- Associated Press - Friday, October 9, 2015

HOUMA, La. (AP) - Terrebonne Parish is pursuing state bonds to take on debt for various current and future capital projects.

The Courier reports (https://bit.ly/1R2e6tt) the parish council gave preliminary approval for the application to the bond commission for limited tax bonds for liquid waste collections and disposal facilities and purchasing the necessary sites and equipment.

The parish has retained New Orleans-based law firm Foley & Judell as bond counsel.

Jerry R. Osborne, a partner with Foley & Judell, said this is a way for the parish to take advantage of the state Department of Environmental Quality’s revolving loan fund where money is lent to municipalities at .95 percent interest.

Applying to the state is the first step provided that revenues from the solid and liquid waste tax are pledged to the repayment of the bonds.

“There will be a lot more steps in it and we’re going to have to come back after we’ve worked out all the agreements with DEQ and present them here for an ordinance,” Osborne said.

In November 2009, voters approved the extension of the solid/liquid waste property tax through 2029 which would allow the parish to utilize 2 mills of the total 11.21 for projects and debt service repayments.

Of the funds being sought, $2.5 million is for gravity sewer main upgrades along Lafayette, Hobson, Honduras and Morgan streets. Other project priorities will be submitted upon approval of the bonds.

The Parish Council introduced an ordinance to amend the 2015 Parish budget to recognize the transfer of $9.3 million from solid waste/sanitation to liquid waste/sewerage. A public hearing on the budget amendment has been called for Oct. 21 at 6:30 p.m.


Information from: The Courier, https://www.houmatoday.com

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