News

Bonds Reap Money for Local Levees

By: The Courier

July 30, 2013

http://www.houmatoday.com/article/20130730/HURBLOG/130739979

 

Terrebonne levee officials sealed the deal on the sale of $96.1 million in bonds Tuesday.

The money will be used to enclose some of the last major gaps in the Morganza-to-the-Gulf levee system. That includes an area at the lowest level of the system at the bottom of Lake Boudreaux between Little Caillou and Dulac.

Morganza is a system of levees and floodgates designed to protect Terrebonne and Lafourche parishes from storm flooding.

The debt will be repaid over 25 years with money from a 1/2-cent sales tax Terrebonne voters approved in December. The tax will raise an estimated $330 million.

The closing was held at the offices of Foley and Judell in New Orleans, the Levee District’s bond attorney.

 

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