ST. MARTINVILLE — The St. Martin Parish Council passed a resolution Wednesday without opposition to begin processing up to $8.5 million in bonds for road and drainage projects.
Bond attorney Scott Crawford, of Crawford & Associates, said the terms of the bond issuance would not exceed 6 percent or 25 years.
Parish President Guy Cormier said he was hoping for a rate closer to 4 percent, considering low interest rates nationally.
In order to guarantee a low rate, the council also passed a resolution to join the Louisiana Community Development Authority.
According to the LCDA website, the authority was formed in 1991 to allow participating political subdivisions to finance environmental projects and was later expanded to include city and parish governments as well as school boards.
The only person to express concern about the proposed bond issue was Councilman Red Higginbotham. He said he had no opposition to the move, but was concerned the action would be taken before a new board is seated in 2012.
“Three or four of us won’t be here next year,” he said. “I will support it, but I think it should be passed by the next (board and) administration.”
The board then passed the motion on a move from Councilman Jason Willis.
Councilmen James Hebert and Carroll Delahoussaye were absent for the vote.
CHANGE OF MIND: In other business, District 4 Councilman Michael Capritto Jr. said he has changed his mind and wants to retain his seat on the council.
He said he originally only planned to hold the seat through December after he replaced former councilman Mike Huval, who was elected to the Legislature.
Capritto said, however, that while settling into the seat, his desire to remain as a public servant increased, prompting him to seek election in October.
“I asked council attorney Chester Cedars if there was anything to stop me from running after I replaced Mike, and he said there was not,” he said. “Therefore, I would like to continue to serve District 4.”