Refinancing OKd for parking

The State Bond Commission of Louisiana approved a request by officials of New Orleans International Airport to refinance existing bonds for additional parking. The panel approved the proposal to issue up to $40 million in bonds to refinance existing ones at a lower rate for an additional five years. The move will save airport officials about $500,000 a year in existing costs but tack another five years onto the life of the bonds, now set to mature in 2031. (Source: New Orleans Times-Picayune, 08/16/12)