Industrial Board approves transfer of funds to retire debt
By: MICHAEL BORDELON
The Industrial Development Board, Number One, held a meeting Tuesday, April 15, to approve the transfer of funds to pay off school bonds by the Pine Prairie Energy Center (PPEC).
In PPEC’s agreement with the parish, it was stated the organization would pay off school bonds in Pine Prairie as a gift to the community. The Evangeline Parish School Board recently approved PPEC’s proposal.
Board Secretary Doug Deville said he received verbal confirmation that as of 10 a.m. Tuesday, April 15, the funds, $3,240,374.15, were deposited into an escrow account in the Community Trust Bank in Ruston. The escrow agent (the bank) will now begin paying off the bonds as per the agreement. The bonds are expected to be paid off completely March 1, 2011.
The Industrial Board authorized Chairman William “Tojo” Ward to sign documents to approve the funds for the payment of those bonds, contingent on receiving written verification that the funds have been deposited with Community Trust Bank.