For Immediate Release, Friday, November 03, 2006 

Parish Saves Over $1.3 Million 

            On Thursday, Novcmber 2, 2006, the St. Tammany Parish Council approved the refinancing of the Justice Complex and Jail sales tax bonds at a new, lower interest rate.  The refinancing will result in an over $1.336 million savings to St. Tammany Parish citizens. 

            The original bonds were issued in 1998 to finance the construction of the St. Tammany Parish Justice Complex and St. Tammany Parish Jail.  The interest rate on the 1998 bonds ranged up to 5 percent.  The interest rate on the new bonds is 3.94 percent.  The bonds are financed by the quarter-cent sales tax on the Justice Complex and an additional quarter-cent sales tax on the St. Tammany Parish Jail.  All funds are strictly dedicated to these projects.  Savings will help off-set operating costs for these facilities. 

            “I am very pleased that we are able to take these cost-saving steps,” said Parish President Kevin Davis.  “Through responsible fiscal planning, we have been able to keep a good bond rating for our parish.  This is an example of how good bond ratings translate directly into dollars saved.” 

In June 2006, Parish President Kevin Davis and the Parish Council announced that the Parish’s ad valorem (property) tax bond rating from  Standard & Poor’s (“S&P”) had been set at  AA-, one of the highest credit ratings attained by parishes and other political subdivisions in the State.  S&P has also issued a AA- rating for the Justice Complex and the Jail Sales Tax Bonds. 

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