New Orleans Sells $40 Million in Bonds for Repairs

The board that oversees New Orleans' bonded indebtedness has agreed to sell $40 million in public improvement bonds, more than half of which will be used for street repairs and the rest for upgrading playgrounds, libraries and other public buildings.

The city will get the money March 1.

On Wednesday, The Times-Picayune reports the Board of Liquidation, City Debt accepted the bid of 4.678 percent "true interest cost" from Raymond James & Associates. It was the lowest of five bids, which ranged as high as 5.16 percent.

City officials say most of the money from a $40 million city bond issue will go to badly needed street repairs.