Trevor Haynes of the Foley and Judell bond counsel firm told the council that the $600,000 in certificates were offered by Patterson State Bank with a 1.93 percent interest rate.
He said none of the partners in the law firm has “heard of a 10-year certificate issue being below 2 percent, ever, so that’s just quite unbelievable.”
Interest on the loan will total $66,000, he added.
Haynes said of the four bids submitted the next lowest interest rate offered was by Capital One Bank at 2.74 percent.
Parish Chief Administrative Officer Henry “Bo” LaGrange said the funds will be used for water, sewer and road infrastructure on the planned hotel development project off of Lake Palourde Road in Amelia by Cajun Land USA.
Repayment will come from the gaming fund derived from the Amelia Belle Casino, LaGrange said.
In other business Wednesday the council:
—Signed a proclamation declaring Oct. 21-20 as Drug-Free Week after hearing from Red Ribbon Week representatives Jacki Ackel, Karen Matthews and Giselle Durocher; and accepted an invitation from Joan Adams to attend the Harvest Moon Festival in Franklin on Oct. 29.
—Introduced an ordinance authorizing an act of transfer and acceptance with the state in connection with the bridge on the Intracoastal Waterway at Louisa.
—Passed resolutions authorizing a lease agreement with St. Joseph Baptist Church for Precinct 12 polling place; annual certification of compliance with the state on the Off System Bridge Replacement Program; endorsement of participation in the Enterprise Zone Program by Arcemonts LLC; executing an emergency notification service contract with FirstCall Network Inc. and an agreement with the state Department of Transportation and Development on the taxiway lighting rehab and installation of guidance signs at Harry P. Williams Memorial Airport; amending the agreement with the state and City of Morgan City on the Martin Luther King Jr. Boulevard reconstruction project.
—Told Anna Sanders they would try to find her assistance with the construction of a handicapped ramp and garage at her undisclosed residence.
—Approved requests by Councilman David Hanagriff of Centerville to transfer three-tenths sales tax funds from Wards 1, 2, 3, 4, 7 and 10 to Recreation District 7 in the amounts of $6,000 for the Biddy Basketball program and $12,500 for the purchase of insurance, lawn maintenance equipment and a storage shed to be located at the Alternative School to be used to maintain the grounds at Verdunville Park and the school.
Councilman Logan Fromenthal of Morgan City was absent.
The next regular meeting of the council will be on Oct. 26.