The Madisonville Town Council voted on Wednesday to keep the town's property tax rate at 8.55 mills.
The same millage rate has been in effect since 2017.
The board also approved a resolution indicating its intent to issue $2 million in gas utility revenue bonds to increase the capacity of the town’s natural gas distribution system, which serves not only the town but also a large and growing part of the surrounding area.
A total of $1 million in bonds will be tax-exempt and will be issued at a rate not exceeding 4 percent. The other $1 million will be taxable bonds issued at a rate not exceeding 6 percent. Both issues will have a maturity date no later than Dec. 1, 2030.
According to bond attorney Allan Offner, the gas system, which is a major source of Madisonville's funding, generates revenues that are three times the amount necessary to cover the system’s total indebtedness. That should ensure that the bonds will be issued at very favorable interest rates, he added.
The resolution will be submitted to the State Bond Commission for approval.
The council also approved a resolution on Wednesday that expressed the town’s opposition to proposed state legislation that would transfer the administration and collection of local sales and use taxes from local and parish administrations to the Louisiana Department of Revenue.
In adopting the resolution, the town joins numerous other governing bodies throughout the state that are opposing the legislation, in the belief that local authorities are best equipped to collect local taxes.
Also, town attorney Bruce Danner announced that SBA Towers, LLC, which operates a cell tower on town land, had withdrawn its offer to pay $478,000 for a 50-year easement on the land.
The town had hoped that the money could be used as matching funds for various grants it would apply for in coming years.
Danner added, however, that he was in discussions with at least one other company that was interested in pursuing a similar deal with the town.