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Beauregard Parish board accepts low bid for $15 million school bond, netting about $15M for construction
Summary
The Beauregard Parish School Board adopted a resolution to accept the low bid for a $15 million series 2025 general-obligation school bond; the board was told the true interest cost was 4.35% and net construction proceeds would be about $15,000,001.22.
The Beauregard Parish School Board’s finance committee voted on Sept. 8 to accept the low bid on a $15 million series 2025 general-obligation school bond and to proceed with closing. Finance adviser Stephanie told the board the sale drew four bids and the low true-interest cost was 4.35 percent. "What you end up with in net proceeds going into your construction account is the $15,000,001.22," Stephanie said.
Board members and advisers noted the sale included a premium that increases available construction funds above the face amount. The municipal adviser said issuance costs reduce the gross premium, producing the net proceeds cited to the board. The bond proceeds were described as available for upcoming construction projects; delivery and funding were scheduled for Sept. 25.
The board approved a resolution accepting the award for the bonds by voice vote. No roll-call tally was given in the committee discussion. The board’s acceptance begins the process of delivering funds and moving forward with planned construction projects tied to bond financing.
What happens next: closing is expected on the scheduled delivery date; the board will allocate proceeds to construction accounts and return to the full board for any required project votes.
