The Lafayette Parish Sheriff's Office has awarded the right to sell $21 million in new construction bonds to Raymond James Financial Services.


The winning interest rate bid came in at 2.76 percent and will be used to fund construction on the sheriff's office's new Public Safety Complex.

The bonds will be paid back over 20 years with revenue from a permanent, statewide millage that generates about $14 million annually.

The sheriff's office also awarded the construction contract to build the facility to Ratcliff Construction Company of Alexandria.

The complex will sit on a 29-acre site and will include a 200-bed Transitional Work facility, also known as work release housing, and a 216-bed minimum custody secure housing facility.