Bond Commission approves multiple local bond requests, lines of credit and administrative contracts

The State Bond Commission on Aug. 21 approved a series of routine and technical applications after staff determinations that the items met technical requirements. Actions included approvals of election requests for the Nov. 15 ballot, cash‑flow loans and multiple local bond matters; staff also authorized solicitations for disclosure counsel and recommended a municipal advisor contract award.

Key approvals and procedural actions:

- Items 3–21: Commission staff recommended and members approved election requests for the Nov. 15 ballot to seek voter approval of various ad valorem and sales tax propositions. Staff told the commission the Secretary of State’s proposition deadline for the Nov. 15 ballot was Sept. 22. The items were approved on voice vote with no objection.

- Items 22 and 24: Cash‑flow borrowings for local political subdivisions — Plaquemines Parish Law Enforcement District (not exceeding $2,300,000 in certificates of indebtedness) and St. Tammany Parish Fire Protection District No. 9 (not exceeding $150,000 in taxable limited tax bonds) — were approved after staff said they met technical requirements.

- Items 26–31 (excluding item 29): A series of local revenue and project bonds were approved, including North Caddo Hospital Service District (item 26), Village of Grand Canyon sewer rehabilitation (item 27), City of Lafayette communication system revenue bonds (item 28), Ouachita Parish Lake Shore sewer upgrades (item 30) and multiple fire protection district bonds (item 31). Item 25 had been withdrawn earlier in the agenda. Representative Johnson moved approval of items 26–31 excluding item 29; the commission approved those items by voice vote.

- Items 33 and 34: Two LHC applications (4100 Bywater and Touro Shakespeare) were taken up; item 33 (4100 Bywater) was approved without roll‑call objection. Item 34 (Touro Shakespeare) generated extensive discussion before it was approved by roll call (10‑2).

- Items 35–37 (public trust and mortgage revenue bonds): Final approval was granted for LPFA South Quad bonds (item 35) and for single‑family mortgage revenue allocations to Jefferson Parish Finance Authority and Capital Area Finance Authority (items 36–37); staff recommended approval. Senator Morris had earlier recused himself from some items (item 37 among those noted on the record).

- Items 38–42: Cost‑of‑issuance reports for several recent bond transactions were acknowledged; no motion was required.

- Items 43–44: The commission approved cash and non‑cash lines of credit requests submitted by the Division of Administration totaling $81.8 million in priority projects; staff provided a summary and representatives of the Division of Administration were available.

- Item 45: Commission authorized staff to issue a solicitation for disclosure counsel and to use the established review panel (treasurer, senate president, house speaker, attorney general and commissioner of administration or their designees) to evaluate responses.

- Item 46: The valuations team recommended PRAG (the incumbent) as municipal advisor; the commission approved the recommendation.

Recusals, withdrawals and holds: Senator Morris recused himself from items 20 and 37 as recorded; item 25 was withdrawn; items 29 (City of New Orleans) and 23 (St. Landry Parish) were held for separate discussion and deferred.

Why this matters: The approvals clear a pipeline of local infrastructure and housing financing requests and put in place administrative contracting steps for disclosure counsel and municipal advising. Members emphasized that staff had found technical compliance but sometimes asked for additional in‑person presentations from awarding agencies for projects with atypical cost structures.