The Lafayette Parish School Board will develop a general obligation bond election proposal for the fall to cut away at $1 billion of needs identified by a facilities committee.
School trustees voted last week to accept the committee’s recommendations for a property tax vote later this year to raise $592 million. The master plan developed by the panel proposed $600 million of high-priority projects that could be accomplished within five years.
Billy Guidry, chief financial officer of the district, said a bond proposal supported by a property tax increase would be presented to trustees in June for review.
No GO proposal has gone to voters since the 1980s, according to the district, which has no outstanding GOs. The district, with $8 million of debt supported by sales tax revenues, is rated A1 by Moody’s Investors Service and AA by Standard & Poor’s and Fitch Ratings.
With $592 million of bond proceeds, the committee said the district could build six new schools and replace 40 portable classrooms with permanent ones.
Consultants said a $592 million issue would raise annual taxes on a $150,000 house by $189, while $150 million of bonds would raise taxes by $48 a year.
The committee also recommended a separate millage levy to fund maintenance and small capital projects.