Baldwin aldermen took action on two bond issues to take advantage of lower interest rates and substantial savings Thursday.
Bonding counsel Lonnie Bewley, in the process of working with the town on purchase of a new, larger garbage collection truck at a cost of about $140,000, pointed out to Mayor Wayne Breaux that rather than a lease purchase, another option was available.
The Louisiana Public Facilities Authority operates a revolving loan program for small issuers under $500,000, Bewley explained. The town can obtain up to 15 percent of the project cost, not to exceed $75,000 of the project cost, interest free.
So the board agreed to take a loan from First National Bank of Jeanerette for $119,000 as a bond at a 3¼-percent interest rate, and $21,000 from LPFA interest free. The Louisiana Bond Commission will still need to approve the indebtedness.
Also, Bewley said an existing issue of $1.3 million for improvements in Raintree Village held by Baldwin but being paid by the Chitimacha Tribe and with a remaining balance of $900,000 can be refinanced at a rate of 3.35 percent. Current rate is nearly 5 percent. The board agreed to that move as well, which also must go before the bond commission.
In other business Thursday:
—Engineer Joel Miller of Miller Engineers and Associates, presented preliminary plans for rerouted access roads to railroad crossings south of the railway.
—The Labau Street drainage project is set to begin as soon as the contractor arrives to start work, Breaux reported.
—Negotiations with property owners for construction of a community center are progressing well, Breaux said, and he expects to make a more detailed report in June.
—FEMA preliminary elevation maps are available at town hall for the public to view.
—The board approved another resolution to be sent to the Louisiana Legislature opposing state collection of local sales taxes.