Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Bonds topic
No spam. Unsubscribe anytime.
St. James Parish board approves resolution to pursue up to $38,890,000 in refunding bonds
Summary
The St. James Parish School Board voted May 12 to approve a resolution authorizing the issuance of refunding bonds not to exceed $38,890,000 and to begin a tender offer process; bond counsel said final refunded amounts will depend on bondholder participation.
The St. James Parish School Board on May 12 approved a resolution authorizing the insurance and sale of not exceeding $38,890,000 in general obligation school refunding bonds, series 2026, and approved moving forward with a tender offer process to bondholders.
"This is a tender offer," Hardy Andrews said, explaining the current step is to solidify terms and solicit bondholders' participation. "We're at 38 mil just under 39,000,000 in refunding bonds. Typically, it's gonna be lower than that. That would be like a 100% participation. We're probably gonna see a number lower than that." (Hardy Andrews)
Board members voted by voice; the chair called for aye and, hearing none opposed, declared the motion carried. The approved resolution authorizes district officials to make offers to current bondholders and implement the mechanics of the transaction; it does not set a final refunded principal amount, which will be determined after responses are received.
Why it matters: refunding bonds are commonly used to reduce interest costs or restructure debt. The board's action authorizes district staff and counsel to proceed with the financial steps necessary to solicit bondholder participation, with a final figure to be reported when the tender results are known.
Next steps: district staff and bond counsel will complete the tender offers and report back on participation and the final refunding amount and schedule. The board's motion authorized the transaction but did not show a roll-call tally on the record; the motion was carried by unanimous voice vote as recorded at the meeting.
