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Release Date: August 7, 2008
For Immediate Release
Office of the Press Secretary
Contact: Gayla Keller (202) 572-8853
"Today, Governor Jindal and I have jointly announced an important development between the State of Louisiana and the Bush Administration. This announcement is the result of conversations that were initiated three months ago in Baton Rouge. This development will have an important and positive impact on the ongoing progress of our joint efforts to provide comprehensive hurricane protection for metropolitan New Orleans by 2011.
The Bush and Jindal Administrations have agreed to an extended payment period for the state share of the hurricane protection work. Specifically, the State of Louisiana will be provided a period of up to 30 years over which they can pay the Federal government for the cost share of levee construction. As required by the Water Resources Development Act of 1986, interest will be assessed at a rate determined by the U.S. Treasury. The cost share will remain at 65/35 as previously established by policy and as set forth in WRDA '86.
This agreement represents a capstone moment in the nearly 13 billion dollar commitment to hurricane protection over the past three years by the Bush Administration and the United States Congress. This is a substantial commitment to the protection of lives and property.
We appreciate the ongoing and energetic leadership of Governor Jindal, his commitment to substantive reforms and the effective working relationship he has demonstrated with the Federal government on a full range of issues designed to better the lives of Louisiana citizens."
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This page was last reviewed/modified on August 7, 2008.