Howell tapped for NSU interim chief
June 25, 2013Jindal strips items from next year’s $25B budget
June 25, 2013Lafourche Parish Government will save roughly $2.1 million over the next 12 years after refinancing its existing debt obligations, according to the lawyer who managed the process.
Parish President Charlotte Randolph said the parish faces no restrictions as to how it can spend the money. Although the debt originated when the parish bonded specific revenue streams, the savings aren’t bound by the taxing parameters, she said.
Lafourche capitalized on low interest rates; the refinancing plan is expected to slash the parish’s gross debt service through 2025 from nearly $17 million to $14.8 million.
Councilmen Daniel Lorraine and Lindel Toups expressed the possibility of using the savings toward constructing a new detention center. The parish has thus far set aside $400,000 for consulting and design work on the project, and Randolph said her administration is closing in on a proposal to pay for construction costs, which are expected to exceed $20 million.
Other jail-financing ideas floated thus far that have gained traction with the council are the rededication property-tax revenues for building and maintaining parish libraries, which would require voters’ approval, and using some of the $1.6 million the council accepted from the abolished Lafourche Parish Home Mortgage Authority.
Thibodaux attorney Harold Block announced the savings before the council earlier this month.
