DALLAS — Louisiana will avoid $75 million of a potential $120 million in swap termination fees on a delayed issue of $485 million of fuels-tax revenue bonds with a reconfigured structure that will finance an ongoing highway improvement program for the next six to 12 months.

The State Bond Commission yesterday approved a plan to issue by May 1 $200 million of 35-year variable-rate bonds backed by a letter of credit from JPMorgan Chase Bank, and $150 million to $200 million of floating-rate bonds.

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