DALLAS - The Louisiana Bond Commission on Thursday approved a plan by East Baton Rouge Parish to refund $92.2 million of adjustable-rate revenue bonds issued in 2006 that reset from 3% to 7.5% after the bonds lost their triple-A enhancement provided by Financial Guaranty Insurance Co.

Attorney Richard Leibowitz of Breazeale, Sachse & Wilson LLP, the parish's bond counsel, said the refunding would replace the FGIC insurance policy with a letter of credit from Dexia Credit Local, the liquidity provider for the original issue in 2006.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.