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State Bond Commission approves May 3 ballot propositions and multiple local borrowing requests
Summary
At its Jan. 16 meeting the State Bond Commission approved ballot propositions for the May 3 election, revenue anticipation and local bond requests, multifamily and school-recovery financing, and two lines of credit; all listed agenda items (3–20) were approved by voice vote with no recorded objections.
The State Bond Commission on Jan. 16 approved a slate of ballot propositions and local borrowing requests that, if later authorized by voters or executed, would fund libraries, recreation, fire protection and emergency services, roads and drainage, public buildings, water and hospital projects, affordable senior housing and school-recovery work.
Commissioners approved items 3–11 to place ad valorem tax and general-obligation bond propositions on the May 3, 2025, ballot. Staff said the propositions meet technical requirements and advised the commission that the secretary of state’s filing deadline for the May ballot is March 10.
The commission also approved a $280,000 revenue anticipation note for Tensaw Parish (item 12); a $20,000,000 revenue note program for the City of Saint George (item 13); $775,000 in unlimited-tax bonds for Rapides Parish Fire Protection District No. 5 to build a new station (item 14); $180,000 in water revenue bonds for Avols Parish Southwest Water Works District to fund water-system improvements (item 15); and $7,000,000 in hospital revenue bonds for LaSalle Parish Hospital Service District No. 1 to replace and expand electrical, emergency power, chilled water, heating and medical-gas capacity at Hardin Medical Center (item 16).
The commission approved one multifamily housing revenue bond request from the Louisiana Housing Corporation for the “Baron Loss” project in Uptown New Orleans not to exceed $6,000,000 (item 17). Staff said the project is new construction of a single building with 22 affordable senior units; it previously received $5,500,000 in bonds in November 2022 and is returning for an additional $500,000. Total development cost was reported as about $11,900,000. Staff listed funding sources including City of New Orleans HOME funds, a HANO loan, a New Orleans Redevelopment Authority loan and Low Income Housing Tax Credits; city HOME funds require a 40-year affordability period.
Item 18, a Louisiana Community Development Authority request for up to $40,000,000 in revenue bonds to fund recovery projects for Cameron Parish School District after hurricanes Laura and Delta (including reimbursements of prior expenditures), was approved. The commission also approved two requests (items 19–20) for nine lines of credit totaling $12,600,000; staff said $9,800,000 of those were for local-government projects and $2,800,000 were for nonprofit projects.
All votes recorded on the transcript were handled by voice: motions were made, seconds recorded, and chair asked for objections; where no objection was heard the item was approved. Staff presenters on several items said applications met technical requirements and recommended approval.
The meeting packet and staff comments noted remaining HB 2 lines of credit yet to be approved and included routine monthly reports such as a volume-cap update ($597,706,200 ceiling for 2025) and applications that did not make the agenda.
Ending: The approvals at this meeting permit proposers and local governments to proceed with the next steps required by law (ballot placement, bond closings and implementation) but do not themselves represent voter approvals or executed financings; any item requiring voter consent or further execution remains contingent on those subsequent steps.
