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FERRIDAY, La. — The Concordia Parish School Board is one step closer to funding the exterior renovation of Ferriday High School with the approval of a limited tax bond resolution during its regular meeting Thursday.

The $5.5 million renovation project can’t be funded without some financial aid, said the school district’s business affairs director Tom O’Neal. “We need to borrow it,” he said.

Limited tax bonds are secured by a pledge of tax revenue without increasing taxes to pay the debt service. The school district has a 10-year tax millage that generates approximately $2 million each year, O’Neal said, adding the debt service of the bond would be roughly $600,000 annually.

The resolution that the school board approved Thursday is “a preliminary resolution” stating the school board’s intent to issue the bond. It also employs J. Hardy Andrews of Foley & Judell LLP in Baton Rouge as the bond counsel to do all necessary legal work to issue the bonds, including reporting to the state bond commission and producing all closing documents needed to issue the bonds, Andrews said.

Andrews serves as bond counsel on a variety of public finance transactions representing local governments, state agencies, special districts and school districts in connection with infrastructure, financings and capital projects.

The resolution also employs a “municipal advisor” from Argent Advisers out of Ruston, to act as a financial advisor to the district during the process.

As Ferriday High recently received new windows with federal Cares Act funds, school officials hired M3A Architecture firm based in Jackson to design improvements that would give the school a fresh, modern look.

More than $1.4 million of the project cost comes from moving unsightly utility lines and electrical lines underground and resurfacing the parking lot, as well as adding an additional lot for bus parking behind the school.

The project also entails painting the building in cool gray colors, installing shade structures and outdoor seating areas, and enhancements to the gymnasium entrance with glowing event center lights and a sidewalk and plaza in front.