- Associated Press - Thursday, August 20, 2015

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.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide