Bond refinance saves money for parish council
Members of the St. Mary Parish Council adopted an ordinance authorizing the refinancing of up to $4.2 million in sewer sales tax bonds when they met in regular session Wednesday.
Bond attorney Jason Akers of the Foley and Judell law firm said the new bond will yield a .8-percent to 2.6-percent interest rate as compared to the original bond at 4.5- to 5.5-percent rate.
A $128,000 savings will be realized in the upcoming fiscal year followed by about $54,000 annually over the life of the bond for the subsequent 11 years, Akers said.
He added that Standard and Poor’s upgraded St. Mary’s bond rating from A to A plus.
Parish Council President Paul Naquin said proceeds from the bond are dedicated to sewer construction projects in the Bakertown, St. Peter Street and Websterville areas of western St. Mary Parish. The beginnings of those projects are pending ongoing right of way acquisitions.
The bond is being repaid with the three-quarter percent sales tax dedicated to liquid and solid waste.
In other business the council:
—Heard from Naquin that a ground breaking on the construction of the Franklin Canal flood control structure will be held in early October.
—Introduced an ordinance establishing a 15-mph speed limit on Cajun Way Road in Amelia.
—Passed resolutions on a cooperative endeavor agreement with Keep Louisiana Beautiful on a Healthy Communities Grant; and an agreement with the state Department of Transportation and Development on rehabilitation projects at Harry P. Williams Memorial Airport.
—Noted that a $6,000 annual funding request by St. Mary Outreach Inc. has already been included in the budget.
—Approved a request by Councilman David Hanagriff, District 3, to transfer $2,000 from the Wards 1, 2, 3, 4, 7 & 10 three-tenths sales tax fund to the Town of Baldwin for the purchase of Pee Wee football helmets.
—Reappointed Ben Adams to the Atchafalaya Golf Course Commission.