LA Bond Commission allocates millions in funding for projects statewide. See the list.

The Louisiana State Bond Commission has approved funding for a new wave of projects focused on parish infrastructure and equipment, State Treasurer and Commission Chairman John Fleming announced Wednesday.

The commission on June 20 agreed to approve $155 million for nine projects. 

“This funding will address critical needs in parishes throughout our state,” Fleming said in the statement.

The approvals authorize state and local agencies to borrow the money from banks and other investors and pay it back over time. 

The projects approved this month involve construction and development for water systems, drainage, roadways and more.

One project gives the St. Tammany Parish School Board $5 million in limited tax bonds to purchase 20,000 Chromebooks for public school students. The school district’s bought its previous Chromebooks in fiscal year 2019, spokesperson Meredith Mendez said, and it is now time to replace them. 

The commission also earmarked $80 million in single-family mortgage revenue bonds for the Louisiana Housing Corporation. The funding will finance first-mortgage loans, as well as home improvement loans and rehabilitation loans.

Additional projects include:

• $1.2 million to improve the water and sewage systems in the Town of Duson in Acadia and Lafayette Parishes
• Nearly $2.8 million in sales tax bonds to improve the City of Mansfield’s water system
• $25.5 million in hospital revenue bonds for Savoy Medical Center upgrades
• $10 million in revenue bonds for a new parking area and related facilities near Louisiana Tech University in Lincoln Parish
• $22.8 million in revenue and special assessment revenue bonds to developments in the Juban Crossing Community Development District in Livingston Parish
• Nearly $5.6 million in street improvement revenue bonds for the City of Bastrop in Morehouse Parish
• Nearly $1.2 million in taxable utility revenue bonds for improvements to the drinking water, sewerage, natural gas, and sanitation plants and systems for the Village of Forest Hill in Rapides Parish

The state’s cost of borrowing bonds lowered this year as Louisiana’s grade in the S&P Global Ratings, which evaluates creditworthiness around the world, was upgraded from AA- to AA. 

So far this year, the commission has issued more than $290 million in general obligation bonds, or bonds issued for government programs that might not explicitly generate revenue. The commission also designated about $97 in general obligation refunding bonds to refinance current outstanding bonds. The result is expected to produce $3.1 million in net present value savings, according to the press release.

The state has approved 95 debt applications so far this year and estimates an investment income greater than $420 million, according to the treasurer’s office.

Separately, the Legislature this session approved $390 million for road and bridge repair and $75 million for water and sewage systems across the state amid conversations about infrastructure needs.