Division of Administration - Kristy Nichols, Commissioner - State of Louisiana
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NEWS

FOR IMMEDIATE RELEASE
December 18, 2013
Contact: Gregory DuPuis, 225-342-7000

Commissioner Nichols Announces Availability of Funds for I-49 North and South Projects

BATON ROUGE – Today, Commissioner Kristy Nichols announced the availability of nearly $113 million in funds which will be used to finance both the I-49 North and I-49 South extensions.  These dollars became available yesterday through the sale of tax-exempt bonds supported by the Unclaimed Property Leverage Fund.  The all-in total interest cost for this sale was around 4 percent, which is considered a very competitive rate.
 
“To be able to secure funding for this project is paramount.  The importance of the I-49 corridor cannot be understated, and the economic impact of this project will continue to aid growth in this state for a very long time,” said Commissioner Nichols.  “I’m thrilled to be able to move forward with these projects.”
 
The dollars raised by the sale of these bonds will be divided between I-49’s Northern and Southern expansion projects, as was determined by Act 413 of the 2011 session.  $89.5 million will be devoted to the Northern expansion of the interstate, from I-220 in Shreveport to the Louisiana/Arkansas state border.  In addition, nearly $20 million will be dedicated to the Southern expansion which starts at I-10 in Lafayette and continues south to the West Bank Expressway in New Orleans.

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