Four days after Iberia Parish voters approved the $60 million bond renewal, the School Board is making plans to borrow the first $15 million.

Bond attorney Jason Aker told the board members if it acts now, it could see the first money by December.

The School Board passed two resolutions Wednesday, one canvassing the votes of the two propositions, declaring the results of Saturday’s election. The second resolution called for advertising the sale of the bond.

Assitant superintendent Carey Laviolette cuts a celebratory bond renewal cake while Superintendent Dale Henderson, center, and Iberia Parish School Board member Blaine Meche, right, enjoy the occasion. INNESS ASHER / THE DAILY IBERIAN Advertisement

“We’re rushing the first $15 million into market for a very good reason,” Aker said. “The federal stimulus act came out and allowed for a greater latitude in public financing for what it called bank qualifed debt. That makes your bond issue much more attractive.”

Aker said the limit on bond purchases was raised from $10 million to $30 million, and by getting the bonds to market by the end of the year the School Board would see more possible purchasers and the competition would allow for better interest rates.

“You end up decreasing interest that you would pay otherwise,” the bond attorney said. “Another reason is that we’re in an incredible market right now for the purchase of tax exempt bonds.”

By passing the two resolutions at Wednesday’s meeting, bids will be ready and can be accepted at the board meeting Nov. 18, Aker said. Bids will come in electronically and be sealed. The board can pick the best bid with the lowest interest rates.

“It will be some time in December to actually deliver the bonds, and you have the money available,” Aker said.

The $6 million technology improvement goal will be the first project undertaken once the money arrives, said Superintendent Dale Henderson, although not all of the planned improvements will begin until the School Board technology department creates an improvement schedule according to priority. The next issues will be in March and September for $15 million each. A $10 million issue will follow in 2011 and another $5 million in 2012.

“I really think we all owe Mr. Henderson and his staff a debt of gratitude for pushing this so hard in the public,” said Mary Freshley, board member, District 11. “It really paid off, so thank you so very much.”

Board vice president Blaine Meche, District 10, discussed the possibility of thanking the public for their support by taking out an ad using member contributions, allowing board member Robbie LeBlanc the opportunity to voice his displeasure with the low turnout during the election.

“The vote turnout was 11 percent,” LeBlanc said. “I congratulate the 11 percent that went out and did the honorable thing. But the other percentage, it just tears my heart out.”

LeBlanc reminded those present at Wednesday’s meeting of men and women in the military overseas who are fighting to establish democracy and protect the rights of others.

Addressing Meche’s suggestion of an advertisement, Henderson told the board that a statement of gratitude to the public was fully appropriate and that he’d already made steps to do just that.

“I did write a letter, the day before yesterday, a letter to the editor of The Daily Iberian on behalf of the School Board thanking the public for their overwhelming support,” Henderson said. “If the board would like for the staff to do something beyond that, we can certainly put another ‘thank you’-type ad in the paper.”