State Bond Commission approves $20.1 million for local projects and over $18 million in savings
BATON ROUGE, La. - The State Bond Commission approved $20.1 million for projects statewide and approximately $18 million in interest savings at its July 17 meeting, according to State Treasurer John Kennedy.
“We saved taxpayer dollars by refinancing public debt in six parishes,” said Treasurer Kennedy. “In addition, approval was given for four parish projects to improve necessary public services.”
Among the individual projects approved were:
$6 million in Limited Tax Bonds for Iberville Parish School Board - Consolidated School District No. 5: for purchasing, erecting and/or improving school buildings and other school related facilities and acquiring the necessary equipment and furnishings.
$13 million in Multifamily Housing Revenue Bonds for The Finance Authority of New Orleans (The Willows Apartments Project): for the acquisition, rehabilitation and equipping of a 263 unit residential rental facility in New Orleans.
$600,000 in Utility Revenue Bonds for Ouachita Parish, Town of Sterlington: for constructing and acquiring extensions, improvements and additions to the wastewater sewer treatment system.
* St. James
$500,000 in Limited Tax Bonds for the Town of Lutcher (DHH Program): for construction additions, improvements to the waterworks system and to acquire the necessary equipment and furnishings, including other incidental costs and fees.
The Commission approved over $18 million in interest savings for local governments by refinancing existing debt. Among the savings were:
$135 million in Utilities Revenue Refunding Bonds for the City of Bossier City: saving taxpayers $13 million.
* East Baton Rouge
$92 million in Auxiliary Revenue Refunding Bonds for East Baton Rouge Parish - Board of Supervisors of Louisiana State University and Agricultural and Mechanical College: saving taxpayers $4 million.
$15 million in General Obligation Refunding Bonds for Iberia Parish School Board - Parishwide School District: saving taxpayers $470,000.
$9.1 million in Sales Tax Revenue Refunding Bonds for Madison Parish School Board - School District: saving taxpayers $176,000.
* St. Mary
$3.5 million in General Obligation Refunding Bonds for St. Mary Parish, Consolidated Gravity Drainage District No. 2: saving taxpayers $325,000.
$435,000 in General Obligation Refunding Bonds for Webster Parish, City of Springhill: saving taxpayers $65,000.
Statewide issues approved by the Bond Commission include $300 million for the Louisiana Community Development Authority (LCTCS Act 360 Project) to pay for improvements to public facilities of the Louisiana Community and Technical College System.
The State of Louisiana went to market Thursday, July 10 to refinance more than $249 million in Gasoline and Fuels Tax Bonds, resulting in an average of $1 million in annual debt service savings for taxpayers. “These bonds were received extremely well in the market,” said Treasurer Kennedy.
The Louisiana State Bond Commission meets monthly to review and approve applications from parishes, municipalities, special taxing districts, and other political subdivisions of the State requesting authority to incur debt. For more information, visit www.LATreasury.com.