St. Tammany Parish Government Chooses Bond Firm For Infrastructure Investments
St. Tammany Parish President Pat Brister announced today that Parish Government has accepted and opened the bids for the Parish’s bond issuance for investing in the Parish’s infrastructures needs. The bond sale drew an unprecedented eleven bidders, with the lowest bid proposal coming from J.P. Morgan Securities.
“Because of my administration’s conservative money management, we will be able to build more roads and continue to increase drainage capacity for the citizens of this Parish,” said Pat Brister, St. Tammany Parish President. “Because we have been great stewards of the taxpayers’ money, we have earned the second highest bond rating available from Standard and Poor’s; AA+. Our hard work has again paid off when it counts, with an exceptional bond sale to build more roads and drainage.”
Earlier this year Parish President Brister put into motion the mechanisms to bond out some of the future collections of the Parish’s dedicated sales tax, so that critical infrastructure needs could be met today, as opposed to a pay-as-you-go expansion of roads and drainage. She also announced the increase in St. Tammany Parish Government’s bond rating for Sales Tax District #3. This is the second bond rating upgrade on this tax in the last few years.
“Parish President Brister and her administration should be extremely pleased with the results of the bids. In the more than 45 years that I have been a part of processes just like this one, I have never seen this amount of interest in a government bond,” said Grant Schleuter, the Parish’s Bond Attorney. “This competition has resulted in the Parish getting the best deal the market had to offer.”
“St. Tammany Parish Government is one of four or five Parishes in the State with a rating this healthy,” said Jim Ryan, the Parish’s Municipal Advisor for the bonds. “Their exceptional rating, as well as their strict and methodical financial policies, can be directly attributed to the reason the Parish has gotten one of the best bond deals that I have ever seen.”
The investment in the infrastructure will be fully funded through the bond issue that was previously approved by voters. The final procedural step in the process will be before the Parish Council on May 2, 2019, at their May Parish Council Meeting, where they are expected to pass the final bond issuance ordinance they passed in April, but with the bid results attached.