By ROBIN SHANNON

L’Observateur

CONVENT – The St. James Parish Council on Monday voted to adopt a resolution to approve the issuance of revenue bonds to help fund construction of an expansion of a petroleum storage terminal on the west bank of the parish.

The resolution will allow the parish to acquire no more than $85 million in revenue bonds for construction at NuStar Logistics’ St. James storage facility. Parish spokesperson Melissa Wilkins said the council voted 6-0 in favor of adopting the resolution, with Councilman Kendrick Brass absent.

Wilkins said the bonds will help fund phase one of the two-phase expansion project at the NuStar facility.

She said the expansion will double the size of the storage terminal from 4.8 million barrel capacity to more than 9 million barrel storage capacity.

The expansion is expected to add about 24 storage tanks that range in size from 90,000 barrels to 363,000 barrels to the facility footprint.

Wilkins said the expansion’s first phase, which is expected to be up and operating by August 2011, would bring about 400 new jobs to the St. James Parish region.

According to NuStar’s website, phase two of the expansion, which is expected to be about the same size as phase one, is on tap for late 2013.

Wilkins said the bonds will be issued as fixed rate bonds bearing an interest rate not to exceed 10 percent per year with a 30-year maturity date.

Wilkins said the council is expected to introduce the resolution as an ordinance at the Dec. 15 council meeting, which is scheduled for 6 p.m. at the courthouse annex in Vacherie.

The parish will hold a public hearing prior to the meeting to listen to comments from residents.