DALLAS — Louisiana will refund $303 million of gasoline and fuels tax revenue bonds to avoid $110 million of swap fees on the variable-rate debt with Thursday’s negotiated transaction.

Without the refunding, the state would face a June 1 hard call on the tranches of second-lien bonds issued in 2009 and 2010 to finance projects in the constitutionally mandated Transportation Infrastructure Model for Economic Development program.

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