Council defers borrowing to offset revenue loss
The Plaquemines Parish Council’s debate over two resolutions to borrow money to make up a looming revenue shortfall was so depressing that the body didn’t even touch the third resolution on the table.
The council deferred requests from parish administration at its May 14 meeting to apply to the state bond commission for permission to borrow three different types of funding: $100 million in revenue refunding bonds to refinance 2012 courthouse and coastal debt, $7.5 million in revenue notes to pay bills and payroll, and $8 million in revenue anticipation notes to do the same as the $7.5 million, but to be repaid at the beginning of 2021 when ad valorem taxes come in.
The council plowed through discussions of the $100 million and the $7.5 million before sending President Kirk Lepine and his administration back to the drawing board to identify potential savings and new revenues.
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