Louisiana’s Assumption Parish School Board will sell $8.1 million of federal qualified school construction bonds to finance additional classrooms at its high school and two middle schools, and renovations at several other district facilities.
The school district received authorization from the state for up to $10 million of the stimulus debt. Regions Bank has agreed to purchase the 16-year bonds at 7.73% interest.
The federal stimulus bond program will provide a subsidy of 70% on the interest, with the district responsible for the remainder. The school system, which currently has no rated debt, expects to receive the proceeds by March 1.