The State Bond Commission approved $18 million in short-term loans Thursday to help East Baton Rouge Parish’s park system and Sheriff’s Office pay bills until tax revenue is collected.
The loans were among a batch of borrowing to which the panel swiftly agreed to help entities with cash flow or capital improvements.
The bond commission’s director, Whit Kling, said the loans are short-term.
With little discussion, the commission agreed to allow the borrowing.
LaSalle Parish now can borrow $100,000 to purchase land for an industrial park. West Carroll Parish’s Concord Fire District can refinance debt. Catahoula Parish can take out a $16,000 loan to maintain the operations of a fire protection district.
- The East Baton Rouge Parish Sheriff’s Office can borrow up to $10 million.
- The East Baton Rouge Parish Recreation and Park Commission, or BREC, can borrow up to $8 million.
“This is our annual Revenue Anticipation Loan to carry us over until funds are collected beginning in December,” said Casey Rayborn Hicks, spokeswoman for the East Baton Rouge Parish Sheriff’s Office.
Hicks said the money will be used for the operations of the prison and the office’s civil and criminal divisions.
She said the bank will be repaid when property taxes are collected and received.
Last year, the office received approval to borrow $10 million and ended up needing $6.5 million.
The office — through the East Baton Rouge Parish Law Enforcement District — also requested budgetary loans in 2006, 2007, 2008 and 2009.
BREC has sought loans ranging from $6 million to $10 million since 2000.
The park system’s attorney, Richard D. Leibowitz, said the money will be repaid by March. He said BREC needs the money to pay monthly expenses until property taxes are collected.
“It’s just a timing issue,” Leibowitz said.