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Council approves up to $4.5 million DEQ sewer revenue bond; staff outlines loan forgiveness and low interest
Summary
The New Iberia City Council approved an ordinance and a companion resolution allowing issuance of up to $4.5 million in taxable DEQ sewer revenue bonds. City staff said roughly $500,000 of the package is expected to be forgiven and the all-in interest rate is about 0.95%.
The New Iberia City Council voted to authorize issuance of taxable sewer revenue bonds not to exceed $4,500,000 and adopted a resolution finding that no petition was filed to require a reverse referendum.
Jason Acres, introduced by the mayor to explain the financing, said the package includes a forgiveness portion of "roughly 500,000" that would not have to be repaid or bear interest. He described the loan as a low-cost option, saying funds are advanced as needed, the all-in interest…
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