Louisiana district will tap special fund for construction costs

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.

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