NEW ORLEANS [AP] — Officials in New Orleans are considering selling up to $80 million in bonds for infrastructure projects.
The sale by the city would be its first since late 2007 — and the first since last year’s market collapse.
Before Hurricane Katrina, voters approved a $260 million bond issue for infrastructure work. The city sold $75 million in bonds in 2007 but delayed a planned sale of $80 million last year due to market conditions and a below investment-grade rating from Standard & Poor’s.
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That’s since been raised, though officials say the city remains at the “bottom tier” of the investment-grade scale. That’s expected to be a factor as officials weigh whether to try selling the full $80 million.
