Commission OKs refinancing for St. Mary school debt

The State Bond Commission approved $20.75 million for the St. Mary Parish School Board on Thursday to refinance bonds, saving taxpayers over $1.5 million.
“Finding these savings for taxpayers is as important to me as shrinking the interest rate on your mortgage is to your household,” said State Treasurer John Kennedy in a press release.
“So far this year, we’ve generated more than $100 million in savings by refinancing debt to capture lower interest rates.”
Breaking down the $20.75 million, the commission approved $17 million in general obligation school refunding bonds for St. Mary Parish School Board, Consolidated School District 1, specifically saving taxpayers $1.2 million.
There is a “projected millage reduction of .39 mills,” according to the state bond commission’s analysis request.
Additionally approved was $3.75 million in general obligation school refunding of bonds for the board’s Special School District 4, $347,524 with a “projected millage reduction of .35 mills.”

This story was written by Shea Drake of The Daily Review staff. Reach her at sdrake@daily-review.com.