Bond Commission settles on scoring system for GO Zone projects

(AP) The state money panel overseeing a hurricane recovery business loan program has agreed to a grading system for projects applying for the limited pool of dollars.

Now that the grading system is in place, the State Bond Commission plans to hold a special meeting within weeks to start voting on projects seeking the tax-free Gulf Opportunity Zone Act loans. The commission had delayed application approvals while deciding how to divvy the dollars.

GO Zone loans are available to private business ventures in 31 parishes affected by hurricanes Katrina and Rita. The Bond Commission has received $13 billion in applications for GO Zone bonds, but the program was capped at $7.8 billion by Congress.