For Immediate Release, Friday, November 17, 2006 

CITIZENS SAVE IN DRAINAGE DISTRICT BOND ISSUE 

            Gravity Drainage District No. 5 has announced a savings of more than $120,000 in the issuance of bonds earlier this week, and will roll back its millage, officials said. 

            The District is authorized to issue up to $1.86 million in general obligation refunding bonds.  With a low bid of 3.93 percent interest, Hancock Bank won the right to issue the bonds on behalf of the District.  The refinancing of these bonds will result in a net savings of $122,412 and an annual debt service reduction of $9,083.15.  The bonds were to be delivered on Tuesday. 

            The news comes only two weeks after Parish President Kevin Davis announced a savings of $1.3 million in taxpayer dollars through the refinancing of bonds obligated to the operations of the Parish Jail and Justice Center.           

            Gravity Drainage District No. 5 also indicated its intention to roll back its millage from 3.8 to 3 mills, correlating to the bonds savings and a growth in ad valorem tax revenue. 

            Gravity Drainage District No. 5 is tasked with proactively addressing drainage issues within its boundaries.  Its boundaries are roughly Hwy. 59 on the east; Dove Park Road, Westwood Drive and Fairway Drive on the south, Hwy. 190 on the west, and the Ponchitalawa Creek and I-12 on the north. 

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