State Treasurer John Kennedy Announces Statewide Bond Commission Approvals

BATON ROUGE, LA -- The State Bond Commission met April 19 and approved funding for a variety of projects statewide, according to State Treasurer John Kennedy.

“One of the most exciting project approvals was $1 billion in Gulf Opportunity Zone bonds for an expansion to the Marathon Oil refinery located in between New Orleans and Baton Rouge,” said Treasurer Kennedy. “The facility will create 4,000 construction jobs and roughly 300 permanent jobs. Congress has given Louisiana $7.9 billion in GO Zone capacity, and we still have around $4.9 billion in funding left for businesses to tap into.”

The Bond Commission approved:

Central and North Louisiana

- A $1.2 million loan for the Rapides Parish, England Economic and Industrial Development District for acquiring and constructing a warehouse and distribution facility, acquiring and constructing educational facilities; and improving commercial buildings and facilities owned by the district to be made available to commercial and business users.
- A $900,000 loan for the Vernon Parish Law Enforcement District for general operational expenses.
- A $600,000 loan for the Madison Parish Police Jury for current expenses.

- A $250,000 loan for the West Carroll Parish Law Enforcement District for current operations.  The approval is subject to the issuance not being utilized before July 1.
- $6.4 million in bonds for the Claiborne Parish Law Enforcement District to refinance debt, saving taxpayers $421,929.
- $13 million in bonds for the city of Monroe in Ouachita Parish to refinance debt to save taxpayers $364,797; make public infrastructure and economic development projects within the Tower Drive Economic Development Area; funding debt service reserve funds; providing for capitalized interest, if necessary; and paying the cost of any credit enhancement to the bonds.  The approval is subject to the receipt of documentation that there is an economic benefit to the state.
- $4 million in bonds for the Louisiana Community Development Authority (Goodwill Industries of North Louisiana, Inc. Project) for financing the acquisition, construction and equipping of a training center, production facility and retail store to be located in Bossier City, and funding a debt service reserve fund.

Baton Rouge Area      

- A $1 million loan for the Livingston Parish, Fire Protection District No. 4 for acquiring, constructing, and improving fire protection facilities, vehicles, and equipment.
- A $5 million loan (Qualified Zone Academy Bond) for the Washington Parish, Bogalusa City School Board for rehabilitating or repairing public school facilities throughout the Bogalusa City School System.  The approval is subject to the school board submitting a revised Fiscal Year 2007 budget that includes debt service for the issue.
- $1 million in bonds (preliminary approval) for the town of Slaughter in East Feliciana Parish to pay a portion of the cost of constructing and acquiring additions, extensions and improvements to the town’s waterworks system.
- $7 million in bonds for the Ascension Parish Consolidated Utilities District No. 1 for constructing extensions and improvements to the district’s waterworks system.
- $1.375 million in bonds for the town of Slaughter in East Feliciana Parish to refinance debt, saving taxpayers $338,641.

- $15 million in bonds (GO Zone) for the Louisiana Community Development Authority (Leake Oil Company, Inc. Project) for financing the acquisition, construction and equipping of several gas stations/convenience stores/fast food facilities in various GO Zone parishes and funding a reserve fund.
- $42 million in bonds (Gulf Opportunity Zone) for the Louisiana Public Facilities Authority (Bluebonnet Hotel Ventures, LLC Project) for financing the acquisition, construction, renovation, installation and equipping of a 13 floor, 300-key, full service, four star hotel located on Bluebonnet Boulevard in Baton Rouge; funding a reserve fund for the bonds; and capitalizing a portion of the interest on the bonds.
 

Southwest Louisiana      

- A $300,000 loan for the Acadia Parish, Fire Protection District No. 10 for acquiring and equipping fire trucks and fire protection equipment.
- $5.7 million in bonds (preliminary approval) for the Allen Parish Police Jury for constructing, equipping and furnishing a new correctional center.
- $500,000 in bonds for the town of Church Point in Acadia Parish for constructing, improving and resurfacing public streets.
- $420,000 in bonds for the Allen Parish Fire Protection District No. 2 for acquiring and equipping two fire trucks.
- $6.9 million in bonds for the Concordia Parish Police Jury, Sales Tax District No. 1 for constructing, hard surfacing and improving public roads and streets.
- $18.9 million in bonds for the city of Lafayette in Lafayette Parish for purchasing, constructing, acquiring, extending and/or improving public works or capital improvements within the city and establishing reserves for the payment of bonds.
- $35 million in bonds for the LCDA (City of Lake Charles Public Improvement Project) for financing the acquisitions, repairs and/or expansions needed to maintain city-owned works of public improvement and funding a reserve fund.

