E. Ascension Drainage Commission votes to pay off $6 million in bonds
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GONZALES — The East Ascension Drainage Commission voted Monday to pay off more than $6 million in bonds issued in 2005.
Paying off the $6.2 million early will save about $3 million, Commissioner Chris Loar said.
Drainage Manager Bill Roux said the commission has the fund balance necessary to pay off the bonds “and still have a significant fund balance.”
The bonds were not due to retire until 2015 and only became eligible for early repayment in March.
In other business, the commission:
- Agreed to share the cost with the Ascension Parish Department of Public Works on a $373,113 road and drainage project at Worthy Road Crossing.
- Approved a $362,237 contract with Volkert and Associates for the engineering firm to prepare a hydrological model of the Muddy Creek Basin.
- Approved a $33,680 contract with SJB Group to survey the west access road easement for the Henderson Bayou project.
- Agreed to pay a flat rate fee, not to exceed $99,999 a year, as approved by FEMA to Karla Cormier and Associates for work in the buyout program for repetitively flooded houses. Previously, Cormier had been paid a percentage of the cost of each buyout.
- Approved the sale at auction June 7 of unneeded drainage department vehicles, tractors and equipment.
