Louisiana may need to borrow money to pay its bills; Here's why Gov. Edwards wants to avoid that
Louisiana may need to again take out a short-term loan for as much as a half-billion dollars to keep cash flowing to agencies and bills on track for payment.
The State Bond Commission, which oversees state borrowing, agreed without objection Thursday to move forward with the process for borrowing up to $500 million this budget year. But officials stressed they hope they can avoid the bank loan.
"I would couch this as a 'just in case' resolution," said Commissioner of Administration Jay Dardenne, Gov. John Bel Edwards' chief financial adviser. "We're hopeful we're not going to have to do this."
A final decision will be made in the coming weeks once agency cash flow projections are complete.
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