School board orders April 30 special election for up to $58 million in bonds

The St. John the Baptist Parish School Board voted on Jan. 13 to call a special election on April 30, 2022 to ask voters in School District No. 1 to authorize up to $58,000,000 in general‑obligation bonds for school capital projects.

The board's resolution says the bonds could be issued in one or more series, run for not more than 20 years and carry interest not to exceed 6% per annum. The proposition included language that any bonds would be general obligations payable from ad valorem taxes and stated there would be “no estimated increase in the millage rate to be levied in the first year of issue above the 11 mills currently being levied to pay other general obligation bonds of the District.”

The measure was presented by bond counsel Jason Akers of Foley & Judell, L.L.P.; the resolution authorizes application to the State Bond Commission, engages bond counsel and municipal advisor Government Consultants, Inc., and names Stifel, Nicolaus & Company as underwriter/placement agent for the issue. The notice attached to the resolution estimates the election cost at $65,800.

The motion to call the election passed (Motion: Triche; Second: DeFrancesch) with eight yeas, one abstention and two absences. Board Member Burl asked the record to reflect his abstention, saying projects to be funded had not yet been identified and he wanted to ensure equitable spending.

If approved by voters and the State Bond Commission, the board intends to use the proceeds to finance school construction, acquisition or improvement of facilities and related equipment, and to refinance prior obligations as described in the ballot language. The board set May 12, 2022 as the date to canvass election returns.