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Finance committee advances preliminary plan to refund bonds and add funding for road program
Summary
The finance committee gave preliminary approval to begin the bond/refunding process that could yield roughly $15–17 million in new road funds (part of an up to $30 million authorization), with advisers outlining a timeline for regulatory approvals and a plan to return with pricing.
The finance committee on May 13 voted to begin the preliminary process to issue up to $30 million in sales tax revenue and refunding bonds for Sales Tax District Number 1, which covers unincorporated areas.
Jason Akers of Foley & Newdell explained that the parish previously issued $17 million in bonds from the 2024 sales‑tax authorization for road improvements and that markets and refinancing options could allow refunding of outstanding bonds while generating new money. Akers and the municipal adviser described a likely new‑money target in the $15–17 million range, producing a combined program in the roughly $30–35 million range depending on market conditions.
The committee carried the preliminary resolution to start the bond commission and regulatory process; advisers described a multi‑step schedule that would include committee consideration, ordinance introductions and adoption across two meetings and the expectation of having funds available in August if approvals and market conditions align. Committee members emphasized conservative sizing and monitoring interest rates before final pricing.
Next steps: Staff and advisers to proceed with bond‑commission filings, return with final pricing and ordinance language, and seek council adoption according to the timeline described.
