St. Charles refinances $8 million in bonds

Published 12:00 am Tuesday, May 4, 1999

By LEONARD GRAY / L’Observateur / May 4, 1999

HAHNVILLE – More than $8 million of St. Charles Parish general obligationand utility revenue bonds were sold Monday in a refinancing to save more than $1 million in interest payments.

This came at the same time the parish finance office was honored for the third year in a row for financial bookkeeping excellance.

The Parish Council accepted the bid of Scharf-Jones of Morgan-Keegan and Company for $1,920,000 of general obligation bonds, refinancing them to an average interest rate of 4.04812 percent and a total interest cost of$302,925.

This, according to bond attorney Jerry Osborne, will save the parish $180,000 for the remaining life of the bonds.

Also, the Council accepted the bid of Legg-Mason for $6,085,000, refinancing them to an average interest rate of 4.628860 percent and atotal interest cost of $3.8 million.This, Osborne added, will save the parish more than $1.3 million ininterest savings.

Osborne also pointed out that St. Charles Parish government currentlyenjoys an A-1 bond rating for general obligation bonds, the highest possible, and equalled by only a few governmental entities in Louisiana.

Its utility revenue bonds enjoy an A-2 rating.

Osborne has been bond attorney for St. Charles Parish for 34 years.At the start of Monday’s Parish Council meeting, Finance Director Roland Becnel and Parish President Chris Tregre were honored with their third consecutive certificate of achievement for excellence in financial reporting by the Government Finance Officers Association, the highest form of recognition in the area of governmental accounting.

“Its attainment represents a significant accomplishment by a government and its management,” according to Rudy Du Saules, representing the association.

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