Posted: Feb 2, 2012 7:03 AM by Sharlee Barriere
BREAUX BRIDGE, La. (AP) - The St. Martin Parish School Board has voted to refinance $2.6 million in bonds by authorizing the issuance of new bonds to pay off the 2003 issuances at a taxpayer savings of $116,000.
The move would reduce interest rates from a variable rate of up to about 4 percent to a fixed rate of 2.35 percent through IberiaBank.
Bond attorney Grant Schlueter said he worked out a similar deal for neighboring Iberia Parish School Board, and it worked out well, so he presented the idea to the St. Martin school board.
With the school board's approval Wednesday night, Schlueter said he will next present the sale and issuance of new bonds to the state Bond Commission but he did not expect any objection to the measure.