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State Bond Commission approves scores of bonds, defers complex line-of-credit decisions to November
Summary
At its Oct. 16 meeting the State Bond Commission approved multiple revenue, refunding and grant-related bond requests and moved several certificate-of-impracticality/line-of-credit items to the November agenda for further review.
The State Bond Commission on Oct. 16 approved a broad slate of bond and note requests from school boards, municipalities, ports and public trusts and deferred several complex lines-of-credit and certificate-of-impracticality items for further review.
The commission approved millage and ballot placement for the Franklin Parish School Board for the April 18 ballot (item 3) and granted multiple cash-flow and revenue anticipation borrowings for school boards and municipalities (items 4–7, 12–18). It approved project and revenue bonds or grant anticipation notes for local governments and port authorities (items 8–11; 22–24), approved refunding bond issues for Shreveport and East Baton Rouge projects (items 19–20), and authorized transactions using historic tax credits and public trust structures, including Visit Baton Rouge’s historic tax credit transaction (item 21) and several public-trust financings (items 26–28). The commission also approved the American BioCarbon CT LLC project allocation under the Louisiana Community Development Authority (item 25) and an amendment for Vermilion Parish School Board bonds (item 29). Cost-of-issuance reports for two prior issuances were presented (items 30–31).
Commissioners moved to defer the certificate-of-impracticality and certificate-of-impossibility list and several priority 2 cash line-of-credit items to the November meeting to allow agencies time to provide updated project information. The division staff and Commissioner Barra said the deferral was intended to avoid removing projects that may still pursue draws and to preserve bonding capacity while staff verifies agency updates.
The actions were typically presented with staff recommendations and approved by voice vote after motions from Representative Romero and seconds frequently from Senator Stein or Senator Womack. Senator Morris recorded recusals for items 9, 15, 18, 25 and 28 and the record reflects his absence for those votes.
Why it matters: approvals move multiple local capital projects, water and sewer work, school improvements and economic development projects into final financing phases. The deferral of the certificates and certain lines of credit preserves the commission’s ability to reassess capacity and avoid prematurely removing projects that may demonstrate activity.
Votes at a glance (selected items; motion/second and outcome recorded in minutes):
- Item 3: Franklin Parish School Board millage proposition for April 18 ballot — moved by Representative Romero; seconded by Senator Womack; approved. - Items 4–7: Cash-flow revenue anticipation notes for Franklin Pierce Hospital Service District No.1; Madison Parish School Board; Orlean (Orleans) Parish School Board; City of Franklin — moved by Representative Romero; seconded by Senator Stein; approved. - Items 8–11: Local loans — Village of Wilson; Town of White Castle; Saint Mary Parish Recreation District No.3; Village of Sykes — moved by Representative Romero; seconded by Senator Stein; approved. (Senator Morris recused from item 9.) - Items 12–18: Bonds for local political subdivisions, including Avoyelles Parish Law Enforcement District (new correctional facility), City of Westlake (sewer and facility improvements), Town of Vinton (water system) and multi-parish sales tax bonds for Lafayette and Livingston parishes — moved by Representative Romero; seconded by Senator Stein; approved. - Items 19–20: Refunding bonds for City of Shreveport (water/sewer) and East Baton Rouge Parish road/street improvement sales tax refunding — moved by Representative Romero; seconded by Senator Stein; approved. - Item 21: Visit Baton Rouge historic tax credit transaction (VBR 2 32 Lafayette Inc. CEA structure) — moved by Representative Romero; seconded by Senator Stein; approved. - Items 22–24: Port/harbor revenue bonds (Abbeville; Morgan City; Tensas/assorted parish port project) — moved by Representative Romero; seconded by Senator Stein; approved. - Item 25: Louisiana Community Development Authority allocation for American BioCarbon CT LLC — moved by Representative Romero; seconded by Senator Stein; approved. (Senator Morris recused.) - Items 26–28: Public trust financings including Clean Water SRF match program (La. Public Facilities Authority), Waste Pro USA Inc. project and Calcasieu public trust for Imperial Calcasieu Human Services Authority (MCAL) — moved by Representative Romero; seconded by Senator Stein; approved. (Senator Morris recused from item 28.) - Item 29: Amendment for Vermilion Parish School Board revenue bonds (additional purpose to refund Series 2021 bonds) — moved by Representative Romero; seconded by Senator Stein; approved. - Items 30–31: Cost-of-issuance reports (East Feliciana Water Works District No.7; Office Facilities Corp. for NWLA State Office Building) — presented; no motion required. - Items 32–41: Lines-of-credit and certificate-of-impracticality items — commission agreed to defer the certificate-of-impracticality list (item 32) and several related priority 2 cash line items (items 36–38) to the November meeting; priority 1 cash lines (items 33–35) were adjusted to fit capacity and approved as read. Motions and seconds were recorded; deferral motion carried by voice vote.
What’s next: the commission’s staff will circulate notice changes for the December meeting date (moved from Dec. 18 to Dec. 11) and will seek updated agency submissions ahead of the November agenda for deferred items.
