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Livingston Parish Council OKs resolution to apply for up to $91.3 million in sales-tax bonds
Summary
Council voted unanimously to allow bond counsel and advisers to apply to the State Bond Commission to issue sales-tax revenue bonds of up to $91,292,000; presenter said the "not to exceed" numbers are conservative parameters and do not obligate the parish to borrow.
The Livingston Parish Council voted unanimously Thursday to allow bond counsel and advisors to apply to the State Bond Commission for a sales-tax revenue bond package with not-to-exceed parameters totaling $91,292,000. The resolution authorizes staff to seek rating and insurance and to return to council with formal ordinances if the parish chooses to issue debt.
Jim Ryan, the presenter on the proposal, told the council the “not to exceed” figures are a required set of parameters used to get review from the State Bond Commission and that the numbers are intentionally conservative. “That 7% on that IOU that I gave Aaron is never 7%. It’s just a function of exactly what you said,” Ryan said, explaining that bonds are priced on the market and may sell…
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