Lafourche council OKs request for $30M credit

The Lafourche Parish Council authorized the parish to incur debt and borrow up to $3 million from the Louisiana Department of Treasury, pending approval by the State Bond Commission.

The resolution passed 9-0 at its recent council meeting.

“This is the same process many parishes and agencies use in case of a short fall,” said Parish President Charlotte Randolph. “This is just in the event it’s needed.”

The council would be able to use the money to balance the 2011 budget if the situation arises and they cannot transfer money from one fund to another.

The bond would come with a 3 percent interest rate on any money that is used by the parish, and the council must approve before any spending can take place.