Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Bonds topic
No spam. Unsubscribe anytime.
Caddo officials outline $21M bond sale to finish voter-approved capital program; questions about timing
Summary
Bond counsel and the district's municipal advisor told the board a $21.0M bond series — the final tranche of an $88.3M voter‑approved program — would be sold in January to fund buses, HVAC and security projects; board members pressed advisors on timing and interest costs.
Caddo Parish School Board advisors told the executive committee on Nov. 18 they plan to sell a $21.0 million series of general obligation school bonds as the final tranche of an $88.3 million program voters approved in 2019.
Municipal adviser Lucius McGee said current market yields for 20‑year paper were in the neighborhood of 4.25%–4.50% and that the sale would likely occur in January with funds available in February. Bond counsel added the voter proposition carried a customary "not to exceed 8%" legal cap; in practice, counsel and the adviser said they expect a much lower coupon and emphasized the board’s long record of maintaining the millage at about 5.03 mills.
Board members asked for details on total anticipated interest costs, whether it is prudent to sell now or wait for rates to move, and how proceeds will be spent. The presenters said proceeds must be reasonably expended within three years and that the funds will finance school buses, HVAC replacements and security upgrades described in the district's capital-improvement plan. The administration emphasized an urgent need for buses and the desire to avoid raising millage on taxpayers.
Why it matters: The sale would close out a multi‑series program approved by voters and unlock funding for facility and fleet needs; the interest paid over 20 years will affect long-term debt service and the district’s budget. Board members debated the tradeoff between acting now to secure project timing and waiting for potentially lower rates.
Next steps: The bond item was placed on the Nov. 18 board meeting agenda for formal consideration. Advisors said the sale would be conducted according to market conditions and would return to the board with final terms before closing.
Attributions: Statements and rate ranges are based on remarks by municipal adviser Lucius McGee and bond counsel during the Nov. 18 executive committee meeting.
