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New Orleans is preparing to take on millions in debt to keep some cash on hand as the pandemic slams revenue sources. 

LaToya Cantrell administration Chief Administrative Officer Gilbert Montaño told the New Orleans City Council's Government Affairs Committee that they were hoping CARES Act money would be there to help them, but it appears that won't happen.


"We've gotten significantly less than we ever could predict or require," Montaño said. "In fact, our last...submission was about 40 million , and we received something to the tune of nine million."

Montaño said the city turns out to be a victim of its own success.

"Because New Orleans and Orleans Parish is doing so well with our adjustments related to our infection rate, we got significantly less."

With interest rates at historic lows, the committee agreed to send the proposal to borrow $50 million out to the city council for consideration.

Click here for more details on the city's borrowing plans.

READ ALSO: Mayor Cantrell announces workforce cuts of 20 percent.