East Baton Rouge Parish voters may be asked to approve a tax increase for a multimillion-dollar bond issue at next November’s general election. Parish Mayor-President Kip Holden said he may ask voters for a new property or sales tax, or possibly a combination of the two, to support the parish’s first infrastructure bond issue since 1975.Possible projects to be financed with bond proceeds could include $180 million of drainage efforts, $85 million for a new police headquarters facility, $55 million for an expansion of the parish correctional facility, and $45 million to expand the Baton Rouge convention center.The proposed bond issue could be on the ballot at next year’s Nov. 4 general election, which is also the runoff date for the mayoral and council races.East Baton Rouge voters approved a 0.5% sales tax in 2004 to finance the widening of 35 roads in the parish.
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Jamie Doffermyre has worked in munis at Truist Securities, Citi and Merrill Lynch.
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Mayor Brandon Johnson released to City Council a report from accounting firm Ernst & Young with recommendations for closing the city's structural budget gap.
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Executing a successful bond issuance becomes simpler by combining long range planning, shorter-term timing and marshaling political support.
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The city council president is concerned about state bond commission approval.
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California's recent tax revenues exceeded forecasts, but the state faces structural deficits that drive budgetary borrowing and have narrowed its reserves.
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"Over the next fiscal year, I look forward to collaborating with MSRB Board members from across our industry, and the nation," Board Chair Natasha Holiday said.
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