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Council advances preliminary plan to refinance and add funding for road program
Summary
Bond counsel told the finance committee the parish could issue up to $30 million (refunding plus new money) tied to sales tax district No.1 to expand road work; the plan would likely produce roughly $15–17 million in new funding depending on market rates and requires regulatory approvals before final issuance.
Bond counsel and a municipal adviser told the Iberia Parish Finance Committee that a preliminary resolution would begin the process to refund 2024 bonds and raise additional funds for road improvements using sales-tax revenue from district No. 1. "The targeted number to get for additional improvements was something in the $15 to $17 million range," counsel Jason Acres said, describing a structure that would combine refunding outstanding debt with new money for more projects.
Acres said the resolution as written provides buffer for market movement and that final amounts depend on interest rates and bond-market conditions. He said the parish previously issued $17 million in bonds in 2024 and that additional proceeds would accelerate unincorporated-area road work once the regulatory steps and bond commission reviews are complete. "When all is said and done, we're looking in the 30 to $35 million range for the total road program in the unincorporated areas," Acres said.
Committee members signaled support for beginning the process; advisers laid out a timeline that would aim to return a final ordinance in June–July and have funds available in August if approvals proceed on schedule.
Why it matters: The action would expand the parish’s road-improvement program with debt repayment and additional capital; final authorization, amount and timing depend on market rates and subsequent council ordinance votes.
Next steps: The committee advanced preliminary approval; counsel will pursue bond commission approval and return with a final offer for council consideration in upcoming meetings.
