Kinder to issue $1.3M in bonds

KINDER — The council unanimously passed a resolution Monday to issue $1.3 million in bonds that would pay for the second phase of an ongoing street improvement project.

Bonding attorney Alan Ofner awarded bids to JD Bank and Louisiana Public Facilities Authority for issuance of the bonds.

JD Bank’s 1.9 percent was the lowest of the six bidders. JD Bank will purchase $987,000of the bonds with Louisiana Public Facilities Authorities purchasing the remaining $328,000 at one-half of the interest rate.

“Six banks submitting bids is good,” Ofner said, noting the interest from local and state banks.

The bonds should be delivered by Sept. 18, Ofner said.

A one percent sales tax approved by voters in 2001 will be used to retire the bond debt.

The State Bond Commission approved the bonds in July after the town made application in June.

Mayor Wayland Lafargue said the street improvement project will target about 40 streets in various parts of town for overlay.

Each council member and Lafargue rode through each council district to survey the roads adding the ones with the most traffic and in the most need of repairs to the priority list for when funding became available.

In other matters, the council authorized the mayor to sign a cooperative endeavor agreement with Allen Parish Recreation District 2 to provide overflow parking at Lambert Park for this weekend’s alumni tournament.

Under the agreement, the town will allow the Recreation District to use 5.4 acres adjacent to Lambert Park on First Avenue for overflow parking during the three-day event.

“With the upcoming alumni tournament, the district has an immediate need for overflow parking,” town attorney Michael Holmes said.

Holmes said the tournament is a well attended event with limited parking.

The overflow parking area will keep people from parking on the shoulders of the road and pedestrians crossing the road, he said.

Future requests for overflow parking will be handled on a case by case basis.

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