State Bond Commission approves GO sale notice and multiple local financing requests

The State Bond Commission on Feb. 19 approved a series of bond and financing requests, including a resolution to authorize a notice of intent for up to $400,000,000 in general obligation bonds intended to reimburse about $383,600,000 in previously incurred capital-outlay line-of-credit expenditures.

The approvals included local and utility financings brought forward by staff. The commission approved staff recommendations for: up to $7.5 million in revenue bonds for the Caddo Parish Law Enforcement District to purchase and renovate office space in Shreveport; up to $91 million of water revenue bonds for the Sewage and Water Board of New Orleans to replace lead service lines and install a bulk chemical feeder (with IIJA loans and partial forgiveness noted); and companion approvals that allow Richland Parish Hospital Service District No. 1A to pursue an approximately $80 million project in Delhi using a USDA Rural Development loan and state and federal new-market tax credits to generate an estimated $19 million cash benefit and roughly $34.8 million in net financing benefit versus traditional debt.

Division of Administration staff also presented a carryover package of priority lines of credit and a request for $29,486,000 in noncash lines of credit for local government projects described as "stragglers" missed in last fall’s bond cycle. The commission authorized staff to develop a plan of finance for potential refunding of callable 2016 general obligation bonds and approved an RFQ to replenish its rotation pool of bond counsel for future refundings and new-money GO sales.

Commissioners approved technical amendments for previously authorized deals, including a Slidell issuance amendment reflecting increased professional fees and an amendment to extend the maturity date for St. Tammany Parish Fire Protection District No. 8 bonds to align with actual issuance documents.

On the pace of project delivery, a Division of Administration commissioner said staff had moved funds for projects that ‘‘we really should have done last fall’’ and that the state is "getting more projects done," linking higher bond-sale totals to faster capital work by facility planning and other agencies.

Votes at a glance

- Approval of minutes (01/15/2026): moved by Speaker Duvalier; seconded by President Henry; approved by voice. - Items 3–5 (election requests for June 27 ballot — ad valorem taxes for sewage and recreation): approved by voice. - Item 6: Caddo Parish Law Enforcement District — revenue bonds not exceeding $7.5 million: approved by voice. - Item 7: Sewage and Water Board of New Orleans — up to $91 million water revenue bonds for lead-service-line replacement and bulk chemical feeder: approved by voice. - Items 8–9: Richland Parish Hospital Service District No. 1A / Delhi Health financing (USDA loan + new-market tax credits; project financing structures described; long-term debt not to exceed $79.1 million; Delhi Health authorized to participate in NMTC transactions including up to $105 million of related debt): approved by voice. - Items 10–11: Amendments for City of Slidell and St. Tammany Parish Fire Protection District No. 8: approved by voice. - Item 17: Priority noncash lines of credit totaling $29,486,000 (Division of Administration carryover items): approved by voice. - Item 18: Resolution to issue not exceeding $400,000,000 in GO bonds (to reimburse $383,600,000 of capital-outlay expenditures): authorized as presented; approved by voice. - Item 19: Authorization for staff and municipal advisor to develop a plan for possible refunding of callable 2016 GO bonds (approx. $285,000,000 callable): approved by voice. - Item 20: Authorization to issue RFQ for bond counsel rotation: approved by voice.

The commission's packet included technical analyses and benefit breakdowns for the Richland Parish/Delhi transactions and cost-of-issuance reports for several prior approvals. Staff noted that certain USDA and new-market tax credit structures require creation of a public benefit corporation (identified in the staff presentation as "Delhi Health Management Solutions") and that bond-commission approval is statutorily required for financings undertaken by such entities.

The commission completed the business listed on the agenda and moved on to the scheduled disclosure training and monthly reports before adjourning.

Sources: State Bond Commission meeting presentation and staff remarks during the Feb. 19, 2026 meeting.