Posted: Mar 16, 2012 8:59 AM by AP
EDGARD, La. (AP) - The St. John the Baptist Parish School Board has voted to refinance $4.5 million in bonds to save about $368,000 in interest. However, the refunding is dependent on whether the district's April 21 bond issue is passed by voters.
The Times-Picayune reports the $4.5 million is in two sets of bonds, one from 2001 with an interest rate of 4.55 percent and another from 2002 with interest rates ranging from 3.5 percent to 4.45 percent.
Hugh Martin, the district's bond attorney, told the board Thursday the refunding would be put on the state bond commission's April agenda. However, IRS rules would require the debts to be paid from a sinking fund if the April election fails.
The board is seeking $11.6 million in bonds for maintenance and construction projects.