BATON ROUGE — The State Bond Commission today is scheduled to clear the way for $2.2 billion worth of construction work to begin, continue or be completed. The commission is acting on a long list of projects approved by the Legislature in House Bill 2 (the Capital Outlay Bill) and cleared by the Jindal administration for funding this year. But not all of the $2.2 billion will be in the form of cash.
About $1.64 billion of the projects have Priority 1 status, which means they will receive cash lines of credit that enable architects, engineers and contractors to be paid as the work progresses.
Priority 1 projects have received funding in previous years and could take several years to complete. Any new Priority 2 project begun this year that requires multi-year funding would move up to Priority 1 next year.