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Committee backs resolution to seek up to $15M in bonds for Terrebonne High renovation; board to apply to State Bond Commission
Summary
Committee recommended adoption of a resolution authorizing the board to secure financing not to exceed $15 million for renovation of Terrebonne High School; presenters said previously set-aside funds total $10 million and estimates for the renovation are about $23 million so the resolution preserves flexibility to issue bonds up to $15 million.
The committee recommended that the board adopt a resolution authorizing the Terrebonne Parish School Board to take steps necessary to secure financing for renovation of Terrebonne High School in an amount not to exceed $15,000,000.
Miss Pearl and other staff briefed the committee on the project’s background, saying the board previously set aside about $10,000,000 (largely from ESSER indirect cost allocations placed in the building fund) and that preliminary estimates for the renovation are roughly $23,000,000. Committee materials and staff said the resolution would allow the district to apply to the State Bond Commission and issue bonds using local revenues rather than seeking a public tax increase.
Bond underwriter Marcus Lambert of DA Davidson spoke to market conditions and said rates would depend on timing; he offered a notional example that a sale “today” could yield rates around 4 percent and that the resolution language allows the district flexibility to issue up to $15,000,000 in one or more series as needed. Lambert also explained the district could time issuance to meet project cash needs and noted choice of amortization term (20–25 years discussed) would affect annual debt service.
Board members discussed using the authorization to preserve optionality; one member recommended considering a slightly larger issue to cover related facility work at a nearby school that serves overlapping students. Committee moved the resolution (moved by Mr. DeHart, seconded by Mr. LaGarde) and, after discussion and no objections, recorded the motion as moved.
The resolution authorizes the board president and/or superintendent to execute necessary documents for financing up to the stated cap and directs staff to proceed with application and underwriting preparations; the committee noted final issuance, amounts and amortization schedule would return to the board for approval as the financing is finalized.
