New Orleans City Council members have taken a major step forward Thursday toward clawing the city of New Orleans out of a cash crisis.
It comes as they work to secure a $125 million bond to help cover payroll.
The council got everything ready to accept the bond and also put guardrails in place for when they receive the money.
The council just unanimously created the special fund for that bond to go into, and also put reporting parameters in place – like explanations to the state about what exactly is being paid for with the money.
This comes on the heels of top council leadership meeting with the state about this Wednesday.
They’ll be back in Baton Rouge for another bond meeting next week.
READ MORE:New Orleans Council one step closer to accepting loan for payroll
