Overview
- The City Council voted unanimously to set up a segregated fund with strict limits, allowing spending only by council resolution for purposes such as payroll or declared emergencies.
- Any draw from the fund will require written concurrence from Legislative Auditor Mike Waguespack, adding state oversight without installing a fiscal administrator.
- The borrowing still needs approval from the State Bond Commission, which is expected to consider the request next Wednesday.
- Councilmember Joe Giarrusso said the council will meet weekly through January to review and authorize disbursements with the auditor.
- Mayor‑elect Helena Moreno and council leaders negotiated the framework with state officials in Baton Rouge, and officials said the short‑term note, if approved, is targeted for repayment by June as the city manages vendor delays including payments to IV Waste.