Council Say ‘No’ to $35 Million Dollar Line of Credit
The Shreveport City Council turned down the Mayor's request to open up a line of credit in the amount of $35 million dollars.
The panel voted 4-3 against the proposal.
Grayson Boucher tells KEEL News he does not think it would be fiscally sound for the city to even start this process because it costs money to begin this effort. He says you would have to hire bond attorneys and others to handle setting up the effort.
Councilman Jerry Bowman Jr. from district G told KSLA this would have given the city a safety net, if the city needed it. “If we didn’t use it, we can give it back,” he said after the meeting. “It was pennies on the dollar for the interest we would’ve paid back.”
Councilmembers John Nickelson, Grayson Boucher, James Flurry and LeVette Fuller voted against setting up the line of credit. Bowman, along with James Green and Tabitha Taylor voted to support the proposal. Mayor Adrian Perkins wanted to set up the credit line because sales tax revenues could decline now that more and more workers are losing extra unemployment benefits.