State Bond Commission approves loan for New Orleans to cover payroll

New Orleans officials secure $125 million bond with state approval

The City of New Orleans has secured a $125 million loan from the state needed to pay city workers through the end of the year.

New Orleans secures $125M state lifeline with tight oversight

(The Center Square) — The State Bond Commission on Wednesday approved a $125 million loan for New Orleans to bridge a mounting cash shortfall, pairing it with sweeping controls that

State Bond Commission approves loan for New Orleans to cover payroll

This comes after city leaders met with the State Bond Commission on Wednesday, following a weekslong negotiating period for $125 million.

New Orleans officials win state approval for $125 million bond sale bridge loan

City should receive new revenue within weeks, mayor-elect says

Bond commission approves New Orleans $125M loan request

The commission approved that bond on the conditions that the city establishes a dedicated fund for the loan, that the Louisiana Legislative Auditor will oversee the withdrawal and disbursal of funds, and that city leaders abide by budget laws.

New Orleans cleared to sell $125M in bonds amid payroll crisis

“This was critical as my incoming administration works on improving operational efficiencies," Mayor-elect Helena Moreno said.