State Treasurer John Kennedy announced Wednesday that the state sold bonds to investors this week, to generate the money. The debt will be paid off over 20 years with a 3.79 percent interest rate.
The projects are part of a long-term plan to convert 160 miles of U.S. 90 from Lafayette to New Orleans into I-49.
The state will use some annual collections from its unclaimed property program to pay off the bond debt.
Louisiana has hundreds of millions of dollars in unclaimed money owed to people that it holds until someone claims it. That includes money from old savings and checking accounts, payroll checks, stocks, dividends and insurance proceeds.
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Posted on Fri, August 21, 2015
by Associated Press