Parish police jury looks to save $900K by refinancing bonds

Published 12:47 am Tuesday, August 9, 2016

VIDALIA — The Concordia Parish Police Jury started Monday a process that could potentially save the parish nearly $1 million.

The jury adopted a resolution giving preliminary approval for the refunding of sales tax bonds that were sold in 2007.

Despite how it sounds, the “refund” is actually a refinancing of the bond debt.

Police Jury Secretary-Treasurer Kevin Friloux said he occasionally meets with the jury’s bond attorneys to discuss the parish’s bonds.

“I’ll have them review the state of the outstanding debt and see if there is any chance to save us some money,” he said.

If the parish is able to get the state bond commission’s approval to refinance the debt, the parish could possibly save $900,000, Friloux said.

But the police jury could elect to roll some of those savings forward and apply a portion of the savings to work needed around the parish, he said.

Those decisions will not be made until after the jury has further discussions with the bond commission, Friloux said.

In other news:

-The board voted to table a proposal to consider filling a vacancy on the Concordia Recreation District No. 1 board.

Juror Jerry Beatty said he thought it would be best to table the appointment in light of ongoing questions about the district. The jury voted 4-3 to table the matter, with jurors Carey Cook, Joe Parker and Willie Dunbar dissenting.

The jury recently turned over to the district attorney for the Seventh Judicial District District a report on the recreation district from the Louisiana Legislative Auditor’s Office.

The report, released in July, alleged that the recreation district’s director used equipment for personal use, that the district contracted with a family member of the former board chair, that board members received excessive compensation and that public funds were donated without proper documentation, among other things.

The report alleges that approximately $150,000 in district money may have been misused.

-Friloux gave public notice of a public hearing set for Sept. 12.

At the hearing, the jury will consider the adoption of a resolution calling for the renewal of the parish’s ad valorem property tax for drainage and public buildings.