t_newsed@bellsouth.net
BREAUX BRIDGE – The St. Martin School Board has directed Supt. Richard Lavergne and his staff to begin planning for a bond issue and property tax renewal to be presented to voters sometimes next year.
The action was taken at the board’s meeting of Nov. 5.
Board members have reviewed a presentation made by bonding attorney Lonnie Bewley at a finance committee meeting held Oct. 29 in which Bewley outlined the current status of the board’s bonded indebtedness and the schedule for retiring bonds previously authorized by voters in 1998 and 2002.
The board is levying 22.39 mills of property taxes to retire these bonds, which currently carry a total debt service of around $2.8 million per year.
Based on the projected increase in the value of the parish’s taxable assessed property over the next 20 years, Bewley estimates that the board could borrow at least an additional $23 million – and possibly as much as $31 million – to finance capital improvement projects across the parish, simply by maintaining the 22.39 millage rate over the next eight to 10 years.
If projected growth rates hold true, and no additional bonds are issued besides the suggested $23 million, millage rates could be adjusted downward beginning in 2018.
Lavergne and his staff are expected to survey school principals and develop a “needs list” of needs at the various campuses for consideration by the board.
Past Issues
Parish voters approved a $26 million bond issue back in 1996 that funded construction of a new junior high school in St. Martinville and a new main building for Cecilia Jr. High, along with major improvements at all other parish campuses.
In January of 2002 voters approved another bond issue of $12 million which was also used for a variety of repairs and renovations at the parish’s 17 school campuses.
Board members set no date for the staff to return with recommendations.
Post a Comment