DALLAS — The Louisiana State Bond Commission continued its efforts Monday to allocate the state's remaining capacity of Gulf Opportunity Zone bonds by awarding $91 million of the tax-exempt bonds at a special session.

Commission director Whit Kling Jr. said the available capacity was approximately $160 million, but a minimum of $220 million of allocations issued in a drawdown mode would be returned to the available pool this week. Applicants assumed that proceeds of the drawdown bonds could be used after the hurricane-recovery bond program expired at the end of 2010, he said, but a recent Internal Revenue Service ruling means that remaining GO Zone bonds must be issued by Dec. 31.

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