St. Mary council OKs $2.5 million for libraries
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FRANKLIN — The St. Mary Parish Council approved on Wednesday the issuing of $2.5 million in general obligation bonds for library improvements across the parish, excluding Morgan City.
The council agreed to incur the debt from Patterson State Bank and IberiaBank at a rate of 3.9 percent.
In a public hearing before the meeting, bond attorney Lonnie Bewley said the parish was in good shape to borrow the money, adding it had not incurred a large debt since the current courthouse was built decades ago.
He added the parish was also given an optimum bond rating, putting it to receive the best possible terms in a bad lending market.
“The parish has not taken out general obligation bonds (in large amounts) in years,” Bewley said.
“As a result, we never had a general obligation bond rating. But the parish was recently awarded an A rating, and this is very important as the parish tries to establish a credit rating. It is very important to have this because market conditions are still real tough and it’s hard to get people excited about buying long-term bonds.”
He added that the credit rating was recognition that St. Mary Parish and the state’s Gulf Coast, as a whole, was finally beginning to receive the financial notice it deserved. He added that local economies remained strong compared with other places in the country.
In other business, and following a report by Stan Beaubouef, chairman of the St. Mary Parish Charter Review Advisory Commission, Councilman Kevin Voisin suggested that major changes to the parish charter be taken under advisement, then placed on the next congressional election ballot.
Four major suggestions were made to the board.
They included the council following the charter more closely with financial matters; set term limits at two terms for council members; raise council members’ pay to $800 for single district members and $1,000 for at-large councilmen; and to set the parish president’s pay either at $36,000 for part-time or $65,000 for full time service.
Beaubouef said he made the pay recommendations after looking at the charters of surrounding parishes, adding that he left a part- or full-time option for the parish president.
The position is part-time.
The advisory committee also suggested the parish president position, if made full-time, should have complete oversight over all departments, including the sheriff’s.
The council agreed to incur the debt from Patterson State Bank and IberiaBank at a rate of 3.9 percent.
In a public hearing before the meeting, bond attorney Lonnie Bewley said the parish was in good shape to borrow the money, adding it had not incurred a large debt since the current courthouse was built decades ago.
He added the parish was also given an optimum bond rating, putting it to receive the best possible terms in a bad lending market.
“The parish has not taken out general obligation bonds (in large amounts) in years,” Bewley said.
“As a result, we never had a general obligation bond rating. But the parish was recently awarded an A rating, and this is very important as the parish tries to establish a credit rating. It is very important to have this because market conditions are still real tough and it’s hard to get people excited about buying long-term bonds.”
He added that the credit rating was recognition that St. Mary Parish and the state’s Gulf Coast, as a whole, was finally beginning to receive the financial notice it deserved. He added that local economies remained strong compared with other places in the country.
In other business, and following a report by Stan Beaubouef, chairman of the St. Mary Parish Charter Review Advisory Commission, Councilman Kevin Voisin suggested that major changes to the parish charter be taken under advisement, then placed on the next congressional election ballot.
Four major suggestions were made to the board.
They included the council following the charter more closely with financial matters; set term limits at two terms for council members; raise council members’ pay to $800 for single district members and $1,000 for at-large councilmen; and to set the parish president’s pay either at $36,000 for part-time or $65,000 for full time service.
Beaubouef said he made the pay recommendations after looking at the charters of surrounding parishes, adding that he left a part- or full-time option for the parish president.
The position is part-time.
The advisory committee also suggested the parish president position, if made full-time, should have complete oversight over all departments, including the sheriff’s.
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