New Orleans area to receive majority of $633M OK'd by Bond

The Louisiana State Bond Commission Wednesday approved $633 million in project funding, mostly for the New Orleans area.

Bonds approved:

-$60 million and an interest rate swap agreement for the St. Tammany Parish Hospital Service District No. 1 for renovations. The approval is conditional upon the adoption of a swap policy.

-Preliminary approval for $1.1 million for the Industrial Development Board of the city of New Orleans for the construction of a 76-unit multi-family residential rental facility and 69 parking spaces.

-$45 million for the city's Industrial Development Board TransLoad America Inc. project to finance two facilities for the loading and disposal of waste material.

-$200 million for the Louisiana Public Facilities Authority for the construction of a reformer using methane to produce hydrogen and steam for supply to Marathon Petroleum Co. and hydrogen for supply into the company's system.

-$15 million for the Hammond-Tangipahoa Home Mortgage Authority to provide housing for low- and moderate-income residents.

-$300 million and related cooperative endeavor agreements for the Louisiana Public Facilities Authority for city improvements for which there is a Federal Emergency Management Agency project worksheet, replacement of vital public infrastructure damaged by hurricanes Katrina and Rita, improvements related to the state's hazard mitigation grant program and sewer and water infrastructure improvements.

-$12 million for the Finance Authority of New Orleans for the refinancing and rehabilitating of the Willows Apartment project.

State Treasurer John Kennedy said the commission also approved $1.7 billion in Gulf Opportunity Zone bonds for various projects in parishes impacted by Katrina and Rita.

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