- $10 million in bonds (preliminary approval) for the Industrial Development Board of the Parish of Calcasieu, Inc. (Four Rivers Custom Homes, LLC Project) for the acquisition of land and construction and equipping of a facility for the manufacture, fabrication and repair of industrial coolers and replacement coolers.
- $2.5 million in GO  Zone bonds (preliminary approval) for the Calcasieu Parish Public Trust Authority (Luxor, LLC Project) for acquiring and constructing a 3-story, multi-tenant commercial office building and infrastructure improvements to be located at 814 West McNeese Street, Lake Charles.
- $2.5 million in GO Zone bonds (preliminary approval) for the Calcasieu Parish Public Trust Authority (Shraddha, LLC Project) for the acquisition and construction of a 50-unit motel and infrastructure improvements.
- $1.5 million in GO Zone bonds for the Calcasieu Parish Public Trust Authority (Falgoust Eye Medical Properties, LLC Project) for the acquisition and construction of a medical office building.

New Orleans Area

- A $100,000 loan for the village of Folsom in St. Tammany Parish to provide funds to purchase, furnish and equip a building to be used for municipal purposes.
- A $500,000 loan for the Terrebonne Parish Port Commission to pay operational costs.
- $1 billion in bonds (GO Zone) for the St. John the Baptist Parish Council (Marathon Oil Corporation Project) for acquiring, constructing and installing an expansion to an existing oil refinery and related facilities.
- $22 million in bonds for the Jefferson Parish School Board for purchasing, enlarging and improving school buildings and acquiring necessary equipment and furnishings.
- $920,000 in bonds for the St. Charles Parish Council for acquiring buildings, machinery and equipment to be used in giving fire protection to the property and for providing a reserve for the bonds.
- $4.5 million in bonds (GO Zone) for the Industrial Board of the City of New Orleans, Louisiana, Inc. (Carrollton Revitalization LLC Project) to finance the construction of a Walgreens retail store to be located at the northwest intersection of South Carrollton Avenue and South Claiborne Avenue in the City of New Orleans.
- $1.5 million in bonds for the Industrial Development Board of the City of New Orleans, Louisiana, Inc. (Crescent Club New Orleans I, L.L.C. Project) for the acquisition, construction and installation of a 226-unit mixed income multifamily housing, parking and retail facility.  The approval is contingent upon the IDB adopting a positive resolution at its next meeting.
- $1.5 million in bonds for the Industrial Development Board of the City of New Orleans, Louisiana, Inc. (The Preserve of New Orleans I, LLC Project) for financing the cost of the acquisition, construction and installation of a 183 unit mixed-income multifamily housing facility located in the City of New Orleans.   The approval is contingent upon the IDB adopting a positive resolution at its next meeting.

- $500,000 in bonds for the Industrial Development Board of the City of New Orleans, Louisiana, Inc. (750 Jefferson Davis, LLC Project) for financing the acquisition, construction and installation of a 72 unit housing facility in the City of New Orleans.   The approval is contingent upon the IDB adopting a positive resolution at its next meeting.
- $50 million in bonds (preliminary approval) for the LPFA (C-Port, LLC Project) to finance the construction and installation of a shipyard repair facility in Lafourche Parish.
- $11 million in bonds (preliminary approval) for the LPFA (JSB Investments Project) for acquiring and constructing a retail shopping facility at the intersection of U.S. Highway 190 and Carondelet Street in Mandeville; a retail shopping facility on Louisiana Highway 21 west of the Normandy Oaks Subdivision in Covington; and a retail shopping facility on Jefferson Highway at Edwards Avenue in Jefferson Parish.
- $32 million in bonds (GO Zone) for the Jefferson Parish Finance Authority to finance the purchase of mortgage loans and/or mortgage-backed securities and to refinance outstanding debt.
- $17 million in bonds for the Houma-Terrebonne Public Trust Financing Authority to finance the cost of residential home ownerships and development to provide adequate housing for low and moderate income individuals.
 

Statewide Bond Commission approvals include $13.685 million for the LPFA (Louisiana Water Company Project) to refinance debt in order to provide cash flow relief for the water company.

                                                                                                       ###