Louisiana commission approves about $400 million of bonds

The Louisiana Bond Commission approved $398 million of bonds Thursday ? $190 million water and sewer revenue bonds, $117 million gas and fuels tax variable rate demand bonds and $91 million road and bridge bonds.

Shreveport will offer the $190 million bonds to refund Series 2014B and 2014C and Series 2015 bonds, which mature in December 2040, on a negotiated basis with Stifel, Nicolaus & Co.; Raymond James and Crews & Associates as underwriters.

The refunding shortens the final maturity of the series 2014B bonds by six years.

The commission also approved the state selling $117 million variable rate demand gasoline and fuels tax second lien revenue refunding bonds to refund Series 2022A gasoline and fuels tax second lien revenue refunding bonds.

TD Bank will provide a direct-pay letter of credit and TD Financial Products will be the remarketing agent. PRAG will serve as the municipal advisor and Foley & Judell as bond counsel.

The state plans to have the commission approve a supplemental resolution concerning the refunding bonds in late November and then price the bonds thereafter.

"In simple terms, by doing this we save interest costs," said Louisiana Treasurer John Fleming.

Finally, the commission approved $91 million for Livingston Parish Council for road and bridge improvements. The bonds are to mature no later than April 2036 and be secured by ? of a 1% sales tax authorized in a 2020 election to be levied through December 2035.