Posted: Sep 7, 2011 8:58 AM by Lauren Wilson & AP
ST. MARTINVILLE, La. (AP) - The St. Martin Parish Council has approved publishing the details of the parish's plan to issue up to $8.5 million in bonds.
The Advocate reports Parish President Guy Cormier will borrow the money from the Louisiana Local Government and Environmental Facilities Authority through the issuance of bonds.
The council also passed an ordinance that will allow Cormier to act on behalf of the council in signing necessary paperwork associated with the bond issuance.
There was no opposition to either proposal.
The money is slated to pay for road and bridge improvements as well as to benefit other capital improvements in the parish.