Louisiana – In a recent meeting on Wednesday, July 24, the Louisiana State Bond Commission gave the green light to a diverse range of projects across the state. According to Louisiana State Treasurer John Fleming, M.D., “We are pleased to be able to approve this funding for such important projects in parishes throughout the state.”
The approved projects include a $2 billion senior lien revenue bond for the construction of the new I-10 Calcasieu River Bridge in Lake Charles in Calcasieu Parish. The City of Kenner in Jefferson Parish will receive $7 million in limited tax bonds for fire department buildings and facilities. Meanwhile, the Town of Livingston in Livingston Parish will get $2.375 million in sales tax revenue bonds for recreational field upgrades.
Other projects approved by the commission include a $125 million special tax revenue bond for capital improvements to the Ernest N. Morial Convention Center in Orleans Parish, a $17.055 million limited tax revenue bond for parks and recreational facilities in Tangipahoa Parish, and an $8.74 million revenue bond for water system improvements in Tangipahoa Parish.
The State Bond Commission plays a crucial role in reviewing applications from parishes, municipalities, and special taxing districts seeking to incur debt or levy taxes. The commission ensures that these applications comply with constitutional and statutory requirements, as well as feasibility, including the ability to repay any indebtedness incurred.
This year, the state achieved the highest rate of return on state investments in the past five years, with an estimated investment income of over $433 million. Furthermore, Louisiana’s General Obligation Bond rating was upgraded from AA- to AA by S&P Global Ratings, reducing the cost of borrowing for the state.
In 2024, the State Bond Commission issued $293.82 million in General Obligation bonds to fund capital projects, as well as $97.105 million in General Obligation Refunding Bonds to refinance outstanding bonds, resulting in $3.12 million in net present value savings. To date, the commission has approved 110 debt applications totaling $6.07 billion and 147 local government elections.