Ouachita Parish School Board adopts resolution to issue up to $25 million in school bonds

The Ouachita Parish School Board voted to adopt a resolution authorizing the issuance of general obligation school bonds tied to its prior authorization, a board presentation said. Grant Schluter, bond counsel, told the board the issuance is the “initial step” to set parameters, retain professionals and secure a bond rating from Standard & Poor’s, which he said is currently “double a minus.”

Schluter said the district expects to market the bonds around Aug. 31 and anticipates delivery of funds for construction projects on Sept. 23. He described the authorization before the board as enabling the superintendent to accept a proposal from marketing the bonds if it meets the board’s approved parameters. “The item before you is, with respect to the last series of bonds from the prior bond authorization, the election, $25,000,000,” Schluter said.

Board members asked no questions during the presentation, and a board member moved to adopt the resolution. The motion passed with no opposition. The resolution directs staff to proceed with rating and marketing steps; any final acceptance of underwriter proposals will come back to the superintendent under the parameters the board approved.

The board did not provide a detailed spending plan in the presentation; Schluter said proceeds would be available for construction projects. Next steps listed by counsel include securing the S&P rating, marketing the bonds and returning to the board or superintendent with any final offers that meet the board’s parameters.