DONALDSONVILLE — The Ascension Parish Council approved plans to refinance what remains of nearly $9.6 million in library construction debt and to issue $550,000 worth of revenue bonds for improving a west bank water system.
Angelle Deshautelles, director of the Ascension Parish Library, said the library wants to take advantage of lower interest rates and save $300,000 while paying off the 30-year bonds issued in 2005.
The council backed without opposition Thursday a proposal to refinance debt on the library bonds and issue new bonds worth $9.35 million through 2035.
The 27-page bond document required a lengthy ordinance reading by parish financial adviser Jim Ryan prior to Thursday night’s council vote.
The council agreed in 2005 to issue bonds totaling nearly $9.6 to pay for a $5.3 million expansion of the Gonzales branch and help pay for construction of the Dutchtown branch.
The bonds were issued through the Louisiana Local Government Environmental Facilities and Community Development Authority in conjunction with the council.
At the time, the council and the parish’s Library Board of Control agreed the board would pay off the debt and interest from its property tax revenues.
The council also did not oppose issuance of $550,000 in certificates of indebtedness by the Ascension Consolidated Utilities District No. 1 to expand the district’s west bank water system.
The certificates would be capped at 10 years and sell for not more than 4 percent interest, according to a council resolution.
Councilman Oliver Joseph said the new debt would help pay the cost of expanding a water line loop into areas including St. Jude and Aben as well as in the vicinity of La. 18 outside Donaldsonville.
The district is funded with revenue from a 10-mill property tax.
Jerry Osborne, district bond attorney, told the council the funding would provide a grant match to add customers, pay off remaining costs from prior work and pay for a new Utilities District No. 1 office.
Osborne said the bond proposal still has go before the state Bond Commission.