New Orleans will soon sell $125 million dollars worth of bonds to help cover the budget deficit it’s facing through the end of the year. While the city won’t be getting that bond money from the state of Louisiana, lawmakers and other state officials will be keeping a close eye on how the city handles its debt.
Louisiana Senate President Cameron Henry says state officials balked at giving New Orleans a loan to fill its budget hole because of concerns the city wouldn’t be able to pay back that loan.
“We didn’t want to hurry up and give the city $125 million without the proper safeguards in place, and we’re working towards those now,” Sen. Henry (R-Metairie) said to WWL’s Tommy Tucker. “I think by next Wednesday we’ll have all of those finalized.”…