Louisianas top officials agreed Thursday to refinance state debt to generate $82 million in quick cash to help close gaps in this years budget.
The Bond Commission agreed to the financing maneuver over the objections of its chairman, Treasurer John Kennedy.
Lawmakers assumed the additional cash in its budget rebalancing work during the recently-added special legislative session, so refusal to do the refinancing would have more than doubled a remaining $70 million shortfall for the budget year that ends June 30.
But the decision will add long-term costs to state debt repayment.
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Read the full article at: http://theadvocate.com/news/legislature/15221361-128/louisiana-to-refinance-debt-for-82-million-to-help-close-this-years-budget-gap