ABBEVILLE — The Vermilion Parish School Board unanimously adopted a resolution Thursday authorizing the issuance of $2.02 million in bonds to finance the construction of a new middle school on the campus of North Vermilion High School.
The low bond bid was submitted by Whitney/Hancock Bank, which offered the bonds at a rate of 2.57 percent annually.
According to The Abbeville Meridonal, the cost for the middle school, including three wings of classrooms, an academic area, a gymnasium, a music room and the parking lots, is about $7.5 million.
Most of the money for the new school is from the Federal Emergency Management Agency, said bond attorney Alan Offner of Foley & Judell.
The bond issuance is necessary to pay older issuances at the lower 2.57 percent rate, down from 3.21 percent, and also have about $500,000 to pay architecture fees on the project.
“There are three outstanding issuances and the board could not take on additional debt because the debt service would be too high,” Offner said. “This move allows the board to refinance and extend these 2008 issuances at a lower interest rate and have money for the architect.”
The board also approved demographer Mike Hefner to begin the process of redistricting after the 2010 census. Hefner said he’s already started balancing the eight districts, but needed an official resolution to meet state and federal statutes.
The board agreed, then scheduled a public meeting Dec. 5 to allow feedback from residents and begin discussing the plan.
Only District E fell within the desired range of 7,250 people per district.
The other eight districts will require adjustments, especially Districts B and G, which are 34.6 percent and 26.9 percent over the goal of 7,250 residents, respectively.
Conversely, District F lost the highest percentage of population, leaving it 16.6 percent below the ideal number of residents per district.
“Throughout this process, you will continue to represent your existing districts,” Hefner said. “This will not go into effect until 2014.”