DALLAS — The Louisiana State Bond Commission yesterday approved a $200 million state general obligation bond issue that will refund the $200 million of Gulf Opportunity Zone tax-credit bonds issued in 2006 for local government debt service relief following the hurricanes of 2005.

The 2006 sale was authorized under the federal Gulf Opportunity Zone Act of 2006, which allowed Louisiana to issue up to $200 million of the federal tax-credit bonds. The state used the proceeds from the tax credit bonds to establish an escrow fund to pay debt service on bonds issued before the hurricanes by 13 New Orleans-area entities.

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