St. Martin Parish School Board adopts resolution to advertise $10 million bond series, sets bid schedule

The St. Martin Parish School Board voted to adopt a resolution authorizing the advertisement of a $10,000,000 general obligation bond issue, Series 25, intended to fund planned construction and improvement projects.

Counsel Brad Schuler of Volley Udoh Law and Counsel and financial advisor Steve Nosaka told the board the May 3 special election passed and that adopting the resolution completes post‑election filings. Schuler said the first series of bonds will be for $10,000,000 and would "kick start your construction and improvement projects," with bond proceeds available in the construction account on Sept. 4. He added the district previously authorized reimbursement from future bond proceeds so the district may expend funds on projects prior to delivery and later reimburse itself under federal law.

The resolution also authorizes competitive sealed bids; Schuler told the board bids are planned to be received on Aug. 5 at 11 a.m. and authorizes the superintendent to receive bids and make the award to the low bidder, with the award to be confirmed by the board at its next meeting. Schuler noted the district’s election passage rate was roughly 60% and said, "it was the highest passage rate of any of the school board bond issues on May 3 that I've been able to locate."

Board members asked logistical questions about the project list and the timing for when construction could begin. Schuler confirmed the district can begin planning immediately and may incur reimbursable expenses prior to bond delivery.

The motion to adopt the resolution carried; the board moved forward with the advertising and bid schedule.

What happens next: the district will publish the bond advertisement and receive bids on Aug. 5; the board will confirm any award after bids are received, and bond funds are expected to be delivered and available Sept. 4.