Posted: Oct 5, 2011 11:31 AM by Sharlee Barriere
ST. MARTINVILLE, La. (AP) - The St. Martin Parish Council has passed a resolution without opposition to sell bonds worth $7.34 million to repair roads and bridges across the parish.
Bond attorney Scott Crawford said he believed the last resolution of support passed by the council in September would allow him to begin the process of selling the bonds.
He said another resolution was needed by the state Bond Commission to allow the parish president to sign all necessary paperwork.
Crawford said the parish was looking to sell bonds at a great time because interest rates were extremely low.
The parish originally expected a rate of just over 4 percent, and the lower rate will save the parish $18,000 to $19,000 annually in interest payments over 20 years.