The Louisiana State Bond Commission today will review details of a new federal program that will make available more than $381 million of tax-free debt for businesses in 16 parishes in the southern part of the state that suffered damages from Hurricane Ike in September.

The federally authorized bonds are similar to the Gulf Opportunity Zone bonds authorized by Congress after Hurricane Katrina in 2005. However, proceeds from the new bonds can be used only to rebuild uninsured losses, with no new construction allowed.

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