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Old 01-16-2013, 08:16 PM   #1
insidehoops
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Default Superdome Commission approves bond refinancing proposal

The Louisiana Stadium and Exposition District unanimously approved a resolution at its monthly meeting Wednesday that reduces the interest rate on bonds used for capital improvements in the Mercedes-Benz Superdome, a move that will save the state of Louisiana significant money and increase the building's operating capital.

The LSED (also known as the Superdome Commission), and consequently the state, had been saddled with burdensome interest payments following the collapse of the bond market in 2008 because of the way in which a bond purchase was structured following Hurricane Katrina when about $336 million in improvements and repairs were needed for the iconic structure on Poydras Street.

-- New Orleans Times-Picayune
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