Bond counsel outlines plan to sell voter‑approved bonds for consolidated district projects
Summary
Bond counsel explained a previously voter‑approved bond for consolidated District 11 (consolidation of Districts 6 and 8) that would raise roughly $12 million via an ad valorem tax to fund capital improvements and refinance debt; a resolution to proceed to market was presented but no vote was recorded in the transcript.
Bond counsel addressed the board on Jan. 13 about a set of voter‑approved bonds tied to the recently consolidated school district (referred to in the presentation as consolidated District 11, covering Cloutierville and Provencal areas). Counsel said the November approval authorized approximately $12 million in bonds secured by a separate ad valorem tax and that the current step was a resolution to allow staff to proceed to market and sell the bonds within the voter‑approved parameters.
Counsel (identified in the meeting as 'Bridal Black') explained roles in the transaction: Argent Financial Advisors will serve as municipal adviser and Stifel will underwrite the sale. Counsel said the district is targeting a March 18 delivery of the bonds but final timing depends on market conditions and receipt of a credit rating from Standard & Poor’s; when the sale closes the district would have funds available to start the projects and to refinance District 8’s debt as planned.
Board members were invited to ask questions; Dr. Eloy and board members thanked counsel for the explanation. The transcript records presentation and Q&A but does not capture a board vote on the resolution during this meeting.
