Borrowing arrangement approved by state Bond Commission
The state Bond Commission has put the Legislature on the hook for repaying $35 million in borrowing for steel producer Nucor Corp.
Gov. Bobby Jindal speaks during a press conference at the St. James Parish Welcome Center in Gramercy in September 2010, where he announced that Nucor Corp. has chosen a Louisiana site for a $3.4 billion iron plant. The state Bond Commission Thursday approved a borrowing arrangement for the project that means the state must repay $35 million borrowed for the plant.The Advocate reports the commission's action on Thursday means the legislators will have to come up with as much as $975,382 by next summer to pay the first installment on the bonds.
Lt. Gov. Jay Dardenne told the legislators on the panel to pay attention. He said the commission essentially obligated the Legislature to appropriate the money by approving the borrowing arrangement.
Nucor Corp. broke ground in March on the first of five phases of a steel and iron plant in St. James Parish.