LUTCHER — The St. James School Board agreed to consider issuing up to $2.5 million in revenue bonds to refinance a 2002 bond issue, saving an estimated $54,000 in interest costs.
Bond attorney Hugh Martin said during Tuesday’s School Board meeting that the 2002 bonds would be paid off in three years, but their interest rates are as high as 4.5 percent.
New bonds, if issued, could reduce the interest rate on the remaining debt to as low as 2 percent, Martin said.
“This is just like refinancing your house,” Martin said. “You might still have the same principal amount you owe, but you reduce the interest and you save money.”
Martin said he would ask the State Bond Commission for permission to proceed with setting up the bond issue. He would present bank proposals by the School Board’s December meeting.
Board members Carol Lambert, George Nassar Jr., Patricia Schexnayder, Charles Nailor, Richard Reulet Jr. and Kenneth Foret approved the bond motion. School Board member Diana Cantillo was absent.
Other action taken by the board included:
NEW FURNITURE: The School Board approved an $89,899 contract with School Specialty for furniture for the Lutcher High School media center.
School Specialty, an Ohio-based company with offices in Louisiana, is a vendor of school furniture, parish school technology director Rob Logan said.