List Your Equipment  /  Dealer Login  /  Create Account

Bond Deal to Keep La. Bridge Work Moving

Fri May 15, 2009 - Southeast Edition
Construction Equipment Guide


BATON ROUGE, La. (AP) The State Bond Commission on April 16 approved a $300 million bond deal aimed at funding two major bridge projects in south Louisiana.

The state Department of Transportation and Development needs the cash to keep paying for widening of the Huey P. Long bridge in Jefferson Parish and construction of a new Mississippi River bridge near St. Francisville. The bond sale will keep the work going through the summer, but more bonds will need to be issued later this year, the agency said.

The Bond Commission approved the department’s plan without objection.

The arrangement includes a payment the state must make of roughly $50 million to financial institutions for a bet on interest rates — known as a “rate swap’’ — that went sour last year amid the credit crunch.

The bridge projects are part of the Transportation Infrastructure Model for Economic Development program, or TIMED, created by the Legislature in 1989 to pay for 16 large highway and bridge projects. The Huey Long Bridge project is estimated to cost $1.1 billion. The John James Audubon span, between West Feliciana and Pointe Coupee parishes, has a $403 million price tag.




Today's top stories

Crews Continue Important Highway Corridor Project After 10-Year Lull

HCEA Announces Antique Construction Equipment Show Dates

New First-of-Its-Kind Machine Works On Lake Restoration

IDOT's $1.5B Council Bluffs Interstate Project Is Ahead of Schedule

ConExpo-Con/AGG, IFPE Announce Inaugural Next Level Awards Program

Cat 350 Excavator Delivery Productivity, Enhanced Sustainability

McGeorge Contracting Works to Complete King Expressway/Hot Springs Bypass Extension

Kirby-Smith Machinery Names Sam Schneider as General Manager, Industrial Equipment








ceg-logo ceg-logo ceg-logo ceg-logo ceg-logo
39.04690 \\ -77.49030 \\ Ashburn \\ VA