The City of Bossier City has been approved to receive a multi-million dollar low interest bond administered through the Louisiana Department of Environmental Quality to fund much needed repairs at the Red River Wastewater Treatment Plant.
Louisiana DEQ Deputy Secretary Vladimir A. Appeaning, Ph.D. will present a check of the bond amount of $22 million to Mayor Lorenz Walker at news conference on Friday at 1:30 p.m. in the Mayor’s Conference Room at 620 Benton Road. State-elected officials including Senator Buddy Shaw, Representative Jane Smith and Representative Henry Burns are scheduled to attend.
The bond is designated as a “Build America Bond” as part of a program created under the American Recovery and Reinvestment Act to provide funding for state and local governments at lower borrowing costs.
The bond has a 20-year term and carries an interest rate of .95%. But under the Build America Bond program, the federal government will give the city a 35% interest rebate putting the net interest rate of the bond at just .62% thus providing a more considerable cost savings to the city.
The bond money will be used to replace the headworks at the Red River Wastewater Treatment plant.
From City of Bossier City