New Orleans fills out its loan application today.
State officials meet later this morning to discuss whether or not New Orleans should be allowed to borrow money to keep the city from going broke before the end of the year.
"The bond commission will have a special meeting to approve the revenue anticipation note, and that's the $125 million," said Louisiana Senate President Cameron Henry.
Henry helped negotiate the city's case that it did not need a fiscal administrator installed to run the city's day-to-day affairs. But Henry says there will still be state oversight, particularly from the legislative auditor, as New Orleans pays back the $125 million loan.
"This is a work in progress," said Henry. "We're going to continue to work with the city to make sure that they are being responsible with the money, and if they need a little extra oversight, the auditor is more than willing to provide that."
The bond commission meets at 9 a.m. If they approve, New Orleans will then hold a special city council meeting Thursday to approve the plan to take on the debt.