DALLAS — The Louisiana State Bond Commission gave its approval yesterday to refunding and restructuring $300 million of fuel-tax bonds issued in May 2009 to finance a portion of a constitutionally mandated transportation program.
The commission approved the conversion to SIFMA bonds of $200 million of second-lien revenue bonds issued as tax-free variable-rate debt obligations, enhanced with a letter of credit from JPMorgan Chase Bank, and the refunding of $103 million of the highway revenue bonds issued as taxable Build America Bonds. The bonds were priced Wednesday at SIFMA plus 75 basis points. Morgan Keegan & Co. was underwriter. Foley & Judell LLP is the commission’s bond counsel.