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St. James Parish School Board authorizes pursuit of up to $38.89 million in refunding bonds
Summary
The board approved a resolution allowing staff to apply to the State Bond Commission to pursue refunding of up to $38,890,000 in general-obligation school refunding bonds and to retain bond professionals; the measure is a preliminary step and does not obligate the district to refinance.
The St. James Parish School Board on April 15 authorized staff to pursue refunding of general-obligation school refunding bonds not to exceed $38,890,000 and to hire a municipal adviser, underwriter and bond counsel to move the process forward.
The resolution, introduced by Ashley Muntz, formalizes a “not-to-exceed” ceiling and authorizes submitting an application to the State Bond Commission and appointing bond professionals. Consultants from Trinity and Foley & Judell described the step as preliminary and market-dependent. Hardy Andrews, identified as bond counsel, said the district would not be obligated until final numbers and approvals are returned: "This doesn't obligate you. You won't be obligated till we bring back all the final details and the approval from the bond commission," he said.
Muntz told the board the ceiling reflects the maximum outstanding bonds and that final refunding amounts, the portion of outstanding debt to be refinanced and the net savings will be determined over the coming months. Consultants said the district is aiming to refinance portions of existing debt where market interest rates are lower than the original rates, and that refunded bonds would mature at the same time as the current debt and be secured by existing millage.
Motion and voting: The board voted by voice to approve the resolution; no recorded roll-call tally was provided in the transcript.
Why it matters: If market conditions permit and bondholders agree, a successful refunding could reduce the district’s interest cost and generate budgetary savings. The resolution is an authorization to proceed with the process, not a commitment to refinance. The board will receive detailed pricing, savings estimates and final recommendations before any binding action.
Next steps: Staff and the appointed municipal adviser and bond counsel will evaluate market interest, prepare pricing and return to the board with recommended final terms and any required approvals from the State Bond Commission before the board would take binding action.
