LUTCHER – Officials of the Town of Lutcher have secured $38,000 in zero-interest financing to help fund drainage improvements.
The St. James Parish town requested money through the Louisiana Public Facilities Autho rity’s Bond Bank Pro gram to assist in the improvement and construction of drains and drainage canals.
“Maintaining efficient drainage in the face of continuous growth and tight budgets is a challenge, but one we’re determined to address. This is a project that will prove beneficial to the quality of life of residents and business owners throughout our community,” said Town of Lutcher Mayor Rowdy Scott.
“The Bond Bank program was designed exactly for this type of vital municipal service. Managing drainage is critical to protecting life and property. Lutcher experienced significant flooding following Hurricane Isaac. It is important for officials there to advance such projects, and we are pleased to be able to provide assistance,” said LPFA Vice President of Economic Development Martin Walke.
The LPFA Bond Bank Program is a voluntary program established by the LPFA Board of Trustees solely with LPFA funds to help local governmental entities and their constituents. This program is designed to help address the financing needs of local governmental entities and to reduce their overall borrowing costs.
The Louisiana Public Facilities Authority is a self-supporting public trust and public corporation that issues both taxable and tax-exempt bonds to finance public and private projects throughout the state. The LPFA finances industrial and economic development projects, provides low-cost funding for hospitals and hospital equipment, universities and other educational facilities and essential programs for state and local governmental units. The LPFA does not receive any funds from the state for its operations.