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Livingston Parish Schools Issues $38 Million in Bonded Debt to Pay for School Flood Repairs

Eighteen Livingston Parish Schools were damaged in last summer's devastating flood.

(TNS) — The Livingston Parish, La., School Board agreed Tuesday to issue two 15-year revenue bonds totaling $38 million in debt to restore and repair flood-damaged schools.

"Basically, it's to help us pay for the flood event, to help us with cash flow, with what (projects) we've got right now," Superintendent Rick Wentzel said after the meeting.

Eighteen Livingston Parish Schools were damaged in last summer's devastating flood.

Wentzel said the school system remains in negotiations with the Federal Emergency Management Agency for the three most heavily flooded schools, Denham Springs Elementary, Southside Elementary and Southside Junior High, all of which remain closed.

Students attended class at temporary campuses set up on those sites during the just-finished school year.

The remaining 15 flood-damaged schools were able to open to students last school year, and the new bond money will be used to repair and restore those schools, Wentzel said.

"Some sites will be completed this summer," he said.

"About five of those sites may 'bleed' over into 2018 and probably next summer," Wentzel said.

One bond, for $27 million, with an interest rate of 2.68 percent, is being purchased by Regions Capital Advantage, said David Henderson, with the Baton Rouge law firm of Foley and Judell.

The other bond, a taxable revenue bond, which has taxable interest payments, has an an interest rate of 5 percent and is being purchased by First Guaranty Bank, Henderson said.

"Thank you for helping us get these revenues for helping us get over the flood," Wentzel told Henderson.

"We appreciate working with you," Henderson, adding of the flood recovery work, "This is a struggle and it's not over yet."

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