DALLAS - The Louisiana State Bond Commission gave its approval on Friday to the state's continued holding of auction-rate bonds issued by the Louisiana Stadium and Exposition District that the state purchased in April after the auctions failed.

Louisiana had faced a deadline of Oct. 10 to remarket the bonds in the auction-rate mode but U.S. Treasury officials notified governmental issuers on Wednesday that they can purchase and hold auction-rate securities, variable-rate demand bonds with seven-day put options, and tax-exempt commercial paper until Dec. 31, 2009.

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