Dec 18, 2013 6:02 AM by AP
BATON ROUGE, La. (AP) - Louisiana has sold $113 million in bonds to pay for continued roadwork on Interstate 49, mainly the northern section.
State Treasurer John Kennedy said the bond sale happened Tuesday.
The state sells bonds to investors for upfront cash to pay for construction projects, with the borrowing debt paid off over time with interest.
The I-49 bonds will be paid off with revenue from the state's unclaimed property fund. Kennedy says the bonds' interest rates will range from 2 percent to 5 percent.
The $113 million will be split, with $92 million slated to pay for work on I-49 North and $21 million put toward work on I-49 South.
Kennedy says the money generated by Tuesday's bond sale helps to continue construction of one of Louisiana's most important infrastructure projects.