Trustees of Lafayette Parish School Board will meet Sept. 19 to consider a spending plan for the proceeds from a $30 million general obligation bond issue approved in August by the Louisiana State Bond Commission.
Work on the projects could be under way by November, said superintendent Pat Cooper. The bonds are supported by the district’s 4.59-mill property tax. The tax generates $7.5 million a year.
The parish school district’s outstanding sales tax debt is rated A1 by Moody’s Investors Service and AA by both Fitch Ratings and Standard & Poor’s. The district has no outstanding GO debt.
Parish voters rejected a $561 million GO school bond proposal in October 2011 that would have financed the first phase of a major capital effort. Approval would have resulted in a tax increase.
A school facilities committee has identified $1 billion of needs in the district.
Lafayette Parish School Board issued $11 million of federally authorized qualified school construction bonds in 2010 and another $11 million in 2011.
Lafayette Parish is located midway between New Orleans and Houston.