Refinancing bonds will save $400,000

Henri C. Bienvenu
henri.bienvenu@techetoday.com

Breaux Bridge – School board members last week approved action that will save parish taxpayers around $400,000 over the next 13 years.
The savings will come about as a result of the refinancing, at a lower interest rate, of $6,280,000 worth of bond obligations to be paid through 2029. This represents the balance remaining on $10 million in bonds originally issued in 2009.
Bonding attorney David Henderson of Foley & Judell reported on the successful offering and recommended board approval of the transaction.
In another financial issue, the board approved the expenditure of an additional $256,678 in Minimum Foundation Program money allocated by the state during the recent legislative session.
The money represents the parish’s share of $20 million funded by legislators for MFP expenditures.
The bulk – $196,108 – of the local allocation will be used to provide a $150 salary supplement for all school system employees.
The board directed that $30,954 be used for supplemental courses and $29,616 for high cost services.
CFO Casey Broussard said the supplement will be paid when the allocation is received from the state.
Board members are also considering additional salary supplements to be paid from parish funds, but Broussard asked that any decision be delayed at least until September when complete financial figures from the end of the 2015-16 fiscal year will be available.

STEM EXTENSION
Board members also approved a $26,836 allocation to continue a STEM (Science, Technology, Engineering & Math) program at St. Martinville Primary during the second half of the 2016-17 school session.
The STEM program offered at the school earlier this summer proved to be very popular and the allocation will extend the program for SMP students in grades 2-5.

PELLERIN SITE
Board members agreed with a suggestion by District 9 representative Floyd Knot to proceed with repairs to the roof of the Pellerin Insurance building purchased earlier this month rather than replacing the entire roof.
The building and 2.34 acres of property was purchased by the board earlier this month at a cost of $1,775,000. At the time it was thought that the roof needed replacing at an estimated cost of $58,000, half of which the Pellerin family agreed to pay.
But Knott said a knowledgeable inspector had checked the roof and felt that it was still in good condition and that missing shingles could be replaced at a cost of around $1,500.
Board members also directed staff to secure quotes for the installation of three new signs on the property.