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Council approves limited‑tax loan to fund ARC project; bond counsel explains terms
Summary
The council unanimously approved File 2025‑0367 authorizing a limited‑tax loan (described under Louisiana statute as a limited‑tax bond) to be placed with a local bank (recommended by placement agent DA Davidson and described in the record as Capital One affiliate) at a reported 3.99% fixed rate; proceeds will be granted to the ARC and repaid from a voter‑approved tax dedicated to the ARC.
Bond counsel Jason Acres explained File 2025‑0367 to the council, clarifying that although Louisiana law references the instrument as a 'limited tax bond,' this transaction will be placed with a local bank rather than issued on the public bond market. Acres said DA Davidson acted as placement agent and recommended a loan…
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