St. John the Baptist Parish School Board authorizes up to $9.5 million revenue anticipation note

The St. John the Baptist Parish School Board on July 8 voted to authorize the issuance of a Revenue Anticipation Note not to exceed $9,500,000, accepting an offer from Capital One Public Funding on a draw-down basis.

Attorney Jason Akers of Foley & Judell, L.L.P. presented the resolution and explained the form of the note and the procedures to draw down funds as needed. Board members voted to approve the resolution; the roll call showed eight yes votes, one abstention (board member Burl), and two members absent. DeeDee Riggins stated the interest rate being offered was 0.097 percent.

The resolution authorizes officers of the Parish School Board to execute the note and related documents; the Board’s action is conditioned on approval from the state Bond Commission, which was noted as expected to meet on July 15, 2021. Board member Burl said on the record he abstained because he did not want to “rubber stamp” votes and felt some changes should have been communicated before voting.

The Board took the vote during the business and finance portion of the meeting after amending the agenda to consider Item 7a at that time.