Louisiana district will tap special fund for construction costs

May 11, 2007
St. Tammany Parish will use extra property tax revenue to pay for building costs stemming from Hurricane Katrina.

The St. Tammany Parish (La.) School Board will divert extra property tax revenue into a spending fund to address post-Katrina construction costs. Administrators proposed the measure based on a need to put the additional taxes to use in the face of rising expenses. The original policy diverted all extra taxes above 3 percent growth into a special fund to boost the board's bond credit rating. That savings fund now stands at about $20 million. Under the new policy, $900,000 would go into the savings reserve, while the board would get $2.1 million to put toward construction demands or other expenses.

Click here to read The New Orleans Times-Picayune article.

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