The Louisiana State Bond Commission is slated to select underwriters and bond counsel Thursday for the sale of $334 million of revenue bonds backed by the state highway improvement fund.
Proceeds will help maintain and upgrade more than 1,000 miles of rural state roads.
The fund receives $50 million to $60 million a year from a share of driver’s license fees and commercial vehicle registrations.
Treasurer John Kennedy, who chairs the commission, has been pressing the Department of Highways and Economic Development to issue the bonds as quickly as possible while interest rates remain low.
The initial estimate was that the fund would support $325 million of 20-year bonds for the repair effort, but the total capacity is now expected to be higher.
The current schedule calls for an initial tranche of $100 million in fiscal 2013, another $100 million sale in 2014, and a final $134 issue in 2015.
Lamont Financial Services Inc. is financial advisor.
