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Commission approves local financings, public trust bond request; reviews cost-of-issuance reports
Summary
The State Bond Commission approved two parish- and district-level financings and a Lafayette public trust request, and staff reviewed cost-of-issuance reports for 19 prior transactions.
The State Bond Commission on Feb. 20 approved a set of local financing requests and reviewed cost-of-issuance reports for a series of previously issued transactions.
Representative Johnson moved approval of items 44 and 45; President Henry seconded and there were no objections. Item 44 was a request from St. Tammany Parish Lakeshore Villages Master Community Development District for special assessment revenue bonds “not exceeding 2.3” (amount units not specified in the transcript) to purchase approximately 12 acres from the St. Tammany Parish School Board for development of public-safety facilities, a community event building and indoor recreation space. Staff said the bonds would be limited obligations of the district, payable from special assessments; the developer would carry the liability until lots sell and homeowners would become responsible for assessments under the purchase agreements.
Item 45 was a West Baton Rouge Parish School Board request for revenue bonds not to exceed $32.5 million to fund capital improvements; project sources include $7.5 million from the school board, staff said. Both applications met technical requirements and the commission approved them by voice vote.
Under the public trust section, items 46 and 47 were withdrawn and item 48 — a Lafayette Public Trust Financing Authority request for taxable revenue bonds not exceeding $4.5 million to support capital projects and downtown revitalization — was presented and approved after staff said the application met technical requirements.
Commission staff also reviewed cost-of-issuance reporting for items 49 through 67. Staff walked commissioners through adjustments and clarifications to fees and costs for 19 transactions (sample excerpts from the packet include: City of Opelousas issuance of $25,000,000 in August with an additional $500 recording fee; City of Ruston issuance of $15,000,000 for Interstate 20 economic development area with a $201,641 increase for bond insurance; St. Tammany Parish Recreation District No. 14 issuance of $7,600,000 with a $2,500 rating agency fee; and a larger LPFA public–private partnership issuance exceeding $1.3 billion where several closing-stage fees were larger than originally projected). Staff said these items required no motion; they were informational reports to the commission.
Representative Johnson moved approval of items 44 and 45; President Henry seconded. Item 48 was approved separately; the transcript records no objections on the floor for these items.
