Due to the concern about property taxes and the economy, the St. Tammany Parish School Board decided to offer $20 million in bonds as a 20-year offering only instead of seeking bids on both 10-year and 20-year bond maturity.

In a special board meeting Tuesday night, the school board considered the matter as bond attorney and consultant Grant Schlueter presented a detailed accounting of both options.

Schleuter said that bond bidder Morgan Keegan, who has bid on every bond offering of the school board since 2002, has advised against the double offering, stating that it would confuse the market and would probably result in higher interest rates for the school board. A 20-year offering is the most common and would cost less each year, said Schleuter. He added that they also continue to sell at an improved rate and is what the school board has traditionally offered.

Although a 10-year bond offering would require a lower price tag in the long run, it would result in larger payments each year.

The 20-year bonds would offer more options in the long run, including a rollback in millage rates for the coming year.

St. Tammany Parish School Superintendent Gayle Sloan said concern about the economy’s effects on taxpayers would make the 20-year offering more responsible, because the board may be able to rollback millage rates in June. If the 10-year option is chosen, millage rates could not be rolled back as much.

Board members Don Villere and Michael Dirmann agreed.

Villere said that any money that can be returned to the public would be appreciated and best for the taxpayers at this time. Dirmann added that the 20-year option gives the board more flexibility.

The board approved the 20-year bid offering resolution by a unanimous vote of those present, 12-0 with Mary K. Bellisario, Jody Palmer and Daniel Zechenelly absent.

The $20 million in bonds is part of the $167 million bond issue passed last year by voters.

The bids will be accepted electronically and by mail with the sealed bids to be opened and awarded at a special board meeting April 8 at 11 a.m.