La Bond Commission approves over $300 million for projects statewide
POSTED: Sunday, September 18, 2011 - 6:07pm
UPDATED: Monday, October 17, 2011 - 11:55am
BATON ROUGE, LA — At its September 15, 2011 meeting, the Louisiana State Bond Commission approved over $306 million for projects across the state and saved $1.5 million in taxpayer money for local governments by refinancing existing debts at lower interest rates, according to Bond Commission Chairman and State Treasurer John Kennedy.
"These approvals will help local governments across the state continue to provide much needed services to the public," said Treasurer Kennedy. "Projects approved this month ranged from hospital expansions and upgrades to sewerage and public facilities improvements. Plus, we saved money for taxpayers through the refinancings."
Among the individual projects the Bond Commission approved are:
Ascension Parish - Industrial Development Board of the Parish of Ascension, Louisiana, Inc., $70 million in GOZone bonds for the Impala Warehousing, LLC project.
Caddo-Bossier Parishes - Port Commission, $3.8 million for equipping and installation of furniture, fixtures, and equipment to be located within the Tencal Project.
Calcasieu Parish - Chennault International Airport Authority, $4 million for the New Aviation Hangar Project; and, $18 million for the Lake Charles Charter Academy Foundation Project.
Claiborne Parish - Town of Homer, Homer Memorial Hospital, $900,000 for acquiring laboratory and endoscopy/laparoscopy imaging equipment for the hospital. Also, to facilitate the expansion and improvement of the Hospital's Intensive Care Unit.
Orleans Parish - The Loyola University Project, $125 million for capital improvements and equipment throughout the campuses of the University located in New Orleans; and, St. Paul's Episcopal School, $4 million for refinancing existing indebtedness and constructing improvements.
Ouachita Parish - West Ouachita Sewerage District No.5, $1.9 million for constructing and acquiring improvements and extensions to the sewerage system.
The Commission also approved over $1.5 million in savings for local government by refinancing existing debts:
Jefferson Davis Parish School Board, School Districts No. 2 & 22 - $702,835 in total net present value savings by refinancing nearly $13 million in outstanding General Obligation School Bonds.
City of Monroe - $213,032 in net present value savings by refinancing $15 million in outstanding Sales Tax Bonds.
St. John the Baptist Parish Council - $591,411 in net present value savings by refinancing over $11 million in General Obligation Bonds.
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.
Click here for more information on the State Bond Commission.