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Police Jury approves consent for up to $2.878 million in Lakeshore sewer bonds; LDEQ to forgive $1.25 million
Summary
On Aug. 4 the Jury adopted Resolution No. 25-26 consenting to issuance of up to $2,878,000 in taxable sewer revenue bonds by Lakeshore Subdivision Sewerage District #1 for system improvements; the resolution notes an LDEQ commitment to purchase the bonds and forgive $1,250,000 of principal.
The Ouachita Parish Police Jury on Aug. 4 adopted Resolution No. 25-26 consenting to a resolution by the Board of Commissioners of Lakeshore Subdivision Sewerage District #1 to issue not-to-exceed $2,878,000 in taxable sewer revenue bonds in one or more series.
The resolution states the District intends to use bond proceeds to construct, acquire and improve its sewer system and to pay costs of issuance. The District has applied for a loan from the Louisiana Department of Environmental Quality (LDEQ) Clean Water State Revolving Fund Loan Program; the minutes record that LDEQ committed to purchase the Bonds and to forgive $1,250,000 of the principal amount.
The Jury’s consent does not make the Bonds obligations of the Parish; the resolution explicitly states the Bonds are obligations of the District secured by the System’s revenues and are not parish obligations. The resolution was adopted by a 6–0 vote (yeas: Toni Bacon, Jimmy Tyson, Larry Bratton, Michael Thompson, Shane Smiley, Lonnie Hudson).
