Local governments save millions by refinancing debt

BATON ROUGE – Local governments in Louisiana are saving more than $9.3 million for taxpayers by refinancing higher interest rate debt at a lower cost, according to State Treasurer John Schroder.

Bossier City was one of the areas that will see costs saved, to a tune of more than $5.2 million. The Caddo Parish Commission will also save $160,556.

“Every little bit helps when it comes to managing taxpayer dollars, and sound financial practices in government are priceless,” said Treasurer Schroder.

The State Bond Commission met October 17 and approved eight local entities’ requests to refinance debt.

The State Bond Commission receives applications from parishes, municipalities, special taxing districts, and other political subdivisions requesting authority to incur debt or levy taxes. These applications are reviewed for compliance with Constitutional and statutory requirements and the ability to repay any debt incurred.