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St. Tammany using $30 million bond issue for Parish roads

Posted: Tuesday, March 12, 2019 | Views: 1037

St. Tammany using $30 million bond issue for Parish roads
From St. Tammany Parish Government

Strategic Road Plan Continues to Move Forward with Announcement of $30 Million Infrastructure Investment

Pat Brister, St. Tammany Parish President, announced an upcoming $30 million investment by Parish Government for a road infrastructure improvement and creation initiative. Brister noted this announcement is the next step in her administration’s long-term vision for a focused, systematic, infrastructure planning and implementation process that has been ongoing since she took office in 2012.

“From the moment I came into office, infrastructure has been my top priority. I am proud of the culmination of the groundwork we have done so far and what we continue to accomplish through smart, well-thought-out planning. This investment is the next logical step in our ongoing plans to increase, improve and maintain our roads,” said Pat Brister, St. Tammany Parish President. “As we continue to invest, build momentum, and gather data to intelligently prioritize road maintenance, we are now more prepared than ever to move forward with the next phase of this long-term vision, and this $30 million will allow us to jumpstart critical projects.”

The investment will be funded through a $30 million bond issue. This bond will be secured and the debt service paid, from the Parish’s dedicated 2% roads and drainage tax. This bond issue, which was previously approved by voters, will be introduced before the Council on Thursday, at their regular monthly meeting. The bond rating on Sales Tax District #3 was very recently upgraded for the second time within five years, to AA+ (Double A Plus) meaning Parish Government will see a cost-savings because of smart money management.

Brister went on to say, “The bond issue will allow us to accomplish projects now rather than doing them on a pay-as-you-go basis. In order to make thoughtful choices when it comes to prioritizing these projects, we rely on our annual Capital Improvement Plan to capture and track priority projects; we utilize factual data from our pavement assessment tool — FUGRO — ; and we continue to implement our Major Streets Plan. This wisely planned infusion of dollars for the next phase of projects will have positive, multi-layered, generational impacts on St. Tammany. ”
 
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