Board approves resolution to issue up to $15 million in revenue bonds for Terrebonne High renovations

The Terrebonne Parish School Board voted to authorize the incurrence of debt and issuance of not‑to‑exceed $15,000,000 of revenue bonds, Series 2025, to fund renovations and modernization work at Terrebonne High School.

Eric LaFleur of Lafleur Laborde, serving as bond counsel, told the board the issue is structured as not to exceed $15 million and not to exceed 7 percent interest; he said “everything is in order for it to move forward” and estimated funds could be available as early as late May or June depending on market conditions. The board heard that once bond proceeds are received they will be held by the paying agent (Regions) in an interest‑bearing account and invested consistent with federal arbitrage rules.

Financial staff reported some existing bond issues have been paid down, and others remain outstanding with various payoff dates; the board was advised it can withdraw or postpone an issuance if market rates are unsatisfactory. Staff estimated a likely borrowing horizon could be up to 30 years for repayment, and that earlier bond issues included a mix of rates (some recent hurricane bonds carried rates in the mid‑5 percent range). The bond counsel and finance staff said the board can choose not to sell if the market is unfavorable.

Board members asked about timing, term and rate certainty. Staff noted final terms will be set at sale and the bond commission requires inclusion of maximums (hence the “not to exceed” language). The resolution authorizes the board president and superintendent to sign all necessary documents pertaining to the issuance.

The motion to authorize the issuance was moved and seconded; the board approved the resolution by roll call (unanimous 9‑0).