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New Orleans City Council approves up to $125 million in emergency revenue notes to cover payroll and bills
Summary
Facing a shortfall tied largely to unbudgeted overtime and other deficits, the council unanimously approved a resolution to issue up to $125 million in revenue notes and seek bond-commission approval to keep city operations and payroll funded.
The New Orleans City Council unanimously approved a resolution authorizing up to $125 million in revenue notes as a short-term measure to cover immediate payroll and vendor obligations, then planned to seek the state bond commission's approval to complete the borrowing.
Council members said the action was reluctantly necessary after the administration disclosed unbudgeted spending, particularly large overtime expenditures, that widened a year-end gap. Council President Morrell and other members described the borrowing as…
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