The New Orleans City Council is putting its $125 million bond sale to cover payroll for the rest of the year on hold for a few days because the council is still working to get all of the paperwork it needs to execute that bond sale.
Mayor-elect Helena Moreno says she and the other members of the city council want to make sure that all of the bank documents are ready to go before they approve the bond sale.
"You know, it really is just a technicality," Moreno said. "We actually have a council meeting next week where we can do this and get it all done."
According to Moreno, the city council wants to make sure that all of the bank documents they need are finalized before going forward with the bond sale. Moreno also says New Orleans residents shouldn't be alarmed by the delay.
"We didn't want to have just a resolution with a lot of blanks in it due to the fact that we didn't have all of the information on all of the different terms that the bank documents had," Moreno said. "It's all moving in the right direction. It's just that we moved a little bit too quickly before we had everything ready to go."
The council will consider the resolution at its meeting on Wednesday. Also on Wednesday, the council will begin its series of weekly meetings approving expenditures from that $125 million loan to cover the city's payroll.
