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Bond Commission Approves Over $300 Million for Projects and $32 Million in Savings Statewide

For Release On:

September 25, 2012

Baton Rouge: The State Bond Commission approved over $32 million in savings by refinancing existing public debt and over $300 million for projects statewide at its September 20th meeting, according to State Treasurer John Kennedy.

“We saved the taxpayers $32 million by signing off on the refinancing of public debt in 10 parishes, including over $15 million in Lafayette Parish,” said Treasurer Kennedy. “In addition, the Bond Commission gave approval for bonds to finance hospital improvements in LaSalle, East Baton Rouge, Lafayette, Ouachita and Ascension Parishes, as well as various infrastructure and capital improvement projects across the state.”
 
The State Bond Commission recognized Caddo Parish for achieving Standard & Poor’s highest credit rating of “AAA.” Caddo Parish is the first public agency in the state to achieve an AAA rating and will save money when bonds are issued. “Warm congratulations to Caddo Parish for this very noteworthy achievement,” said State Treasurer John Kennedy. “This is not an easy process, and they worked diligently for two decades to get to this point. I hope more public entities will follow in their footsteps.”
 
Among the individual projects the Bond Commission approved are:
 
•             Caddo Parish, Caddo Parish Commission, $6 million in Limited Tax Certificates of Indebtedness: For construction, improvements and materials for the public library system.
•             Jefferson Parish, City of Kenner, Kenner Consolidated Sewerage District, DEQ Project, $21 million in Sewer Revenue Bonds: For extensions and improvements to the wastewater system.
•             Jefferson Parish, Town of Grand Isle, DEQ Project, $853,000 in Sewer Revenue Bonds: For extensions and improvements to the wastewater system.
•             Lafayette Parish, Lafayette Public Power Authority, $88 million in Electric Revenue Bonds: For a reserve fund and improvements, equipment and fuel storage for the Rodemacher Unit No. 2 fossil fuel steam electric generating plant.
•             Lafourche Parish, Lafourche Parish Law Enforcement District, $3 million in Limited Tax Revenue Bonds: For building and grounds improvements at 300 Lynne Ave. in Thibodaux.
•             LaSalle Parish, Hospital Service District No. 1, $1,285,000 in Hospital Revenue Bonds: To renovate patient wings at Hardtner Medical Center, including equipment, accessories and furnishings.
•             Livingston Parish, Sewerage District No. 2 in $16,900,000 Revenue Bonds: To extend and improve the sewerage system within Sewerage District No. 1 and No. 2 and to fund a debt service reserve fund.
•             Orleans Parish, Louisiana Community Development Authority, Jackson’s Landing North Apartments, $16 million in Multifamily Housing Revenue Bonds: To acquire, rehabilitate and equip a 272 unit multifamily housing complex.
•             St. Landry Parish, Waterworks District No. 5, $374,000 in Water Revenue Bonds: To construct a waterworks system.
•             Winn Parish, City of Winnfield, $1.5 million in Sewer Revenue Bonds: For improvements and replacements to the sewerage system.
•             Multiple Parishes, Louisiana Public Facilities Authority, Franciscan Missionaries of Our Lady Health System Project, $142,825,000 in Hospital Revenue Bonds: To construct a patient tower and other capital improvements at the Our Lady of the Lake Regional Medical Center in Baton Rouge; Capital improvements at St. Francis Medical Center in Monroe, Our Lady of Lourdes Regional Medical Center in Lafayette, and St. Elizabeth Hospital in Gonzales.
 
The Commission also approved over $32 million in savings for local governments by refinancing existing debts. Among the refinancings approved were:
 
•             Ascension Parish, Ascension Parish Council, $370,000 in savings.
•             East Baton Rouge Parish, Zachary Community School Board, Zachary Community School District No. 1, $489,000 in savings.
•             Jefferson Parish, Jefferson Parish School Board, $1,276,000 in savings.
•             Lafayette Parish, City of Lafayette, $15,285,000 in savings.
•             Lincoln Parish, Board of Supervisors for University of Louisiana System, Louisiana Tech University Project, $176,000 in savings.
•             Orleans Parish, Ernest N. Morial-New Orleans Exhibition Hall Authority, $7,712,000 in savings.
•             Ouachita Parish, Louisiana Public Facilities Authority, Franciscan Missionaries of Our Lady Health System Project, $6,993,000 in savings.
•             Morehouse Parish, City of Bastrop, $304,000 in savings.
•             St. Tammany Parish, Northshore Harbor Center District, $296,000 in savings.
•             Washington Parish, City of Bogalusa, $49,000 in savings.
 
The Louisiana State Bond Commission meets monthly to review and approve applications from parishes, municipalities, special taxing districts, and other political subdivisions of the State requesting authority to incur debt.


Additional Contact Information:


Contact Name Contact Phone  
Amber King (225) 342-0012  
 
Department of the Treasury http://www.treasury.state.la.us/Lists/Si teArticlesByCat/DispForm_Single.aspx?Lis t=c023d63e%2Dac65%2D439d%2Daf97%2Dda71d8 688dff&ID=719&Source=http%3A%2F% 2Fwww%2Etreasury%2Estate%2Ela%2Eus%2FHom e%2520Pa

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